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Tuesday, August 2, 2011

Silverstone Crossing Development up for Auction

Source: Northwest Indiana Times
By Deborah Laverty

HOBART | Silverstone Crossing, a 200-acre planned unit development off U.S. 30 and Mississippi Street, is up for sale to the best bidder.

Announcement of the auction was made Monday by NRC Realty and Capital Advisors LLC in cooperation with Latitude Commercial Real Estate Services of Chicago.

The minimum bid is $3 million; the bid deadline is Aug. 30.

Silverstone Crossing has spurred more than $6 million in site improvements, including new roads, landscaping, and water and sewer lines, according to information released from NRC Realty and confirmed by City Planner A.J. Bytnar.

Silverstone Crossing developer Robert Stiglich said the plan always had been to sell the property once the infrastructure was in place.

"We were the master developers with the intent all along to sell it," Stiglich said.

Stiglich is also one of the owners of the 200-acre parcel, along with David Lasco and Suheil Namarri.

"We are in discussions with a number of interested parties. Our real estate agent suggested getting national exposure by putting the property in an auction," Stiglich said.

"Our agent felt that increasing the interest would increase the value. We can also entertain offers now."

Stiglich said he also owns an additional 30 acres, comprising Silverstone Crossing, which are not listed in the sale.

Hobart Mayor Brian Snedecor, who once called Silverstone Crossing "golden," said he was surprised on Monday to learn it was up for sale.

Snedecor said he still believes the project is a good one and the development a good buy.

"We look forward to working with whomever the developer is and we just want to bring forth a quality development that is beneficial to the residents of Northwest Indiana," Snedecor said.

Stiglich, as recently as the July 14 Plan Commission meeting, had discussed plans at the development for an indoor entertainment center featuring extreme sports activities. Plans were to build the center inside a 25,000-square foot air dome.

Those plans still are on the drawing board between him and Air Adventure owner Steve Krumdick and will be presented at a future Plan Commission meeting, Stiglich said.

He said other plans, including construction of a $38.5 million luxury hotel, also are still in the works.

Latitude Commercial President Aaron McDermott called Silverstone Crossing "an amazing opportunity for developers and opportunistic buyers" gi