Developer requests delay on 462-unit Hobart residential project because of economy

BY DEBORAH LAVERTY, Times of Northwest Indiana
dlaverty@nwitimes.com

HOBART | Cressmoor Estates developer Randy Hall cited the current state of the economy as the reason he would like to delay his project.

The Plan Commission, after listening to his reasons, granted him a one-year extension on a project that proved controversial last year when Hall received residential tax abatements on a portion of the subdivision.

"Banks aren't excited about financing development right now," Hall told the commission Thursday.

He has continued to work on the project, including completion of administrative tasks such as wetland approval, he said.

City Engineer Steve Truchan requested Hall present specifics about what units will go in what phases at the next meeting.

Hall said he would work with Truchan and said he's not proposing any changes in the planned unit development.

"It's just not a good time to borrow money and put things in jeopardy," he said.

The 462-unit subdivision would be built at 37th and Lake Park avenues on 113 acres near Cressmoor Golf Course.

Last summer, hundreds of people filled the council chambers, many of them protesting residential tax abatement for the project.

Council members who approved the project said granting abatement would allow the city to help control how the development progressed.

At the time, Hall said he had wanted to develop about 30 homes a year over a 10-year period. He said investors already had about $1 million invested in the property.

In other action:

The Plan Commission granted preliminary approval and moved to a public hearing two other residential subdivisions.

Those projects, which will receive public hearings at the April meeting, include Grand View Manor, a 74-lot subdivision at Grand Boulevard and 83rd Avenue, and Deer Meadow, a 99-lot subdivision at Colorado Street and 61st Avenue.