A 121-unit apartment complex is coming to downtown Valparaiso. Provided image
VALPARAISO — Throughout the last three mayoral administrations Valparaiso has continued to develop its downtown, moving from an area riddled with vacant shops and few attractions, to a hub of dining and retail. A new apartment complex could push the city's progress even further.
During a Thursday meeting, the Redevelopment Commission heard a presentation from Hageman Group, a real estate investment and development company based out of Carmel. Hageman first sets its sights on Valparaiso in early 2021, searching for a "transformational" project, Hageman Managing Director Tom Dickey said.
Valparaiso Mayor Matt Murphy said the project will be just that, transforming the current downtown into a residential draw.
Dubbed "The Linc," the apartment complex will consist of three separate four-story buildings, housing a total of about 121 units. The buildings will form an "L" shape and the first floor will be filled with retail and restaurants.
The Linc will sit on the north side of Lincolnway between Michigan Avenue and Morgan Boulevard, where the Round the Clock restaurant is currently located.
“What’s really exciting about Valpo is there is a really thriving downtown here already and we can just really become a piece of the puzzle," Dickey said.
Dickey said he and Round the Clock co-owner John Christodoulakis, met over a series of months before they "ultimately reached a price they were really happy with." Round the Clock will continue to operate until construction begins on the project this August. Christodoulakis said he thinks the development will be good for the city and that the restaurant will continue to serve Valparaiso at a new location.
A new multi-level parking unit is also coming to the 300 block of Lincolnway. It will be called the "Lincoln Highway Garage" and will include approximately 300 parking spaces for the new housing as well as additional parking for surrounding businesses. During the Thursday meeting, the Redevelopment Commission approved a $19,700 parking study that will be completed by WGI to analyze the downtown parking needs and determine the size of the structure.
Apartments will range from studios to three bedrooms likely costing $1,000 to $1,800 per month, Dickey said. Each unit will include modern kitchens with stainless steel appliances, and an in-unit washer and dryer. The Linc will also have a fitness center, coffee bar, media rooms, outdoor patio space and a pet washing station. Dickey said they are also trying to get balconies on every unit.
The entire project is estimated to cost $27.5 million, Hageman received $5 million in State of Indiana Tax Credits and $3 million in Redevelopment Commission TIF Bonds. Hageman hopes to finish the first building in October of 2023 so they can begin collecting rent before finishing the the entire project in January of 2024. Dickey said they are currently about 20% finished designing The Linc.
Patrick Lyp, attorney for the Redevelopment Commission said "bringing a larger development into a denser area" requires a lot of skill, but based on their previous work, he is certain Hageman is a "perfect fit." In an effort to craft a complex that is cohesive with the rest of the downtown, Dickey said they chose to split the apartment into three buildings. He also said red brick will be heavily-incorporated as it can be see throughout the downtown.
The Linc will both continue Valparaiso's ongoing downtown development and address a persistent need. The number one priority that came out of the 2017 Valparaiso HyettPalma Downtown Action Agenda was downtown housing and one of the four key priorities that came out of the 2021 Valparaiso Residential Market Analysis was denser housing types in the downtown.
“It is easy to forget the magnitude of change and how far we have come, in many ways this project was envisioned by our original downtown plan," Murphy said. "This project will breathe life into the oldest urban core of our city, the downtown.”
© Copyright 2024, nwitimes.com, Munster, IN