Holladay Properties scouts site at I-65, U.S. 231

2013-06-16T19:19:00Z 2013-06-16T21:51:04Z Holladay Properties scouts site at I-65, U.S. 231By Susan Erler susan.erler@nwi.com, (219) 662-5336 nwitimes.com

CROWN POINT | Holladay Properties is considering constructing medical arts buildings and warehousing operations at the Interstate 65 intersection with U.S. 231, city officials said.

A residential component would buffer existing homes from the business development on the 95 acres, Holladay Properties Vice President Tim Healy told the city's Redevelopment Commission.

The location is in an existing tax increment financing district, where increased property tax revenue stimulated by new development is used to pay for improvements within the district.

In this case, the tax increment financing needed for improvements would be backed by the developer, meaning the developer would buy the bonds sold to finance improvements, officials said.

Healy was granted authorization by the Redevelopment Commission to begin talks with Financial Solution Group's Greg Guerrettaz, the city's financial consultant, about the potential impact of the development.

Further meetings with city boards and commissions would be convened should plans progress, officials said.

Redevelopment Commission member Carol Drasga said the proposal is likely acceptable to neighbors of the site.

"Their biggest concern was a mall or a (movie) theater," there, Drasga said. "This is more attuned to their aesthetics."

Board member Keith Stevens said "it looks like a very exciting project. The city is glad to have new development coming in. We just need to understand the whole package and the economic impact."

The location, southwest of the intersection, previously had been approved for a planned senior housing complex, but those plans failed to materialize.

Holladay Properties is the developer of numerous projects in Indiana and other states, including the AmeriPlex complexes in Portage and Merrillville.

The company hasn't yet determined whether its proposed development at I-65 and U.S. 231 would be an AmeriPlex, Healy said.

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