HOBART | City officials have approved a three-year extension for completion of a portion of the yet-to-be-developed Silverstone Crossing.
The agreement was approved by the Board of Public Works and the City Council.
The original agreement between former owners Diamond Veil Development and B-3 Properties LLC and the city was signed March 17, 2007, City Attorney Anthony DeBonis said.
Under that agreement, 30 percent of the area known as Pod E was to be developed within six years.
That deadline is set to expire later this month, DeBonis said.
The area known as Pod E encompasses a large portion of the 200-acre planned unit development that was to be built at Mississippi Street, north of U.S. 30.
DeBonis said there would be no extension for the remainder of the property, which was to be developed within 15 years.
City Councilman John Brezik, D-5th, called the extension appropriate given the state of the economy over the last few years.
"It's a solid plan," Brezik said.
Although nothing has been built at the site, developers had discussed a number of possibilities at previous Hobart Plan Commission meetings.
Those potential projects included a luxury hotel, a convention center and connected sports domes.
The investment group B-3 Properties, Silverstone Crossing's owner, on March 9, 2012, filed an application through U.S. Bankruptcy Court in Hammond for authority to sell 200 acres of the property for $8 million.
The property was scheduled to be put up for auction earlier this year.
City officials said they aren't aware of any buyers for the property.
Investors in the B-3 Properties included David Lasco, Robert Stiglich and Suheil Nammari.
Stiglich, who has served as a spokesman for the Silverstone investors, owns an additional 30 acres that is part of Diamond Veil Development.
Stiglich could not be reached for comment.