VALPARAISO | An agreement between developer Al Krygier and the city for the sale and development of property along University Drive between Lincolnway and LaPorte Avenue is expected to be ready within the next month.
Krygier presented the plans to Valparaiso's Redevelopment Commission on Wednesday, saying the plans have shrunk from the proposal he submitted last fall. He was unable to acquire a rectangular parcel at the northwest corner to construct another five-story commercial and residential building on the west side of University Drive.
That leaves the two buildings on the east side of the road for retail and/or office space on the lower level and a total of 48 condominiums on the upper four floors. While parking would be provided on the west side of University Drive and behind the two proposed structures, Krygier said underground parking beneath the buildings also is being considered.
The condos would range in size from about 780 square feet to about 1,600 square feet. The exact layout of the condos is flexible depending on what buyers want, he said. The buildings will be 90 percent brick exterior, and all the units would have a balcony. He said he's had a lot of inquiries about office condominiums for the bottom level, but he expects a combination of office and retail space.
Construction is expected to begin this summer with the north building. Construction of the second building would depend on the market, he said.
"We've had a lot more traffic at the properties we own in Schererville in the last three months than in the nine months prior to that," Krygier said. "There is a market for condominiums, and the 48 units is a number we thought we could handle. It should improve the quality of what we build, and they will not be as cookie cutter as they would have been with 72 units."
The commission members said the proposal fits in well with the surrounding area and the university, and they look forward to seeing the agreement. Krygier is buying the property on either side of the drive, and the commission is funding part of the cost of the road improvements.
