Five local banks have renewed pledges to finance transit-oriented development near South Shore Line stations in conjunction with the Double Track and West Lake extension projects.
Horizon Bank, Peoples Bank, First Financial Bank, 1st Source Bank and Centier Bank have pledged two years ago to try to collectively lend up to $25 million for new development that would enhance the quality of life in Northwest Indiana. The banks have reiterated their support as work on the project begins.
“Northwest Indiana has a game-changing opportunity to capitalize on the expansion of the South Shore rail line,” said Mike Schneider, commercial market president at First Financial Bank. “There is an exciting, ambitious vision for the future of Northwest Indiana that no single municipality, or business, or economic concern can drive on their own. Collaboration is key and to that end, it is our hope that our bank group can be leaders for mutually beneficial partnerships.”
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The Northwest Indiana Regional Opportunities Council, a sister organization of One Region that consists of CEOs in Lake, Porter and LaPorte counties, is spearheading the effort.
“Sometimes developers have great ideas and comprehensive plans backed by capital and they need some additional funds to get their project off the ground. This loan program assists qualified developers to begin construction," said Marie Foster-Bruns, president and CEO of One Region. “During the pandemic, we all learned the importance of being connected. These emerging walkable downtown communities in Northwest Indiana will connect people and regional assets more than ever before. These NIROC banks understand the significance of high-quality projects along the South Shore rail line, which is why they continue to focus on this financing together.”
The hope is to create walkable communities within a quarter-mile of the South Shore Line train stations, to attract residents who could commute to work in Chicago.
“This effort is about sharing the risk, which may be more significant than what a single bank is willing to take on, and therefore collaboration helps spread the risk over a greater number of banks," Horizon Bank CEO Craig Dwight said.
The loan program will aim to create more population density around the train stations, increasing access to high-paying jobs and bringing in new residents. Three of the five participating banks are headquartered in Northwest Indiana, and another is just a county east of the Region in South Bend.
“The developments financed by this initiative will bring about economic growth, new opportunities and thriving communities, and we’re proud to have a hand in making that progress possible,” said Matt Vessely, 1st Source Bank West Region president.
Chris Campbell, executive vice president and senior partner at Centier Bank, said the projects could have a transformative effect on Northwest Indiana.
“Centier strongly believes in vibrant city cores as being the heart and soul of the community. Mixed-use development in tandem with schools, employers, and not for profits enhances the quality of life in the Region for all," he said. "The size and scope of projects and what it means to be a hometown community bank call us to work together to make the Region a great place to call home for generations to come.”
Anyone interested in accessing capital for a transit-oriented development should contact Foster-Bruns at marie@oneregionnwi.org.
NWI Business Ins and Outs: Wine bars, coworking space, janitorial service open; medical offices move
Open
The Pour on Roy wine bar took over the former Troost Coffee and Tea space in downtown Lansing.
The upscale wine bar at 18155 Roy St. Suite 2 serves chardonnay, cabernet sauvignon, Champagne, sauvignon blanc, pinot grigio, pinot noir, riesling, moscato, merlot, zinfandel, white zinfandel, syrah, prosecco, port, brut rose and many other varietals of Dionysus's favorite grape-based drink.
It offers wine by the glass and bottle from California, Washington and Michigan, as well as imported vino from Chile, Italy, Germany, France, Portugal and Argentina. It also has local craft beers like One Trick Pony on draft and small bites like flatbreads, hummus, Italian meatballs and charcuterie plates.
The wine bar also hosts live musical acts, including acoustic yacht rock bands.
Pour on Roy is open 4-10 p.m. Tuesday through Thursday and 4-11 p.m. Friday and Saturday.
For more information, visit pouronroy.com, call 708-858-2181 or email pouronroy@gmail.com.
Coming soon
A second wine bar plans to bring vino and "good vibes only" to Lansing.
Deja Cousins-Cain and Christopher Cain, a married couple, plan to open S.L. Wine Bar at 3224 Ridge Road, in a strip mall with Harold's Chicken, MrEyeDr. and Foot Health Institute near the intersection of Burnham Avenue.
The wine bar will serve locally sourced wine, beer, spirits and a specialty food menu in an upscale, boutique environment. It plans to offer around 20 wines at any given time, as well as cheese plates, flatbreads and other light fare.
S.L. Wine Bar will seat around 40 people and host periodic wine tasting events, including with special and seasonal wines.
"Get ready to kick back and chill with a glass of wine," the wine bar posted on social media.
For more information, find S.L. Wine Bar on Facebook, visit slwinebar.com or email info@slwinebar.com.
Open
CP Coworking recently opened on the Old Courthouse Square in historic downtown Crown Point.
People can rent workspace in the shared office in the Chase Building at 115 S. Court St.
"We are a shared office concept with private offices and an open workspace environment," owner Kate Lunn said. "There's 11 private offices and a total of about 3,400 square feet."
Most of the private offices have been rented but there's still plenty of coworking office space with high-speed internet, printing, a business mail address and shared secretarial services, with a full-time assistant working 9 a.m. to 5 p.m. on weekdays.
The office, however, can be accessed at any time whether one is burning the midnight oil, needs to print important documents or conduct a business meeting in the conference room.
"It's membership-based," Lunn said. "It could be a day trader renting it out for $25 a day or monthly membership for $99 a month. Everything is flexible."
Private offices can be leased out for a minimum of three weeks at a time.
"We've got the self-employed and a couple of start-ups," she said. "It should appeal to the kind of commuter who before COVID was traveling to the city to work but would still like corporate, professional conditions. Our target market is people who used to travel to Chicago five days a week but now do so only twice a week, or people who work at home and want a place to go. Also, we have tutors after school."
Lunn was inspired by We Work, the national firm with coworking space in Chicago and other major cities. She may open more locations in the future.
"The space kind of spoke to me," she said. "I thought this is perfect. I've been to We Work workplaces in Chicago and felt Crown Point needed something like that, especially as people work more remotely."
CP Coworking also is in the process of building out a podcasting studio with professional recording equipment that could be rented out to anyone looking to put out a podcast.
"I just want to make it a part of the community," she said. "We'd like to have talks where people listen to a lecture and learn something or a member gives a presentation. We just want to offer something back to the community."
People can sign up to rent space there online or by calling 219-769-0733.
For more information, visit www.cpcoworking.com or facebook.com/CPCoWorking.
Open
Squeaky Clean Janitorial Services of NWI is taking over a 2,000-square-foot space in the Executive Plaza in Merrillville.
The family-owned janitorial services company with the slogan "no job too small or too large" will base its primary office in the Calumet Region at 5437 Broadway in Merrillville. The firm provides janitorial services to both homes and businesses.
“This centralized location is ideal for Squeaky Clean to be able to dispatch their staff to all corners of Northwest Indiana," said Antony Miocic of Crown Point-based Latitude Commercial, which brokered the transaction. "They will be a great addition to our business community.”
For more information, call Squeaky Clean Janitorial Services of NWI at 219-805-2422.
Relocating
Hinsdale Orthopaedics, a division of Illinois Bone & Joint Institute, is moving its Munster office to a new professional medical building.
It plans to open at 10110 Donald S. Powers Drive this fall.
"In completing this move, the practice and its patients will benefit from a larger and updated office space," said Mike Larson with Diversified Commercial Real Estate, which represented the owner in the transaction. "With fellowship-trained specialists in sports medicine, joint replacement, foot and ankle care and more, the Munster community will continue to have access to expert orthopedic care, close to home."
On the move
The dental implants specialist EON Clinics signed a new long-term lease at 10120 Calumet in Munster.
EON Clinics, which has six locations in the Chicago metropolitan area, will move its Munster office to the newly built Munster Dialysis Center. The firm specialized in titanium implants meant to last a lifetime.
“This is a big move for EON Clinics and a great addition to the Munster Dialysis Center," said Crown Point-based Latitude Commercial's Antony Miocic, who brokered the transaction. "Both the landlord and tenant are very satisfied with the arrangements and it was great working with both parties.”
First Point Dental, a general dentistry office, will take over the current Munster EON Clinics location at 10012 Calumet Avenue when it moves out.
For more information, call 844-365-7645 or visit eonclinics.com.
Anniversary
Crown Antique Mall will soon celebrate its two-year anniversary of moving from the Old Courthouse Square in historic downtown Crown Point to a new location closer to Interstate 65.
The antique store at 545 E. 110th Ave. in Crown Point will mark the occasion by hosting a large outdoor vendors market from 10 a.m. to 3 p.m. Saturday.
The band Steel Remedy will play live music at the event. Papa's Mini Doughnuts will provide food and desserts.
For more information, call 219-779-9767 or find Crown Antique Mall on Facebook.
If you would like your business to be included in a future column, email joseph.pete@nwi.com.
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Joseph S. Pete
Business Reporter
Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.
