Hey BP Crowd! I seemed to have generated so much interest from my very first post that I thought I would provide an update for all the savvy investors looking in the NWI market.
DOUBLE TRACK UPDATE:
The West Lake Project is part of a larger project to bring a 2nd rail line from Millennium Station in Chicago to Michigan City, IN. The West Lake Project is a subsection of the larger plan that stretches for 8 miles from the Hammond south shore train station to Dyer, IN. The project is reporting that are set to receive fast track funding with construction set to begin in October. Nicole Barker the manager of the project says that COVID-19 has not slowed the project to date. The West Lake Project is scheduled to finish up in 2024 with revenue service beginning in 2025. 100 of 157 privately owned properties have been acquired to date. Here is a quote from the times on the stations:
"There will be four stations: A new Hammond Gateway Station located about three blocks west of the city's current South Shore station, a second Hammond station at 173rd Street, a station at Ridge Road in Munster, and a station adjacent to the final stop at Main Street."
UPDATE: GARY CASINO
The Hard Rock Casino set to be erected in Gary, IN on 40 acres between the Little Calumet River and 80/94 has broken (ceremonial) ground as of Jan 9th. The bids have been awarded for the structure and the city is now accepting bids for the interior. I am holding my breath to see what happens in the world of gambling as the industry has taken a huge hit in the pocket book with the combination of the pandemic lock down and the recently now permissible sports betting. Betting on sports can be done online and in-person is as easy as walking into your local Buffalo Wild Wings. With the second wave of the COVID-19 virus upon us it seems hard to predict how heavy the impact on this industry might be. Additionally, the Horseshoe Casino in Hammond, IN is being sold.
NEW HAPPENINGS:
Crown Point:
Companies Beacon Hill Development and Good Hospitality Services break ground on a 12 million dollar Hampton Inn Hotel at the corner of 109th Ave and I-65. The hotel is set to be open by August of next year.
The planning commission is working towards and ordinance that would allow large solar energy farms in unincorporated areas.
Winfield:
Olthof Homes is proposing an 84 unit subdivision along Randolph St. & 117th Ave. They are still in talks with the Winfield planning comission.
Munster:
The first subdivision in 25 yrs has been approved to be built North of Fairview Ave by Wicker Park Estates. There will be 25 new lots in total.
East Chicago:
The Mayor of East Chicago continues to promote a cleaner and healthier city with much needed repaving and a 5 yr. $10,000 dollar forgivable loan to home buyers who will live in the property. (Seller Financing Anyone?)
In other events, several small restaurants and businesses have closed there doors for good due the pandemic and lost revenue.
As of April 2019 Gary, IN was #3 for murders in the United States per capita. Taking into account the recent crime rise of 150% in New York and similar rises in other major cities Gary may have moved down on the list or it may have followed suit. The Harbor area of East Chicago is equally dangerous for all you out of state investors.
Rent Moratoriums are up on July 31st.
Hope those of you who made it through this long read find it helpful. I'm always happy to connect with investors and answer questions. I tend to get some good questions from the crowd here and it serves to further my own career and interests. Thanks in advance for the votes!
