(LaPorte, IN) - Construction of 200 lakefront condominiums beside Clear Lake in LaPorte is about to start. The resort-type living units are scheduled to begin going up in early July after the city agreed to contribute about $6 million toward the $35 million development.
Flaherty & Collins Properties out of Indianapolis with similar developments at over 100 locations nationwide has been working on the project with the city since 2017, said Bert Cook, executive director of the LaPorte Economic Advancement Partnership.
“This is continuing down the timeline and checking off the boxes that we need to see this project to fruition,” Cook said. The monetary contribution from the city will be financed with a 25-year bond issue to be retired with tax dollars generated from increases in the assessed valuation of the property caused by the development. No money from any existing revenue stream is being used to supplement the cost, said LaPorte Mayor Tom Dermody.
“The only way you’re going to generate interest is if there’s some type of incentive and it’s self-generating interest,” Dermody said. The housing units will feature things like granite countertops, stainless steel appliances, an outdoor courtyard with a swimming pool, fitness center, bicycle storage and fire pit.
Rent for the one and two-bedroom units will range from $900 to $1,500 a month.
Completion is expected in 18 months.
The development is part of NewPorte Landing, a 50-acre site once home to Allis Chalmers which closed its farm machinery plant there in the 1980’s.
A $4 million environmental remediation of the site ongoing for several months should be finished before the scheduled groundbreaking.
The high-end housing is viewed as a major catalyst to further development of the brownfield now featuring Dunes Volleyball Club, Dunkin’ Donuts, Starbucks, and a nearly finished medical office building.
Officials also believe the units will bring noticeable growth to the nearby downtown by drawing a lot of young professionals and empty-nesters with disposal income from outside the city.
A trail and other recreational opportunities have gone up around Clear Lake in recent years to make the area even more attractive.
“We’re excited and ready to move forward,” Dermody