Chesterton Tribune

 

 

Appraisals received for Porter Brickyard; RDC looks to sell property

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By JEFF SCHULTZ

The Town of Porterís Redevelopment commission will look for a developer to buy the historic brickyard property later this summer.

The 31.2 acre property is located on the south side of Beam St., east of I-94 and west of Sexton Ave.

After receiving appraisals from two independent firms this spring, the RDC at its meeting last month voted 5-0 on a motion to instruct consultant MCR Partners Ltd. to advertise a Request for Proposals seeking an interested developer.

Vale Appraiser Group, of Merrillville, valued the property at $390,000 as is, lower than the appraisal done by Valuation Services LLC, of Valparaiso, which calculated the value at $405,000 as-is.

The average of the two appraisals -- $397,500 -- will be the minimum price the property will be advertised for, said Town Director of Development and Building Commissioner Michael Barry.

A public hearing on the decision to sell the property, which is required by state law, is scheduled to be held at the RDCís meeting on Tuesday, June 27.

The RDC purchased the property in 2009 for $350,000 with conceptual plans to develop it as a neo-traditional, pedestrian family neighborhood with a mix of town homes, senior housing, row-houses and single-family homes. The parcel had been acquired from Peopleís Bank of Lake County Trust.

Barry said the hope is to obtain proposals for developments that would include mixed uses with multi-family and single-family residential homes.

According to Barry, all the proceeds from the sale would go to the Redevelopment Commission.

To the north of the property is the public works building and fire department at 550 Beam St. which adjoins Yost Elementary School. Barry said there are plans to update the public works and fire facility with a recycling yard on the Brickyard property by the lake.

 

 

Posted 5/10/2017

 
 
 
 

 

 

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