QUOTE
A developer plans to invest $35 million in a multi-use project that includes 200 apartments in downtown Michigan City.
TRG Community Development, a division of The Richman Group of Companies, intends to build one-, two- and three-bedroom apartments at the corner of Eighth Street and Michigan Boulevard to capitalize off the South Shore Line's Double Track project that will speed commuting times between Michigan City and Chicago.
The commuter rail expansion is expected to spur significant new development in Michigan City, including more housing downtown.
“While the Double Track project is still in its initial stages, it has already become the catalyst for numerous investors seeking opportunities in the newly designated transportation development district around the future 11th Street train station,” EDCMC Executive Director Clarence Hulse said. “Michigan City has the right economic climate and market demand for this type of product, and we are expecting over 800 multi-family units over the next 10 years.”
The Michigan City Redevelopment Commission approved the project, which is being touted as targeted at nurses, teachers and police officers. It's being heralded as having the potential to draw more people to the lakefront city, strengthening its workforce.
“This new development has a great return on investment for the city with the economic impact to be realized through the use of local trades and purchases from local suppliers,” Hulse said. “Talent attraction and quality of life are key to maintaining our existing industries and attracting new companies.”
TRG Community Development, a division of The Richman Group of Companies, intends to build one-, two- and three-bedroom apartments at the corner of Eighth Street and Michigan Boulevard to capitalize off the South Shore Line's Double Track project that will speed commuting times between Michigan City and Chicago.
The commuter rail expansion is expected to spur significant new development in Michigan City, including more housing downtown.
“While the Double Track project is still in its initial stages, it has already become the catalyst for numerous investors seeking opportunities in the newly designated transportation development district around the future 11th Street train station,” EDCMC Executive Director Clarence Hulse said. “Michigan City has the right economic climate and market demand for this type of product, and we are expecting over 800 multi-family units over the next 10 years.”
The Michigan City Redevelopment Commission approved the project, which is being touted as targeted at nurses, teachers and police officers. It's being heralded as having the potential to draw more people to the lakefront city, strengthening its workforce.
“This new development has a great return on investment for the city with the economic impact to be realized through the use of local trades and purchases from local suppliers,” Hulse said. “Talent attraction and quality of life are key to maintaining our existing industries and attracting new companies.”