Valparaiso's growth and status in next 10-20 years (Merrillville, Washington: rentals, mortgages)

[Northwest Indiana]

Originally Posted by flamadiddle

IMO, Valpo is too far from Chicago to really grow or become diverse. And let's be honest, when has becoming more diverse increased home values in this area? I wouldn't expect much change in the Valpo area over the next 20 years unless someone decides to extend rail to the area from Chicago.

Valpo is not "too far" to become more diverse at all and it is already way more diverse than it was 10 years ago. People just like to think that no minorities (and by minorities, I really mean Blacks) won't move there. That's what people thought about Merrillville, Hobart, Portage, and Crown Point too. People have cars and many minorities no longer feel limited to live only in north Lake County as evidenced by the rapid growth in the southeastern part of Lake County.

[svillechris]

Originally Posted by Northwest Indiana

Valpo is not "too far" to become more diverse at all and it is already way more diverse than it was 10 years ago. People just like to think that no minorities (and by minorities, I really mean Blacks) won't move there. That's what people thought about Merrillville, Hobart, Portage, and Crown Point too. People have cars and many minorities no longer feel limited to live only in north Lake County as evidenced by the rapid growth in the southeastern part of Lake County.

Yep. The "too far" thing may have applied 15-20 years ago but not really much anymore. Look at Michigan City....Quite far from Chicago yet a large minority (mostly black) population. And you can't tell me it's because it's due to the town being on the train line because Chesterton is between MC and Chicago and it has a minimal minority population. It's more correlated with home values.

[Chuckity]

Originally Posted by Northwest Indiana

Does anyone know the current status of the Lakes of Valparaiso Apartment/Business Campus development and/or where to find any renderings of the project?

This is the last I heard:

Valpo developer eyes subdivision expansion

Yes, they're breaking ground and scheduled to be open in 2015.

And I have not met a single person that's happy about it.

[Northwest Indiana]

Originally Posted by Chuckity

Yes, they're breaking ground and scheduled to be open in 2015.

And I have not met a single person that's happy about it.

Yea, I mean...I am all for good development...and at first, this idea sounded okay...but as I looked more and more and the specific area where they were putting it, I realized why many are against it. Personally, I would have been more for making Porter's Vale more of a mixed-use development that incorporated residences within it...less of a strip-mall/power-center and more of something like Bayshore Town Center in the Milwaukee area...I've been to Bayshore and it is very nice.

[Northwest Indiana]

Originally Posted by svillechris

Yep. The "too far" thing may have applied 15-20 years ago but not really much anymore. Look at Michigan City....Quite far from Chicago yet a large minority (mostly black) population. And you can't tell me it's because it's due to the town being on the train line because Chesterton is between MC and Chicago and it has a minimal minority population. It's more correlated with home values.

Just to emphasize what you stated lol

[Northwest Indiana]

So with the exception of the business park...is this Lakes of Valparaiso or Mansards 2.0?

Valpo celebrates start of Lakes of Valparaiso project

[valpofan11]

Originally Posted by Northwest Indiana

So with the exception of the business park...is this Lakes of Valparaiso or Mansards 2.0?

Valpo celebrates start of Lakes of Valparaiso project

I talked to the Valparaiso city planner back in the spring and he said it will be marketed to empty nesters or young urban professionals. No I don't think this will be Mansards 2.0, at least at the beginning. The major problem I find with this project is it's "high end" and I don't think it will attract many people of the target market.

Another problem is that the land Don Weiss is building it on is what I would call "urban fringe". Not exactly a typical place to build urban residential. Washington Township has a single family home character and that's another reason why neighbors protested it. 10-15 years down the line will decide if it's a "Mansards 2.0". The the percentage of rental housing in Valparaiso is already 45%, 2nd in The Region, behind EC (54%). Wondering why more and more apartments are being built in Valpo. Another complex on Roosevelt Road is under construction and it has 152 units. When does Valpo hit the saturation point for multi-family housing??

Also, I don't think it will become Mansards 2.0 because the Mansards has 1337 units while Lakes of Valparaiso only has 408. Big difference, but anything could happen.

[svillechris]

A few thoughts that came to mind about this are:

-What reassurance can be given that the landlord does not accept Section 8 vouchers?
-What police force is assigned to that area? Valpo PD? Porter County?
-What kind of relationship does the current PD have or will they have with the landlord?
-Mayor Costas said "we're a growing city and need more housing options" ---what are the vacancy rates at other apartment complexes around town?
-Will there be a security guard/booth and/or gate/fence upon entry into the complex?
-Why not a newly constructed SFH subdivision at this site instead of an apartment complex?
-There could be nothing more to it, but the fact that this developer was given the approval to build what some residents think is a terrible idea, and he's been lifelong friends with Costas....raises at least a little natural suspicion to any objective onlooker.


Right now it might sound great but if you can't get your target market into those units as planned for whatever reason, it can turn south pretty quickly it seems. Remember, the Mansards were also once a great place to live.

[valpofan11]

Originally Posted by svillechris

A few thoughts that came to mind about this are:

-What reassurance can be given that the landlord does not accept Section 8 vouchers?
-What police force is assigned to that area? Valpo PD? Porter County?
-What kind of relationship does the current PD have or will they have with the landlord?
-Mayor Costas said "we're a growing city and need more housing options" ---what are the vacancy rates at other apartment complexes around town?
-Will there be a security guard/booth and/or gate/fence upon entry into the complex?
-Why not a newly constructed SFH subdivision at this site instead of an apartment complex?
-There could be nothing more to it, but the fact that this developer was given the approval to build what some residents think is a terrible idea, and he's been lifelong friends with Costas....raises at least a little natural suspicion to any objective onlooker.


Right now it might sound great but if you can't get your target market into those units as planned for whatever reason, it can turn south pretty quickly it seems. Remember, the Mansards were also once a great place to live.

I fear some of this as well.
-He probably won't accept Section 8, unless it doesn't sell fast.
-It's a far way out for Valpo PD, due to it being in Washington Twp.
-Not sure about PD and landlord.
-There are around 30 other apartment complexes in Valpo, not sure about vacancy rates, but obviously not all are completely full.
-Not sure about a gate or fence, presuming not though.
-There were plans to build a 300-400 home SFH subdivision in 2006/2007, but the market collapsed. Stupid they are putting more and more apartments here.
-Lots of suspicion here. Costas and the Plan Commission should've listened to Washington Township residents more. Personally, I think that the city only cares about the monetary compensation it will bring from taxes and the city doesn't care about the part of the city in Washington Township. They seem to only care about the majority of the city, which is in Center Township, therefore Valparaiso Community Schools. Large divide here. Yes the relationship with Weiss and Costas brings up questions.

[Northwest Indiana]

Personally, I think that if any multi-family dwellings are to be built, they should focus on mixed-use type development...restaurant/retail on the bottom floor with units above. And it should be focused towards the core of town that is more walkable.

Also, keep in mind that an apartment community doesn't necessarily have to be as huge as the Mansards to be troublesome. Look at Summerwood or Hickory Ridge Lake in Merrillville for example.