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Old 09-20-2022, 01:34 PM
 
464 posts, read 264,674 times
Reputation: 678

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$240 million 12-story mixed-use development. Boutique hotels, 150 condos, 12 duplexes, 30,000 sq. ft. of retail and an urgent care clinic is breaking ground this fall at the former News Dispatch and police station sites. Luckily the previous design was a placeholder.




https://hometownnewsnow.com/local-news/653590

The article mentions another 7-story mid-rise being built at 8th & Michigan. Michigan city is finally experiencing massive investment. There's so much potential to make it a regional giant on the lakefront with the great urban bones and multiple rail connectivity to Chicago.
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Old Today, 02:07 PM
 
24 posts, read 3,765 times
Reputation: 50
I have long been interested in investing in Michigan City.. it is difficult to discern recent property value increases with developments in Michigan City (double track) and property values in general everywhere. Obviously it was/is blighted in parts but I have never seen a place with more cards stacked in the deck for it than against it in my lifetime. With the plant coming down, coal ash being remediated in Pines (I think it is mostly remediated?), etc. you can make a lot of money but not without risk. If an announcement came that the ISP was being shut down and sold it would probably be game over - that, unfortunately, is still a drag on the area. If you can be long, hold and rent it is a great move IMO but you have to be able to make that work and I am not in that position.
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