Officials representing the City of Valparaiso, the Valparaiso Redevelopment Commission, the Valparaiso Economic Development Corporation, Weiss Entities, LLC and Garmong Construction Services have signed an Economic Development Agreement to advance the design and construction of a new 80,000-square foot industrial shell building to be located at The Lakes of Valparaiso on Valparaiso’s east side, paving the way for added economic development.
“We’re pleased that Garmong Construction chose Valparaiso for this positive project. We’ve worked hard to promote a positive business environment and this building provides ready-made opportunities for businesses to join or expand in our community,” said Mayor Jon Costas. “This job-creating project has become a reality because of the collaborative leadership of public and private parties,” he said.
Highlights of the collaborative agreement include:
- The purchase of approximately 8 acres of prime developable industrial real estate by Garmong from Weiss Entities, LLC within The Lakes of Valparaiso Planned Unit Development, located just south of Vale Park Road, east of Route 49.
- Garmong’s commitment to design, construct, and provide the financial capital necessary to fund the project
- The City of Valparaiso Redevelopment Commission’s commitment to reimburse Garmong for the cost of capital until the project is sold or leased
The state-of-the-art industrial building will be constructed of pre-cast concrete, with a clear height of 32’, providing the flexibility to accommodate designs for a wide variety of industrial uses. The project is anticipated to be substantially complete prior to the end of 2016. According to the agreement, Garmong will be able to provide tenants with appropriate space in the structure within 90 to 120 days of an executed acquisition agreement.
“Over the last few years, many large prospects looking at Valparaiso have been challenged by the city’s lack of available building space. Any available space is quickly purchased,” said Patrick Lyp, Valparaiso’s economic development director. “Garmong’s decision to construct an 80,000 sq. ft. shell building in Valparaiso reflects our positive business environment and provides new opportunities for added business and added jobs,” he said. For information about economic development opportunities in Valparaiso, including the Garmong building, contact Patrick Lyp at 219-462-1161.
The Lakes of Valparaiso is a 150-acre planned, multi-purpose development, which will include 55 acres of mutli-family residences, 90 acres of business/corporate park, and 5 acres of retail space. “We’re proud to bring to Northwest Indiana a multi-purpose development like those found in only the most prosperous parts of the country,” said Developer Don Weiss, whose family has been doing business in the area since 1979. , The residential space will include a 7,000 sq. ft clubhouse with high-end equipment, as well as a pool, and indoor/outdoor entertainment space. “Nowhere else will people be able to offer to their associates a finer place to work and to live,” said Weiss. For more information about The Lakes of Valparaiso, contact Kelly Disser with NAI Hiffman at 630-317-0721.