Sport Resort Property Heading for Foreclosure Again

Posted: Updated:
(Image Courtesy of Catalyst Lifestyle LLC) (Image Courtesy of Catalyst Lifestyle LLC)
PORTAGE -

Foreclosure proceedings for the site of a once highly-touted sports development in Porter County are again moving forward. Our partners at The Times of Northwest Indiana report the effort could result in the land, which had been previously set to house the $75 million Sport Resort, being returned to the Portage Redevelopment Commission. 

A previous attempt at foreclosure had been halted due to Catalyst Lifestyles Sport Resort LLC's attempt to file for bankruptcy in late 2017. That attempt was later dismissed in court, according to the publication. Attorney Gregory Sobkowski says an appeal of the dismissal is pending, but it does not hinder the foreclosure process.

If the foreclosure goes through, a sheriff's sale would be held on the property, allowing the commission to bid what it receives from the foreclosure. The Times says an owner of Catalyst is trying to dissolve the company, which could result in the assets going into the hands of a receiver who could try and sell the property.

"From discussions with (Mayor John Cannon), we have indicated to both sides of Catalyst that we don't have an objection to the appointment of a receiver so long as it doesn't slow down the foreclosure process," Sobkowski told the publication. "If a receiver could find somebody who's willing and has the means to develop that property, then we're amicable to them trying to do that."

Sobkowski says a hearing to further the foreclosure process will be held in June and will likely go in the city's favor.

Officials broke ground on the project more than three years ago. The 170-acre development was set to include a 165,000 square-foot dome, 150-room hotel and a cable wakeboard park on a 15-acre lake.

  • Perspectives

    • We’re Having the Wrong Conversations About Safety

      Every time there’s a shooting at a school or a workplace, the arguments begin. We need more police officers stationed in the buildings. We need to arm teachers or encourage employees to carry handguns. We should invest in smokescreen systems or bulletproof partitions. Everyone should hide from the shooter. Everyone should run from the shooter. Everyone should confront the shooter. It’s healthy that we’re discussing safety, but unfortunately, we’re talking...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Forbes Ranks Top Colleges; 3 Indiana Schools Make the Cut

      Forbes released its 12th annual ranking of America’s Top Colleges based on direct benefits a university or college provides its students. Several Indiana universities made the list in some “sub-categories”, like Grateful Graduates Index, but the University of Notre Dame was the only school in the state to break the top 20 overall rankings.

    • Butler Unveils New Building for Lacy School

      The president of Butler University says the new building for the Lacy School of Business will create better engagement for students and faculty. The university unveiled the building Wednesday on the Indianapolis campus. James Danko says the new facility adds five times the classroom space and square footage for the school, which previously didn't have enough space for half of its classes. In an interview with Inside INdiana Business Reporter Mary-Rachel Redman, Danko called...

    • West Lafayette Center Breaks Ground

      West Lafayette city officials this week broke ground on the $31.5 million West Lafayette Wellness and Aquatic Center at Cumberland Park. Plans for the 72,000-square-foot project feature a natatorium, three gymnasiums, exercise machines, free weights and community rooms. 

    • Photo courtesy of Portillo's

      Portillo's to Open Fort Wayne Location

      Portillo's Restaurant has announced it will open a new 7,800-square-foot restaurant in Fort Wayne. The location will be near the Glenbrook Square Mall and is slated to open in late 2019. 

    • Opportunity Zones: Changing the Course of Real Estate Investment

      The economic divide in large cities continues to expand. Despite a financial resurgence following the 2007-2009 recession, the system wasn’t fixing itself. Enter Qualified Opportunity Zones (QOZ), a program included in the Tax Cuts and Jobs Act of 2017 designed to boost development in economically distressed communities. In exchange for new investments in these communities, investors receive preferential tax treatment. As traditional as it sounds, the QOZ program is...