A northwest Indiana developer is planning to pump $2.5 million into upgrading the second-tallest building in Gary. Our partners at The Times of Northwest Indiana report Hobart-based Gateway Partners LLC purchased the 10-story Gary State Bank tower in hopes of opening a new bank in the aging structure. Gateway Managing Partner Vance Kenney says the company plans to sell nearly $2.9 million in bonds next month to cover all costs associated with the project.
The 10-story building is only about 20 percent occupied. Plans also call for the demolition of three smaller, connected structures.
Chase Bank was located in the more than century-old tower until 2008 and The Times reports a community bank located in northwest Indiana has agreed to move in and will have its name on the building.
Kenney tells the publication he could reveal additional renovations aimed at attracting more investment later this year.
Source: The Times of Northwest Indiana