Sport Resort Property Heading for Foreclosure Again

(Image Courtesy of Catalyst Lifestyle LLC)

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.