City leaders have reached an agreement with developers on a plan to boost economic development on the east side of Valparaiso. The agreement includes the design and construction of an 80,000 square-foot industrial shell building at The Lakes of Valparaiso.
The city of Valparaiso, the Valparaiso Redevelopment Commission, the Valparaiso Economic Development Corp. signed the agreement along with Chicago-based Weiss Entities LLC and Terre Haute-based Garmong Construction Services Inc. to develop the building. The city says the shell building will pave the way for added economic development.
"We’re pleased that Garmong Construction chose Valparaiso for this positive project," said Mayor Jon Costas. "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. This job-creating project has become a reality because of the collaborative leadership of public and private parties."
Under the agreement, Garmong will purchase about eight acres of land from Weiss Entities and will design, construct and provide the financial capital necessary to fund the project. The Valparaiso Redevelopment Commission has agreed to reimburse Garmong for the cost until the project is sold or leased.
"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."
The Lakes of Valparaiso is a multi-purpose development, covering 150 acres, including 55 acres for multi-family residents, 90 acres for a business/corporate park and five acres of retail space.