Centennial Village (Munster, IN) (Lowell, Linden: leases, hotel, tenants)

[Northwest Indiana]

Originally Posted by hellob

What will this do for the property values of the fairmeadows subdivision across the street? Will they rise or fall or stay the same?

Overall, it depends on what types of retailers and restaurants are attracted. The more upscale, the better. Unless the development were to get crap retailers and restaurants (which is highly unlikely), the values would at least stay the same. The biggest impact on property values in the area are related to school quality/ratings (which are high), safety (which is high), and the value of neighboring residential properties. There have been quite a few home flips in Fairmeadows where homes that would have gone for $225K pre-flip have been sold for $325K+ and there is one recent teardown with another on the way, both on Columbia Ave. The Centennial Village development would definitely attract more people to consider living in Munster if the right places come.

[hellob]

Originally Posted by Northwest Indiana

Overall, it depends on what types of retailers and restaurants are attracted. The more upscale, the better. Unless the development were to get crap retailers and restaurants (which is highly unlikely), the values would at least stay the same. The biggest impact on property values in the area are related to school quality/ratings (which are high), safety (which is high), and the value of neighboring residential properties. There have been quite a few home flips in Fairmeadows where homes that would have gone for $225K pre-flip have been sold for $325K+ and there is one recent teardown with another on the way, both on Columbia Ave. The Centennial Village development would definitely attract more people to consider living in Munster if the right places come.

I'm surprised that any homes are selling for 325k bc I've lived in that neighborhood most of my life and everyone I know that tries to sell gets low offers even if it's updated. People want the big walk in closet and open floor plan and blah blah. Those are things that aren't really possible in the mostly quads there. There's also the condos on Camellia which are becoming less and less owner occupied. I don't think my gma's 1970s 3 bedroom 1.5 bathroom unfinished basement will get more than 150k despite Zillow saying it's value is 200k.

[Northwest Indiana]

Originally Posted by hellob

I'm surprised that any homes are selling for 325k bc I've lived in that neighborhood most of my life and everyone I know that tries to sell gets low offers even if it's updated. People want the big walk in closet and open floor plan and blah blah. Those are things that aren't really possible in the mostly quads there. There's also the condos on Camellia which are becoming less and less owner occupied. I don't think my gma's 1970s 3 bedroom 1.5 bathroom unfinished basement will get more than 150k despite Zillow saying it's value is 200k.

One example is 1021 Fran Lin Pkwy, which is a two story home built in 1968. The home was purchased pre-flip on 1/8/16 for $209,161.00 (and it had been on sale for a while without any success. The home was flipped and sold on 7/22/16 for #335,000.00. The valuation in 2015 for the home was $240,700.00 and for 2016, $243,800. For 2017, the assessed value will definitely increase. The home was originally considered 3 bedrooms, 3 bathrooms, with 2,104 square feet. Pre-flip, the basement was finished but clearly was not included in the square footage where the additional bedroom was placed. Post-flip, the home was marketed as 4 bedrooms, 3.5 bathrooms, with 2,976 square feet.

Another example is 1200 Fran Lin Pkwy, which is a single story home built in 1969. The home was purchased pre-flip on 3/4/15 for $136,000.00. The home was purchased post-flip for $310,000.00.

Quad level and tri-level homes overall are more difficult to add space and reconfigure due to the multiple levels involved. Most additions that I have seen have been adding a 4th or 5th floor or an addition off of the ground level (where the kitchen/living/dining is usually located). There are more examples of flips in the neighborhood but these are ones that stuck out the most.

Your grandmother's home may be more difficult to sell due to having only 1.5 bathrooms. If she could squeeze in an extra full bathroom (even in the basement), the home would definitely be able to sell easier. As far as the condominiums on Camellia, in general, more condos everywhere are not as much owner occupied as in years prior primarily because lending for condos is more stringent (especially in building where a certain percentage is rentals). Many folks also find that it makes more financial sense (long term) to rent out their unit as opposed to selling it. However, with that being said, the condos overall are in good shape and remain nice (save for some of the fencing along 45th). The red brick condos on Camellia EAST of the Hart Ditch are definitely much nicer and more uniform than those west of the ditch (with the exception of the white brick ones immediately west of the ditch). Additionally, I definitely forsee more flips as well as teardowns occurring in the future.

[jvr789]

Originally Posted by hellob

What will this do for the property values of the fairmeadows subdivision across the street? Will they rise or fall or stay the same?

I think for some homebuyers being able to bike or walk to this development may be seen as an amenity and therefore could make homes around the development more desirable.

I mean when you compare looking at an old steel factory as you drive by to hopping on your bike and getting a bite to eat, coffee or ice-cream in a nice town center environment, I know which one I would choose

I'm not sure what kind of bike or pedestrian crossing will be provided for Fairmeadows to make it easier to cross 45th to get to this development but hopefully this is being addressed in the reconfiguration of 45th as part of the development process. Seems like Twin Creeks subdivision should benefit the most as they already have easy bike/walking path access to Centennial Village. Also Somerset, Briar Creek and Cobblestones residents can all get there without needing to cross or get on a busy street. Of course, everybody in the surrounding neighborhoods benefits that there will be more retail and dining options to choose from.

[hellob]

The 1200 Fran Lin was a dump and something felt off there. Iirc, the husband died suddenly in 2004-2005ish but idk if that family remained, they sold or rented but it got trashy fast.
My grandma just passed away and my mom and brother did a last minute con and got her to change the will right before she died while I'm in NY for work. I took care of her for 10 years, helped pay the taxes, repairs, etc. It's the most depressing thing ever bc I can't even focus on my grandma being gone bc I'm essentially homeless, spent tens of thousands and have a lot of property there that I can't get, I'll never be in my house again plus I'm stuck in a state that is too expensive to live. I still don't believe that a couple of junkies ruined my life bc I was busy working. Anyway, I was just wondering how much they will sell it for and **** it away.

[Northwest Indiana]

Originally Posted by Northwest Indiana

Here is a nice update on the project: Centennial Village takes shape

Also, tenants for the project will be updated on this site: Metro CRE - Centennial Village

If you click on the Metro CRE - Centennial Village link now, they have updated renderings of the residential/office buildings. All I can say is WOW! This is starting to remind me of the Carmel City Center in Carmel and Main Street Promenade in Naperville which is a very good thing as far as the quality. It will be truly unmatched in the NWI area.

[Dr. Blish]

Originally Posted by Northwest Indiana

If you click on the Metro CRE - Centennial Village link now, they have updated renderings of the residential/office buildings. All I can say is WOW! This is starting to remind me of the Carmel City Center in Carmel and Main Street Promenade in Naperville which is a very good thing as far as the quality. It will be truly unmatched in the NWI area.

Amazing project indeed. Munster will definitely see a boost in value from this project. The realignment of 45th and Calumet Ave alone will help that area thrive.

[Ned B]

Let's hope that it manages to maintain the architectural and urban quality shown and attract the level of tenants suggested. It would be so disappointing if this ended up turning into just another strip mall.

I also wish this project could have been a little more integrated with Centennial Park, maybe by rotating the main shopping axis 90 degrees to end at the playground, rather than putting the parking lot and rear face of the K building there.

[Northwest Indiana]

Aside from Spring Hill Suites, here is a press release from Metro Commercial Real Estate about the first new tenant of Centennial Village!

Metro arranges Lease to Kitaro in Munster, IN

I see only good things happening from here! There should be an article soon in the Times!

Looking at their retail/restaurant tenant representation list, NWI already has about 20 of the 37 represented with at least 10-15 of those 20 being in the immediate area. However, they clearly are not limited to just representing those tenants and many of the developments they are leasing for have attracted or already have very desirable tenants (e.g. Apple Store, Mariano's, Whole Foods, etc.).

[CGab]

Originally Posted by Northwest Indiana

Aside from Spring Hill Suites, here is a press release from Metro Commercial Real Estate about the first new tenant of Centennial Village!

Metro arranges Lease to Kitaro in Munster, IN

I see only good things happening from here! There should be an article soon in the Times!

Looking at their retail/restaurant tenant representation list, NWI already has about 20 of the 37 represented with at least 10-15 of those 20 being in the immediate area. However, they clearly are not limited to just representing those tenants and many of the developments they are leasing for have attracted or already have very desirable tenants (e.g. Apple Store, Mariano's, Whole Foods, etc.).

The list looks promising! I would love to have a Mariano's close by as well as a Burlington Coat Factory!