Sola mixed-use project in Michigan City a step closer? 

Last Friday, the official groundbreaking took place on the site of the Sola mixed-use project in Michigan City. 

The development team and most city officials, with many local business owners and residents, attended to hear a brief presentation.  Lots of praise was given to the Michigan City local government for their role in the project. The city has gone all in the success of this project.  After all, this is a place-making moment for the city. Not many details were given about when construction would begin. Many of the residents who attended had a healthy skepticism about the project. After years of false starts and ribbon cuttings and a long history of so many charlatans and promises it seems they have watched this movie before.

I would have to add that while I do not know the developer, no one of this man's caliber has ever appeared before.  When I asked a friend who knows the developer all he said was that I would not short that guy. Trader lingo for do not bet against him.  What I do know is that the scale of this building, once built, will change the landscape on many levels.  As a real estate guy, brand and marketing are integral to our business. Michigan City has been at a disadvantage for years. One of those disadvantages has to do with how we look to newcomers into our city. Hwy 12 was the 94 of its day, and this historic road called Dunes Highway took travelers out of Chicago to the Indiana lakefront and on to Michigan.  Approaching Michigan City from the East or West on this road has not been the most welcoming of sites. The impact of this project on the perception of the city will have a dramatic effect.  Right now, the approach from either side gives little reason to stop. 

The total budget for the project is expected to top 240 million. There will be two hotels, 20,000 square feet of retail, around 135 condos, and a few townhomes on the perimeter of the project. Details on pricing and floor plans are not public yet. We know that the Wyndham Hotel brand will be operating the two hotels.  Everyone I know is pulling for this project. At this point, I have more questions than answers.  What may be in the developer's favor is that in 24 months, by the time of delivery, could mean a 1-point drop in interest rates. Secondly, if we assume the continued uptick in local real estate using the last four years as a barometer, everything will be more valuable. 

I am optimistic and excited and will share with you anything I find out so everyone can make an educated call on buying or just riding the coattails of this project. 

Sola mixed-use project in Michigan City a step closer?