Real estate around the state: the latest commercial real estate news.

• Author: Kaelble, Steve
• Position: REAL ESTATE

THERE'S BEEN LOTS OF talk in the media about a slowdown in the residential real estate market. But when it comes to commercial real estate, the band keeps playing on--all over Indiana.

There seems to be no end to Hoosiers' desire to shop in new and different places, and the industrial market is just fine, too. There's a bit less activity on the office side, but still a reasonably healthy scene in much of the state. Following is a roundup of the latest commercial real estate news and trends.

Northwest Indiana. If you're in search of hunting, fishing and outdoor gear, this is the place to be. Portage is the site of the recently opened Bass Pro Shops superstore. The Missouri-based chain builds giant retail showrooms---in this case about 130,000 square feet--that typically become shopping destinations luring visitors from many miles away. Bass built on about 15 acres Of Holladay Properties' AmeriPlex at the Port development, and views Portage as a prime spot for serving the Chicago market and beyond. A look at the invited guest list from its February grand opening indicates the desire to lure Chicago shoppers--headliners included William "The Refrigerator" Perry and Dan Hampton of Bears fame.

One of Bass' biggest national competitors is Cabela's, which also has had this corner of the state in its sights. Last year the company inked a deal to build a 185,000-square-foot superstore in Hammond, on the site of the former Woodmar Country Club. The roughly 100-acre site is expected to become a magnet for additional development-things that are typical around Cabela's stores include hotels, restaurants and complementary retail stores.

Meanwhile, a former industrial site in LaPorte could one day transform into retail, housing and recreational development, according to Jay Pouzar, commercial real estate broker for CB Richard Ellis in LaPorte. The proposal is to create NewPorte Landing on the old Allis Chalmers site, where environmental cleanup of the 150-acre site is in the works.

The biggest talk on the commercial real estate scene, he says, has to do with the proposed Illiana Expressway, a brand-new highway that would circle through the southern reaches of "The Region," linking Interstate 94 near Michigan City with Interstate 57 south of Chicago. An exact route is far from finalized, but a preliminary concept shows the highway heading south, cutting to the west through southern Porter County and crossing the state line somewhere south of Crown Point. The implications for commercial development could be major, according to Pouzar. The Indiana Department of Transportation is conducting preliminary studies now.

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