Real estate around the state.

• Author: Kaelble, Steve
• Position: Indiana - Commercial Real Estate

When it comes to commercial real estate, anticipation is the operative word in a number of Indiana communities.

Areas of Northwest and Southern Indiana are anticipating big commercial developments once riverboat casinos begin sailing. In other areas of the state, those in real estate have the feeling that the remainder of 1994 will bring numerous positive announcements, based on the inquiries they've been fielding lately.

And in anticipation of creating further good news down the road, the state's commercial agents have gotten together to form the new Indiana Commercial Board of Realtors. The organization, headed by Mike McKenna of CB Commercial in Indianapolis, will offer training and educational opportunities for members and will generate a statewide multiple-listing service geared toward commercial properties rather than residential. The hope is that greater networking will help all involved in Indiana's commercial real-estate industry become more prosperous.

NORTHERN INDIANA

"The biggest potential impact are the casinos going in," says Stan Wolucka, manager of the commercial group at Price Realtors in Highland. "These casinos are going to help revive the commercial market in their areas. We're going to see some support businesses cropping up. And it could have a big effect on retail, like what you'd find around an amusement area: food-related industries, maybe some hotels."

Another thing that could have a big impact in Hammond is the proposed new federal courthouse. U.S. Rep. Pete Visclosky is pushing for a downtown location, which Wolucka says could have a positive effect on downtown real estate. "But the judges don't want it in downtown Hammond." They would rather see it placed along Interstate 80-94, he says. It remains to be seen who will prevail. Convenient to downtown Hammond is the city's first new apartment community in two decades, according to Jay Pouzar, director of marketing for Gough, Lesch & Gough. His firm is building Douglas Pointe as a joint venture with NIPSCO. "We've finished phase I, which has 108 units, and have gotten approval to go ahead with phase II, another 108 units. The apartments became available last May and it was 100 percent leased before the end of October."

Gough, Lesch & Gough also is beginning work on a 120-unit senior-housing complex called Lake Point Gardens at Chandana, located at the company's Chandana Pointe development in Valparaiso. The project will feature townhouses for sale, and residents may begin moving in by the summer.

Things have been moving ahead steadily in the area's retail market, though a number of major developments remain up in air. Wolucka says large retail developments are...