White Lodging is planning a $350 million development on the site formerly occupied by the Radisson and Star Plaza Theatre according to the Chicago Tribune.
It was announced Wednesday that the development designated as The Farm at Crossroad Commons has been described as a "mixed use" project that will combine hotels, event spaces, office space and restaurants all on 40 acres of land according to a presentation by White Lodging.
"This project will serve as a long standing anchor for economic development and a true transformational destination for visitors to the Region - just as the Radisson and Star Plaza Theatre did for so many years."
White Lodging Chairman | Bruce White
The president of the Merrillville Town Council, Richard Hardaway, stated that the project will have a major economic impact on not just the town but the whole county.
The 40 acre development will include the following:
- Hotels
- A bed and breakfast
- Restaurants
- Town homes
- Meeting and event space
- Office space
- Underground parking garage
- A riding area and greenhouse
The development as a whole will be more than 1.1 million gross square feet.
White Lodging and other groups will privately fund 67 percent of the cost of the project and will look for public financing for the remaining 33 percent.
The new development will create more than 600 construction jobs and 1,000 direct and indirect jobs. During a 10 year period, the project is expected to bring in about $45 million in new property tax revenue according to the company.
White Lodging this year demolished the Star Plaza Theatre and Raddison which gave the company the land to develop near US 30 and Interstate 65. In addition to that, they plan to tear down the Twin Towers office complex.
For the past two years, Lake County officials have been trying to see if a new convention center in the region would be possible and have identified five top sites for a possible convention center. They would need a 225 room, full service hotel, 400 other rooms within walking distance and 700 hotel rooms in the immediate area. One of these sites was the White Lodging property.
Hardaway stated that if a convention center would come up in Merrillville, it would complement the White Lodging project and could lead to a new development at the Century Plaza as well.
Per the PR Newswire, the Farm at Crossroad Commons' centerpiece will include the following:
- Greenhouse, farm and visitor's center - The farm and year-round greenhouse will support the development's farm-to-table restaurants and will offer hands-on agricultural focused educational opportunities for visitors and the community. They will also host farmer's markets and other sustainable activities.
- Hotels - Four hotels will be featured with 520 guestrooms. One hotel will be a full-service premium branded hotel with two other select-service hotels and a bed and breakfast-style independent hotel will also be included.
- Office Building - Over 100,000 square feet of Class A office space marketable to existing local companies and those wishing to relocate.
- Microbrewery, Distillery and Restaurants - Two new farm-to-table restaurants, supported by the on-site greenhouse and farm, would offer unique regional gourmet cuisine. A microbrewery and distillery will offer interactive tours and educational opportunities.
- Artist Studios - Supported by the Dean and Barbara White Family foundation, the artist studio/gallery would allow residencies for all types of artists.
- Townhomes and condominiums - The development would offer permanent residences through 18 townhouse units and 32 condominiums.
- Indoor horseback riding arena - The concept would feature a 30,000 square foot indoor arena for horseback riding and other agricultural-based educational activities and entertainment.
Per Inside Indiana Business, construction could begin in the second half of next year and full build-out could take three years.
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