An Indianapolis-based company plans to invest $78 million to lead redevelopment of a 152-year-old factory site in northwest Indiana into a residential and retail development.
Flaherty & Collins Properties was selected by the city of Valparaiso to develop a $120 million mixed-use project at the former Anco factory site. A Michigan-based distillery has plans for the old factory itself.
The development will offer commuter bus service to Chicago.
Valparaiso City Redevelopment Commission Executive Director Stu Summers said the Indianapolis-based developer is interested in the residential potential because the site features the ChicaGo Dash commuter bus station with service between Valparaiso and Chicago. The project is expected to include more than 500 apartments and 12,000 square feet of restaurant and retail space.
Three Oaks, Michigan-based Journeyman Distillery wants to turn the factory building into a new distillery with a restaurant and banquet facilities, the Northwest Indiana Times reported.
The factory was built in 1866 as a woolen mill. It became known as the Anco factory after the Anderson Co., which owned the Anco brand, opened a windshield wiper factory there in 1961.
The factory's rusted water tower would be restored and repainted with the Journeyman Distillery logo.
In Indianapolis, Flaherty & Collins recently completed the $120 million 360 Market Square project, a 28-story apartment tower with nearly 300 units.