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Property Lines - Scott Olson

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Real Estate & Retail

City moves to sell canal parcel for development

July 20, 2011

Canal Bible propertyPlans by a Valparaiso company to build 150 apartments along the Central Canal are closer to reality after city officials picked the developer's bid to buy an adjacent canal-front parcel. Investment Property Advisors LLC already has control of 1.2 acres at 335 W. Ninth St., the former offices and warehouse for B.B. Kirkbride Bible Co. But to build the mixed-use project it envisions, the company also needed a .26-acre, city-owned parcel left over from the canal's redevelopment. The company has agreed to pay the city $25,000 for the vacant land and commit to including public restrooms, handicap accessibility to the canal and space for an information kiosk in its project, said Krieg DeVault Partner Andy Buroker, who represents developers Larry Gough and Chase Sorrick. The other bidder for the property, Indiana University, had planned to bank the land for future expansion. The Metropolitan Development Commission is scheduled to consider final approval for the property transfer on Aug. 3. The developer plans to submit design plans for the project once it gains control of the property, Buroker said. An earlier story on the proposal is here.

(Image / Google Street View)

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