Retail shopping development in Schererville gets green light
By Michelle L. Quinn Post-Tribune correspondent March 30, 2013 5:42PM
Updated: May 1, 2013 3:31PM
SCHERERVILLE — The town’s premier shopping development is officially a go.
The Scherereville Plan Commission last week gave secondary plat approval for the Shops on Main, at the corner of U.S. 41 and Main Street, which means developer Bruce Boyer could break ground on the project immediately, Councilman Jerry Tippy, R-1, said.
“It’s nice to see the construction begin,” Tippy said.
The Schererville Economic Development Commission approved two sets of bonds — one worth $17.5 million and the second worth $1.5 million, while its Redevelopment Commission voted to approve adding to the project money collected from the Kennedy Avenue tax-increment financing district where the project will be built. The TIF money would be primarily generated by Shops on Main and will also be rolled together with a $5.5 million TIF bond issued in 2005 if the Bond Bank allows it.
That refinancing would save the town a lot of money, though the amount has yet to be determined.
The first set of bonds will go toward the project’s first phase, which comprises at least five of the buildings, including the anchor building. It will include five stores between 10,000 square feet and 50,000 square feet. The development’s parking, road improvements to U.S. 41 and Main Street, and the development’s utilities will be completed as well.
Boyer’s plan indicates the first phase should be completed by first quarter 2014.
Boyer has said he cannot release the names of prospective retailers and restaurants until the commitments are solidified.