The successful completion of The Banc in downtown Hammond marks a pivotal moment for Northwest Indiana, heralding a new era of transit-oriented development and economic resurgence across the region.
This ambitious $30 million undertaking transformed the historic Bank Calumet tower into The Banc apartments and The Reserve events space, becoming the first project of its kind to finish amidst the expansive South Shore Line’s double-track and West Lake expansion initiatives.
Officials view The Banc’s success as a critical catalyst for growth, expected to inspire further developments along the South Shore Line corridor. With future projects already planned for Michigan City, Gary, Munster, and Dyer, the region is poised for significant transformation.
A key indicator of this potential is The Banc’s remarkable occupancy rate, with four-fifths of its apartments rented out months before the new Hammond train station even opens. This strong demand serves as crucial market validation, encouraging financial institutions to invest in similar real estate ventures.
The appeal of living near Chicago with a lower cost of living in Northwest Indiana is evident, as approximately half of The Banc’s new residents are relocating from Illinois. This trend underscores the drawing power of convenient urban access combined with regional affordability.
Despite initial doubts and significant challenges, including securing state and city incentives, the rapid lease-up of The Banc proves that market rates for apartments are viable in Northwest Indiana. Leaders like Michael Noland and Don Babcock emphasized the vision and courage required to bring such a concept to fruition.
The overwhelming positive response to The Banc sends a clear signal to the economy and developers alike: transit-oriented development is not only feasible but highly desired in the region. Peoples Bank President Ben Bochnowski echoed this sentiment, anticipating a surge in demand for housing near transit hubs, setting the stage for competitive economic growth across Northwest Indiana.
