Park 24 Marble Street Development is investing $35 million into a spec building on a former brownfield site in Hammond.
The real estate firm broke ground on the 400,000-square-foot commercial building at 24 Marble St. on Sept. 1.
“The demand for this type of development is high and will give any business that locates there a competitive advantage,” Mayor Thomas McDermott Jr. said in a press release. “Our economic development team fields calls often for businesses looking to relocate in Hammond and now we can direct them to space that is immediately available.”
Construction is expected to be complete by late 2024 on the industrial spec building next to the state line and Grand Calumet River. It was the Federal Cement Tile Co. for over a century, according to the city of Hammond.
“Great Lakes Capital and Kelly Construction are appreciative of the Indiana Economic Development Corp. and the city of Hammond incentives that have made the development and remediation of this brownfield site possible,” said Jeff Smoke of Great Lakes Capital. “A 400,000-square-foot high bay warehouse is in high demand and will provide Hammond with the opportunity to attract new jobs and investment.”
According to a press release from 2018, Park Development Partners purchased the 23 acres for the development for $1 million. The city of Hammond was scheduled to provide $10 million in economic incentives that would also help clean up the site.
Park 24 was awarded an Industrial Recovery Tax Credit incentive of $5,854,375 from the Indiana Economic Development Corp., according to the Great Lakes Capital website. The city also granted a 10-year 100% tax abatement.
Caption: A 400,000-square-foot commercial spec building at 24 Marble St. in Hammond is underway. (Provided by the city of Hammond)