Valpo Launches Commercial Land Development Effort
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Valparaiso-based AVRO Development LLC, a real estate holding company founded by Valparaiso University’s board of directors, says it intends to develop 130 acres of land adjacent to the university campus and create commercial opportunities for the region. The university says the project, branded as Vitalize Valpo, could be a catalyst for economic investment in the city and Porter County.
While no specific proposals have been presented, AVRO says it envisions senior living, hospitality, and multi-family development as part of the multi-faceted master development plan.
“Having completed highest and best-use studies and conceptual planning, in the next month we’ll launch the next phases of our development effort, refining the vision for these land parcels and identifying the right development partners in multiple segments of the real estate development industry,” said Luke Aeschliman, AVRO president and Valparaiso University’s assistant vice president of property development.
The university says AVRO was created to streamline the school’s real estate deals and to manage its portfolio which has grown with multiple transactions and acquisitions.
“Given the current climate of Higher Education and the challenges institutions across the country face, we view AVRO as an essential part of our strategy to consider our physical footprint in an innovative way and unlock the incredible value of our real estate portfolio,” said Valparaiso University President, Jose Padilla.
AVRO is partnering with civil engineering company The Veridus Group, landscape planning firm Context Design, and marketing communications firm Coverdale Consulting on the project.
“There is tremendous potential for this land. The energy and impact the redevelopment can offer is really valuable to the university’s endowment, and to the entire community,” said Tim Jensen, owner and president of The Veridus Group.
AVRO says master planning will get underway immediately. Click here to learn more.