Stage Set for Historic Bank Redevelopment
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The vacant Bank Calumet building in downtown Hammond appears set to undergo a $24 million renaissance as the city council approves a development agreement to fill the iconic structure with apartments and commercial space.
Our partners at The Times of Northwest Indiana report the Hammond City Council unanimously approved an agreement with Michigan City-based NWI Hohman LLC, which wants to convert the old bank into a mixed-use development.
The publication says the developer will receive an incentive of $5 million in Tax Incremental Financing revenue from the city. The developer will also get $150,000 through the Hammond’s façade rebate program, which will primarily go toward converting the upper floors to housing.
The city says the project will result in 100 market-rate apartments and 10,000-square feet of commercial space to the building, which was originally built in 1924.
The nine-story bank tower was Hammond’s largest homegrown financial institution for decades. Then in 2006, First Midwest Bank bought Bank Calumet and closed the Hammond building in 2015. It has remained close ever since.
In February, Evansville-based Old National Bancorp (Nasdaq: ONB) and Chicago-based First Midwest Bancorp Inc. completed their $6.5 billion merger.
The Bank Calumet project is one of several recent economic development projects approved by the city. Click here to read more.