8415 Whitcomb St - Phases 5 & 7 500 Apartments Approved

The offering includes up to 500 approved apartment units within Phases 5 & 7 in the Liberty Estates planned unit development, which is primarily a residential mixed use PUD with a limited amount of flex and self storage uses are approved within Phase 6. The approved PUD further includes: 250 residential units, currently under construction by Luxor Homes, Inc., in Phases 1, 2 & 3; 224 single story 2 bedroom / bath, for rent units, currently under construction, by Redwood in Phase 4; +/-14.25 acres of self and outdoor storage and flex space (currently being engineered) in Phase 6; +/-50 acres of mixed-use residential (currently being engineered) to be built by Luxor Homes, Inc. in Phase 8. Developer fully installed infrastructure serves the entire PUD, including Phases 5 & 7. The Buyer would only need final detailed plan approval (conceptual site plan, engineering, landscape design, lighting plan, architectural review) to break ground. It is estimated that the approval process with the Town may take 90 days from initial submission. Luxor Homes, Inc. is building the highest priced homes in Merrillville. Redwood is currently going vertical with approximately 10 buildings under roof and is continuing with construction on all remaining buildings.
The Lake County market is severely under served in respect to new, market rate, multifamily offerings as the average product is vintage 1990’s - early 2000’s. This is primarily due to municipal restrictions placed on such development within south Lake County, which has created a high barrier to entry.
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