About
Harborview station
Harborview Station is a vibrant and iconic, mixed use, multi-revenue stream project strategically positioned along the banks of Trail Creek in downtown Michigan City, Indiana located on the southern shoreline of Lake Michigan. Harborview Station is located less than a half mile from the quickly emerging Uptown Arts District and steps away from the Blue Chip Casino Hotel & Spa. Harborview Station will be the centerpiece of the dynamic transformation of the Northside of downtown Michigan City. The South Shore Line Commuter Train new Double Track project (scheduled to be completed in 2022), will reduce the commute time to Chicago’s Millennium Station from an hour and forty minutes to sixty-five minutes. With the recent designation of Indiana Dunes as the 61st National Park, Harborview Station will capture the imagination of millions of visitors seeking an urban resort lifestyle. It is anticipated that approximately +/- $40M-50M in combined IEDC “DINO” tax credits and local TIF financing will be secured prior to closing December 2019.
Blue Harbor Team
Developer
MBRH, LLC dba Blue Harbor - www.blueharbordev.com
Architects & Engineering
GREC - Chicago, IL
Land Planner
TESKA Associates – Evanston, IL
Civil Engineering & Surveying
Manhard Consulting Ltd. – Lombard, IL
General Contractor (TBD)
Tonn & Blank – Michigan City, IN
Berglund – Chesterton, IN
Clayco – Chicago, IL
Accounting & Legal
Plante & Moran PLLC– Gordon Goldie, Auburn Hills, MI (OZ Fund Advisor)
Barry F. McDonnel, Esq. – Michigan City, IN (Real Estate)
Jonathan R. Anderson, Esq. – Indianapolis, IN (DINO Application)
Public Incentives
IEDC – IRTC “DINO” Tax Credits
Qualified Opportunity Zone
Tax Increment Financing
Accomplishments to Date
6.455 acre site under contract – closing December 2019
Initial third-party cost estimation prepared by Tonn & Blank
Market Assessment study completed by John Burns Real Estate Consulting
Michigan City TIF Analysis prepared by Baker Tilly Municipal Advisors, LLC
Community Stakeholders Support Letters Received
Marina District Zoning Fully Entitled “By Right”
Building/Site Specifications
6.455-acre site (281,180 sf)
519,900 sf of programmable space
150 luxury condominiums
50 Condo Units – Phase I
100 Condo Units – Phase II
200 key boutique style hotel – national brand – Phase I
400 space shared parking garage with amenity deck - Phase I
13,500 sf – Devil’s River Whiskey Distillery
13,500 sf – Brew Pub Restaurant & Bar
8,000 sf specialty retail
Marina – Fifteen 40' Slips with pedestals and boardwalk
Pedestrian Walkway to Blue Chip Casino Hotel & Spa
Trail Creek Pedestrian Bridge (16' x 300')
Ice Skating Rink
Farmer’s Market
Large open space promenade with container art installations
Preliminary Financials (Projections)
Debt/Equity: 70%/30%
Build Cost: $145,000,000 (Phase I & II)
Construction Period 3rd Qtr. 2020 to 1st Qtr. 2023
Public Incentives: +/- $40M-$50M
Industrial Tax Credit
Michigan City Increment Financing
Hotel ADR: $150.00 (2023)
Hotel Stabilized Occupancy: 75%
Hotel Stabilized NOI: $2.1M (2023)
Retail/F&B (NNN - 35K sf) Stabilized NOI: $2M (2023)
Gross Condominium Sales Proceeds: $45.3M (2022/2023)
Economic Impact Over 15 Year Time Horizon
Total Economic Impact: $979M
Tax Revenues: $58.2M
Hard Costs, Wages, Taxes & Fees: $241.5M
Gross Wages Earned: $134.3M
Visitor & Tourism Expenditures: $176.1M
Component Gross Revenues: $369M
New Jobs Created: 1,047 Total & 385 Permanent New Jobs