VALPARAISO - It will likely be the end of October when the city of Valparaiso will know what will be done with the property on which the old W hite House Restaurant once stood.
Brandon Dickinson, Director of Redevelopment for the city of Valparaiso, says it's likely that multi family units, Brownstones, similar to what one would see in the Wrigleyville neighborhood of Chicago will built.
"There is a developer, Dickinson says. All of the planning approvals and zoning approvals are in place based on the use that's being contemplated here. We have an agreement in principle but there are still a couple legislative steps that would need to occur, but this is the first person that has come forth with a legitimate plan that provides a valuable increase in the property's value by adding something of substance to it."
Dickinson says a few items need to be reviewed legislatively by the city council. He says the city administration should know by the end of the month whether or not the project is moving forward.
He adds the developer, Faganel Builders, is excited to move forward and the project is already doing well from a pre-sale perspective. The developer already has several local people who have provided documents saying they would like to purchase a lot as soon as it's created.
The building would be one structure, serving two residences, each would be three stories tall with their own roof-top deck. Once the units are built, they expect to be sold for over $550,000 each.