New $25m Residential Development in Downtown Hammond

CATEGORY: News, Speck

Mayor Thomas M. McDermott, Jr. and the Hammond Redevelopment Commission are pleased to announce the approval of a development agreement with ATG Real Estate to build 208 market rate apartments in downtown Hammond. Along with this development, there will be new commercial and retail space and a brand-new plaza at the corner of a newly designed Rimbach Street and Hohman Avenue. “Our planning team worked closely with ATG to get this exciting development in our downtown,” said Mayor McDermott. “This $25M investment into our downtown is aligned with the City’s Downtown Master Plan from Jeff Speck and will bring hundreds of people into downtown and add to the thriving core we are developing.”

ATG Real Estate Development LLC’s Founding Director, Eric T. Gastevich, says Hammond is “a wonderful City in which to work. Mayor McDermott has put together a Redevelopment Commission that is a first-rate, reliable team of people and we’re delighted to begin work with this team on the first new multi-use project in downtown Hammond in many decades.” ATG expects to break ground this fall and will have the first apartments available for occupancy by the summer of 2023. The City will provide a 10-year tax abatement, as well as a land acquisition loan for the project.