In a city of more than 70,000 people, it can be difficult to make a change. The Hammond Redevelopment Commission and the Northwest Indiana Redevelopment Authority (RDA) hope to do just that. Renovating the historic Bank Calumet building in downtown Hammond is a huge part of that process.
Built in 1927, the Bank Calumet is a historic building in downtown Hammond.
“For us at the RDA, projects like the Bank Calumet conversion are extremely satisfying to see,” said David Wellman, director of communications for the Northwest Indiana RDA.
Throughout the long history of Bank Calumet, it has transitioned through multiple owners and location types. Current plans are to turn the 16,000-square-foot building into 100 apartments and over 10,000 square feet of commercial space.
Beyond the sheer size, Bank Calumet hopes to include modern amenities for residents as well as be a showcase for the City of Hammond.
“We have said since we began,” Wellman said, “if you build it, they will come.”
Holding true to this vision, the City of Hammond purchased Bank Calumet in 2017 in the hopes of finding a buyer to restore the landmark. The project received approval in 2022, and work is well underway.
“The Bank Calumet project is a foundational new project for the district that will fund future work,” Wellman said.
In addition to the Hammond Redevelopment Commission and the Northwest Indiana RDA, the $28 million Bank Calumet project is supported by the Indiana Economic Development Commission and the City of Hammond.
Having the backing of the citizens and the local authorities is critical in a project of this magnitude.
“It’s important to acknowledge that the project was strongly supported by the City of Hammond,” Wellman said. “Their support is seeding the district and setting the stage for future growth.”
Wellman and his colleagues understand how important this growth is to the RDA’s work.
“The purpose of the Indiana RDA is to generate incremental property and sales tax revenues that support further projects in the area,” Wellman said. “It’s designed as a virtuous circle – new projects generate more tax revenues, those revenues help generate new projects, and so on.”
This vision has held true throughout the RDA’s work.
“Back in 2016, we projected that West Lake and Double Track combined would attract $2.7 billion in development and 11,000 new residents by 2046,” Wellman said. “I think, well before 2046, we are going to find out those estimates were low.”
A key part of the redevelopment process is maintaining the historic elements of the building while also making it 21st-century-ready. Built in the neoclassical style, Bank Calumet is on the national register of historic buildings.
Earning its place on the register, Bank Calumet has 25-foot ceilings, marble work, and terrazzo floors throughout.
Focusing on quality over speed, the Bank Calumet project has been affected by COVID-related supply chain issues. These constraints, however, will not impact the end result.
To learn more about the Northwest Indiana Regional Development Authority, please visit in.gov/rda.
