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  5. ›RFP25C-1: 5903-5923 Calumet Ave & 6005-6060 Calumet Ave

City of Hammond·Indiana

RFP25C-1: 5903-5923 Calumet Ave & 6005-6060 Calumet Ave

Closes 9/16/2025$500k – $2MRequest for Proposal
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Description

The Hammond Redevelopment Commission is seeking qualified commercial developers to purchase and develop two contiguous parcels on Calumet Avenue (5903‑5923 & 6005‑6060 Calumet Ave.) in Hammond, IN. The city will sell the land (total valuation $252,500) to the winning bidder(s), who must submit a 5 % earnest‑money deposit and, within 30 days of award, sign a Development Agreement, followed by closing of the land purchase within 120 days. The developer is responsible for delivering shovel‑ready, mixed‑use retail/commercial sites that meet the Commission’s design criteria (architectural compatibility, pedestrian‑friendly streetscape, landscaping, and “wow” factor). The RFP calls for a full proposal package including bid price per acre, conceptual designs, experience, financial capacity, and insurance.

Attached files

Contact

Anne Taylor(Executive Director of Planning & Development)

(219) 853-6508

Key dates

Opened
11/14/2025
Closes
9/16/2025

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
531312
Solicitation №
RFP25C-1

Budget estimate

$500,000 – $2,000,000

The city is selling the parcels for a total of $252,500. A developer will finance the acquisition, site preparation, design, construction, and eventual leasing or sale of the commercial space. Assuming construction costs of roughly $150‑$200 per sq ft for 65,000 sq ft (~$9‑$13 million) and a projected market rent that yields a capitalization rate of 7‑8 %, the net operating income could support a valuation of $12‑$15 million, giving the developer a potential profit margin of $500,000 – $2,000,000 after costs. This estimate accounts for land cost, construction expenses, financing, and market risk.

AI estimate from the solicitation

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