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  5. ›RFP25R-3: 505 Chicago Ave, 5829 Columbia, 2633 164th Pl…

City of Hammond·Indiana

RFP25R-3: 505 Chicago Ave, 5829 Columbia, 2633 164th Pl, 2463 New York Ave, 4136 Towle Ave, 6110 Wallace Rd, 1810 Brown Ave, & 7504 Chestnut Ave

Closes 8/5/2025$100k – $500kRequest for Proposal
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Description

The City of Hammond Redevelopment Commission is selling eight city‑owned parcels for private redevelopment. Interested developers must submit a detailed redevelopment proposal, a 5 % cash deposit based on the parcel’s minimum sales price, and eight copies of the proposal by the deadline. The winning bidder will receive title, must close the purchase within 90 days, and must commence construction within 90 days of closing. Evaluation will focus on the quality, feasibility, schedule, and financial capacity of the proposed development. • Eight parcels are offered across various locations; minimum prices range from $6,400 to $15,500 each. • Proposals must include a full redevelopment plan, financial deposit (5 % of the minimum price), and eight copies; submission deadline is Aug 5 2025 4 p.m. • Winning bidder must close the sale within 90 days and begin construction within 90 days after acquisition, complying with all municipal approvals and restrictive covenants. • Evaluation criteria emphasize development quality, schedule, bidder reputation, experience, and financial resources.

Attached files

Contact

Anne Taylor(Parcel Inspection Coordinator)

(219) 853-6508

Key dates

Opened
11/15/2025
Closes
8/5/2025

Last updated

Details

Type
Request for Proposal
Industry
Property Development
NAICS
531390
Solicitation №
RFP25R-3

Budget estimate

$100,000 – $500,000

The minimum sales price for each parcel is modest ($6,400‑$15,500), but the real value lies in the post‑acquisition redevelopment—design, construction, and eventual sale or lease of built‑out units. Assuming a modest development budget of $500,000‑$2,000,000 across the parcels and a typical developer profit margin of 15‑25 %, net earnings could range from roughly $100,000 on the low end to $500,000 on the high end. Factors influencing the budget include site‑specific development costs, financing terms, market demand for residential/commercial space, and the speed of construction (must start within 90 days).

AI estimate from the solicitation

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