AVRO Development, L.L.C., a real estate holding company based in Valparaiso, Indiana, is announcing plans to develop 130 acres of land neighboring the Valparaiso University campus in Northwest Indiana. Known as ‘Vitalize Valpo‘, these development activities, driven by robust growth in the area, will have a significant economic impact on the City of Valparaiso, Porter County and the Chicago metropolitan area.
AVRO was founded in 2018 by Valparaiso University’s board of directors as a pioneering approach for visioning and executing strategic economic development on property surrounding its campus. The University’s real estate portfolio has grown over time with multiple transactions and acquisitions of land. AVRO creates a nimble, streamlined limited liability company to effectuate real estate deals on behalf of the University.
Through leveraging Valparaiso University’s resources — such as athletics, academics, its faith-based environment, and an influx of visitors, the AVRO team envisions senior living, hospitality, and multi-family development as anchors to a multi-faceted master development plan.
“Having completed highest and best-use studies and conceptual planning, in the next month we’ll launch the next phases of our development effort, refining the vision for these land parcels and identifying the right development partners in multiple segments of the real estate development industry. Our attractive locations within Valpo, a community that is experiencing a growth in demand, present diverse value propositions for stakeholders,” said Luke Aeschliman, AVRO President and Valparaiso University’s Assistant Vice President of Property Development. “We are excited to start meeting with developers to bring our conceptual development plans to life.”
Valparaiso University President, Jose D. Padilla, added: “Given the current climate of Higher Education and the challenges institutions across the country face, we view AVRO as an essential part of our strategy to consider our physical footprint in an innovative way and unlock the incredible value of our real estate portfolio.”
AVRO Development has put together a collaborative, dynamic team that will cover all aspects of this initiative:
- The Veridus Group: An Indiana firm that places value on People + Process, will serve as the strategic expert in pre-development services, community and economic development, and overall development consulting.
- Context Design: An Indiana studio known for successful placemaking and land planning will focus on design and illustration efforts.
- Coverdale Consulting: A full-service marketing and communication firm, based in Indiana, will provide strategic guidance for public relations and marketing.
“There is tremendous potential for this land. The energy and impact the redevelopment can offer is really valuable to the University’s endowment, and to the entire community. We are thrilled to get started,” said Tim Jensen, Owner & President of The Veridus Group.
This next stage of master planning officially kicks off this month, with several phases in the queue.
