Indiana Dunes Club seal

Indiana Dunes Club

Waterfire · The Way Life Should Be

An 88-home planning concept around private Lake Kai, framed by wooded dunes near Lake Michigan. Explore the current product mix, source-backed development budget and investor assumptions below.

88-home planning concept · Adjustable investor assumptions · Not an offer
Discover the Estate PDF · 14 slides · Reconciled Solo Investor Deck PDF · 14 slides · Reconciled Illinois Investor Deck PDF · 16 slides Waterfire Master Plan Deck Excel · 88 units · Reconciled Dunes Club Financials & Proforma Illinois OZ Investor Model Ask Sharon · AI Project Guide Solo Investor Pro Forma

Current planning basis: corrected October 13, 2026 workbook. 88 homes, 50 months and $11,700,500.26 modeled development uses. View the reconciled pro forma.

40.806
Modeled total acres
16.876
Modeled upland acres
23.930
Modeled lake acres
88
Homesites
OZ
OZ status: confirm with counsel
$11.70M
Modeled development uses
A Note On This Land

The last coveted parcel on this shoreline.

For the first ten thousand years after a retreating glacier left them in its wake, the dunes were threatened only by high winds and waves. Now man has stepped in — towering dunes, a natural fern grotto, beautiful old trees. Indiana Dunes Club is the last major assemblage on this stretch of the Indiana shoreline, and the only property in Michigan City — or across Long Beach and Grand Beach — that offers direct access to both Lake Kai and Lake Michigan.

“These dunes are somewhat unique, and, collectively, probably represent the largest accumulation of sand dunes along any fresh water body in the world. The environmental conditions under which they were formed no longer exist: once destroyed, these dunes are not likely ever to regain their present significant size and extent.”
On the Indiana Dunes shoreline
40.806
Modeled total acres
1 of 1
Dual Lake Kai + Lake Michigan access
0
Replaceable sites remaining
The Estate

A private lake, framed by dunes

Cradled by dunes and fed by natural water, the Lake Kai (23.930 lake acres in the workbook) anchors 40.806 modeled acres of contiguous rights — adjacent to the acclaimed Beachwalk Resort, steps from Lake Michigan, an hour from Chicago, and at the doorstep of Harbor Country.

01

Ownership

88 concept homesites around a sponsor-directed 23.930-acre modeled lake and 16.876 modeled upland acres, totaling a workbook-modeled 40.806-acre program. Final plat approval, individual ownership structure, common-area rights and acquisition terms require confirmation; concept counts are not released inventory.

02

Program

Eighty-eight concept homes wrapped around Lake Kai frontage, with custom resort homes from 900 to 3,600 sq ft. The amenity plan is anchored by an All-Seasons Resort Club with an indoor–outdoor retractable-roof pool, a wellness center, and Lake Kai boathouses.

03

Position

Directly adjacent to the acclaimed Beachwalk Resort and the highly successful Whisper Dunes — the two neighboring communities that have set the pricing floor for rental and non-rental luxury sales. Indiana Dunes Club draws from the best of both and takes the concept to the next generation.

Lake Kai aerial — the modeled site area on Lake Michigan, with Beachwalk cottages on the dunes
Lake Kai · The Site

Lake Kai (foreground) wraps the private 23.930-acre modeled lake at the heart of the modeled site area. Beachwalk Resort's cottages sit up on the dunes; Lake Michigan is beyond.

Lake Kai aerial — the private 23.930-acre modeled lake at the heart of Indiana Dunes Club, with the Beachwalk community visible on the north shore and downtown Michigan City on the horizon.
The Location

An hour from Chicago. A world from anywhere.

Michigan City sits sixty miles east of the Loop, connected by the South Shore Line's newly double-tracked commuter rail. It has always been Chicago's water access — Al Capone's lakefront estate stood a mile from this site — and it is quietly becoming so again. Indiana Dunes Club sits steps from Lake Michigan, with private access to Lake Kai, in the shadow of the Indiana Dunes National Park, and at the doorstep of Harbor Country.

The Indiana Dunes National Park and its sister Indiana Dunes State Park together welcomed more than 4 million visitors in 2025 — more than Grand Canyon, Yellowstone, or Yosemite, and more than the combined 2026 home attendance of the Chicago Cubs and White Sox. Beachwalk Resort’s 200 homes trade between $675K and $1.4M. Indiana Dunes Club sits on the last privately held shoreline of Lake Kai.

Sunset over Lake Michigan from Indiana Dunes Club, with the Chicago skyline silhouetted on the horizon
The View West

Chicago sits sixty miles across Lake Michigan — visible from the Indiana Dunes Club lake access boardwalk and beach on a clear evening. Indiana Dunes Club owners watch the city skyline light up while their guests pay a resort premium for the same horizon.

Dated market context from prior sponsor materials. These comparisons were not independently reverified in this financial reconciliation and do not establish current achieved pricing or rental returns for Indiana Dunes Club.

Three Communities · One Progression

Beachwalk. Whisper Dunes. Indiana Dunes Club.

Two neighboring communities have already proven these dunes through two very different theses — one a vibrant, family-oriented rental resort in its third decade, the other a quiet 10-home luxury enclave that sold out in five years. All three sit on the same dune ridge along Lake Michigan. Indiana Dunes Club is the next generation: neither a replica nor a compromise, but the premier wellness resort the Indiana Dunes have been building toward.

2003 – today

Beachwalk Resort

200 homes, twenty years — a vibrant resort still climbing.

Concept Amenitized rental resort — vibrant, family-oriented, kid-friendly. Cottage-scale homes on a walkable plan, wrapped around shared amenities and Lake Kai access.
Scale 200 homes, fully built out. Continuous occupancy and rental activity since the early 2000s.
Amenities Community pool, tennis / pickleball / basketball courts, Lake Kai beach and boating, steps to Lake Michigan.
Buyer Chicago-metro second-home families. Split of owner-use, part-time, and short-term rental.
Age & state Mature, proven, still vibrant — a product of its era. Two decades in, the community energy is unmistakable and the family-oriented promise is delivered every summer. Values keep climbing.
The proof
Homes have roughly tripled in value over two decades, now trading $675K – $1.4M with rental returns of 6 – 10% depending on basis. Median 2026 YTD sold price $1.07M · median $/sf $459 · buyers now paying +15–17% over ask on turnkey product. $608/sf last comp in June 2026.
2017 – 2021

Whisper Dunes

10 homes, no shared amenities — the quiet enclave that sold out anyway.

Concept Non-rental luxury enclave. Homeowners build custom amenities on their own lot — pool, hot tub, yard. No community amenities and, by design, no need for them.
Scale 10 homes, fully sold out. Delivered 2017 – 2021 by a single developer on the western edge of the same dunes.
Amenities None shared. Views of Lake Kai but no lake frontage, no dedicated access. Steps to Lake Michigan.
Buyer Full-time and part-time luxury residents, not renters. Sizable lots, private pools, custom architecture.
Age & state Five years old. Homes have already doubled or more from delivery. They still feel new, quiet, unmistakably premium.
The proof
Two confirmed 2025 – 26 closings: 102 Whisper Dunes Dr (2,818 sf) at $1,350,000, and 107 Whisper Dunes Dr (6,340 sf) at $3,010,000. Finished pricing $475 – $525/sf with no direct Lake Kai frontage. Whisper Dunes settles the non-rental luxury demand question.
Delivering 2027 onward

Indiana Dunes Club

88 concept homes on the last shoreline between them — the resort and the enclave, unified.

Concept All-season, amenitized wellness resort community. Luxury homes designed for full-time living, part-time retreat, retirement, and family use — one product that works for every phase.
Scale 88 concept homes on 40.806 modeled acres wrapping a private, natural-water 23.930-acre modeled lake. A broader proposed home mix than of Whisper Dunes; sized to carry a full amenity load.
Amenities All-Seasons Resort Club with indoor pool, spa, fitness, and dining, a refrigerated outdoor ice rink for winter, wellness center, sports courts, nature trails, deeded Lake Kai frontage with private beach and small-craft boating, steps to Lake Michigan. A full amenity load, engineered for every season.
Buyer The luxury buyer Whisper Dunes proved, plus the family and retiree Beachwalk built — unified by a resort experience neither community offers today.
Age & state New construction, delivering 2027 onward. Purpose-built on the last privately held shoreline between Beachwalk and Whisper Dunes — the same dunes, one hour from Chicago. Every system, finish, and amenity engineered for a next-generation buyer.
The read-across
Beachwalk proved the resort demand and the appreciation curve. Whisper Dunes anchored the luxury price band at $475–$525/sf finished — without lake frontage or shared amenities. Indiana Dunes Club adds deeded Lake Kai frontage, an All-Seasons Resort Club, and 88 concept homes on a private natural-water lake, positioning finished estates at a $540,000–$2.01M target range. Delivered inside an Opportunity Zone. This is where the Indiana Dunes have been headed all along.

Two proofs, one progression. The evidence tables below drill into each community’s pricing and appreciation across the last three to twenty years.

Aerial view of Whisper Dunes — 10 finished luxury homes along Whisper Dunes Drive, immediately adjacent to Indiana Dunes Club.
Whisper Dunes aerial — the 10-home 2020-era luxury enclave immediately adjacent to Indiana Dunes Club. Same dunes, views of Lake Kai and access to Lake Michigan. Foreground estate features private pool, putting green, and outdoor kitchen.
Homes Built
10
2017–2021 buildout
Sold Out
100%
as of 2024
Finished $/sf
$495–$525
2021 delivery, no direct lakefront
Top Confirmed Sale
$3.01M
6,340 sf · sold Apr 2026

Whisper Dunes — the 2020-era luxury benchmark

In 2016, a 10-lot parcel off the western edge of this property was released to the Whisper Dunes developer, who platted Whisper Dunes Drive, delivered infrastructure, and built out 10 custom luxury homes between 2017 and 2021 — a highly successful non-rental enclave that sold out and saw homes jump in value on delivery.

Whisper Dunes homes share the same dunes as Indiana Dunes Club and enjoy views of Lake Kai and access to Lake Michigan — but have no Lake Kai frontage, no shared amenity infrastructure, and were built at one-seventh the scale.

Two confirmed 2025–26 closings anchor the finished range: 102 Whisper Dunes Dr (2,818 sf) traded at $1,350,000 on 10/29/25, and 107 Whisper Dunes Dr (6,340 sf) closed at $3,010,000 on 04/17/26 (@Properties Christie’s). Average property tax is ~$9,100/year, consistent with $1M+ assessed values. Whisper Dunes settles the non-rental luxury demand question; Beachwalk settles the rental one.

Indiana Dunes Club read-across
  • 88-home concept — 88 concept homes vs. 10 supports full amenity load
  • Direct Lake Kai frontage — Indiana Dunes Club owns the lake; Whisper Dunes has views only, no frontage
  • Adjacent to Beachwalk — shorter walk to the amenity core
  • Room to price above — frontage + amenity justify a $540,000–$2.01M target range estate positioning

Vacant lot sales history

Whisper Dunes lots cleared with no Lake Kai frontage at the prices shown below — setting the raw-land floor for these dunes.

Address Price per lot Date
5 Whisper Dunes Dr$399,000Listed 2017
7 Whisper Dunes Dr$235,000Aug 2018
101 Whisper Dunes Dr (Lot 1)$285,000Nov 2020
110 Whisper Dunes Dr (Lot 10)$245,000Listed 2020
101 Whisper Dunes Dr (resold)$325,000Apr 2024

All Whisper Dunes lots have views of Lake Kai but no Lake Kai frontage. Indiana Dunes Club homesites carry deeded Lake Kai frontage — a category the comp set does not offer.

Completed home sales & listings

Finished pricing benchmark: 102 Whisper Dunes (2,818 sf, 2021 build) at $1.4–$1.48M → ~$495–$525/sf. Applied to the 4,800–7,500 sf estates on the street, implied values reach $2.4M–$3.7M.

Address Built Sq Ft Lot Price Status
100 Whisper Dunes Dr20197,5381.94 ac~$1.40M (est.)Off-market
102 Whisper Dunes Dr20212,8180.75 ac$1,350,000Sold 10/29/25
107 Whisper Dunes Dr20226,3400.87 ac$3,010,000Sold 04/17/26

Confirmed 2025–26 closings — photographed

MLS-listed at @Properties Christie’s International Real Estate

107 Whisper Dunes Dr, sold April 2026 for $3.01M
Sold 04/17/26
$3,010,000
6,340 sf · 5 bd / 5 ba · 0.87 ac · built 2022 · 107 Whisper Dunes Dr
$475/sf · @Properties Christie’s (Krask)
102 Whisper Dunes Dr, sold October 2025 for $1.35M
Sold 10/29/25
$1,350,000
2,818 sf · 4 bd / 3 ba · 102 Whisper Dunes Dr, Michigan City
$479/sf · @Properties Christie’s (Gallas)

Whisper Dunes cleared at $235K–$399K per lot with $475–$525/sf finished construction — and no Lake Kai frontage. Beachwalk’s 200-home rental resort has more than doubled in value over twenty years. Indiana Dunes Club draws from both, on the same dunes, with deeded Lake Kai frontage, an All-Seasons Resort Club, and 88 concept homes. Beachwalk and Whisper Dunes set the floor — not the ceiling.

Sources: @Properties Christie’s International Real Estate (Kaileyne Krask, Michele Gallas listings), NIRA MLS, Coldwell Banker Homes, Redfin, Trulia, LakeHomes.com, Talk to Tucker (MLS-syndicated public listing data). Confirmed closings: 102 Whisper Dunes Dr — $1,350,000 (10/29/25, 2,818 sf); 107 Whisper Dunes Dr — $3,010,000 (04/17/26, 6,340 sf).

Dated market context from prior sponsor materials. These comparisons were not independently reverified in this financial reconciliation and do not establish current achieved pricing or rental returns for Indiana Dunes Club.

The Market

Beachwalk is the comp set

Two hundred homes on the adjacent lake have set the price band and proven the rental pool. Indiana Dunes Club enters an established market — not a speculative one.

Beachwalk Reference Low High Source
Home resales (recent, 2024–26) $675K $1.4M Realtor · Zillow
$/SF at resale $336 $459 Realtor · Zillow
Raw lot sales $226K $275K Redfin · RealtyTrac
Airbnb occupancy (117 listings) — 51% Airbtics
Airbnb ADR — $578 Airbtics
Historical booking anchor 135 nights $460 ADR EDCMC 2022
Indiana Dunes NP visitors (2023) — 3.1M NPS Stats

Sources: EDCMC Residential Market Analysis 2022 · Airbtics · Chalet · AirROI · Zillow · Redfin · Realtor.com · NPS.

Dated market context from prior sponsor materials. These comparisons were not independently reverified in this financial reconciliation and do not establish current achieved pricing or rental returns for Indiana Dunes Club.

Beachwalk Comparable

Three years of live pricing on the property next door

Beachwalk’s 200 homes are the acclaimed rental-resort comp next door — an early-2000s buildout, now roughly twenty years old, whose pricing has climbed every year and more than doubled in ROI and value. Every figure below is drawn from MLS-fed price histories and short-term rental data between January 2023 and August 22, 2026. Beachwalk trades at four to five times the ZIP median and has fully decoupled from Michigan City’s broader market.

Metric 2023 2024 2025 2026 YTD
Median sold price $730K $880K $850K $1.07M
Median $/sqft $254 $327 $397 $459
List-to-sale ratio 90–93% 97.0% 99.4% 115.6%
Documented closings 5 2 3 + 1 lot 4

+46% median price · +81% $/sqft over three years. Buyers now pay ~16% over ask on turnkey product.

Three transactions that reset the market

Each closed in the last four months. Each redefined what buyers will pay to live on Lake Kai.

420 Beachwalk Ln

Lake Kai waterfront · 4BR/3.5BA · 3,139 sf

SoldMay 18, 2026
List → Sale$1,199,000 → $1,400,000
Premium to list+16.8%
$/sqft$446

328 Beachwalk Ln

2018 build · 4BR/3BA · 2,504 sf

SoldJun 2, 2026
List → Sale$995,000 → $1,150,000
Premium to list+15.6%
$/sqft$459

1852 Lake Shore Dr

Modern bluff home · 4BR/4BA · 3,300 sf

SoldAug 29, 2025
Sale price$2,150,000
$/sqft$652
SignalLake-facing premium tier
Appreciation case study

101 Maggie Lane — a Beachwalk-adjacent cottage that tripled in value

A 2007-built, 858 sq ft two-bedroom cottage in the Cason Park pocket immediately adjacent to Beachwalk. The transfer history is a live read on the neighborhood’s pricing floor over the last decade — and the June 2026 closing at $608/sf shows small-footprint Beachwalk-area cottages now price well above the resort’s larger-home median.

Feb 2013
$150K
Nov 2017
$230.5K
May 2023
$390K
Jun 2026
$522K

3.48× the 2013 basis · $608/sf on the June 2026 closing (858 sf) · Source: LaPorte County Beacon (Parcel 46-01-21-476-068.000-022, Cason Park Lot 167 B), Zillow.

101 Maggie Lane, Michigan City — 858 sq ft Cason Park cottage that sold for $522,000 on 6/23/2026 ($608/sf), triple its 2013 basis.
101 Maggie Ln · 2BR / 2BA · 858 sf · built 2007 · sold 06/23/26 at $522,000 ($608/sf)

Michigan City closings across the price band

Recent sold comparables from $850K to $3.3M — the market Indiana Dunes Club sits inside.

$850,000
205 Beachwalk Ln · 6BR/5BA · 3,359 sf
Sold 06/12/25 · $253/sf
$906,500
307 Childers Ln · 5BR/5BA · 2,283 sf
Sold 11/19/25 · $397/sf
$3,300,000
3402 Iroquois Trl · 5BR/5BA · 4,851 sf
Sold 08/03/26 · $680/sf

Listing photos courtesy of Northern Indiana Regional MLS (NIRA), @properties/Christie's, Coldwell Banker Realty, and Weichert Realtors.

Rental economics — by bedroom count

Michigan City STR analytics, Q2 2026 — Beachwalk rental economics by bedroom count.

Bedrooms ADR Occupancy Est. annual gross
3 BR $332 50% $60,590
4 BR $559 57% $115,658
5 BR $747 56% $153,645

Beachwalk proves the rental demand. Whisper Dunes proves the non-rental luxury demand. Indiana Dunes Club delivers the supply — 88 concept homes on the private 23.930-acre modeled lake next door, at the luxury tier the current comp set is already reaching for.

Sources: Compass · @properties / NWI MLS · Trulia · Redfin · Zillow · homes.com · Coldwell Banker · Realtor.com · AirDNA · AirROI · GuestFavorites · VRBO · Expedia. Full analysis available on request.

Beyond Beachwalk & Whisper Dunes

The next-generation lakefront community

Beachwalk built the acclaimed rental base. Whisper Dunes proved the luxury non-rental ceiling. Indiana Dunes Club is neither a replica of Beachwalk nor of Whisper Dunes — it draws the best of both and delivers what a a $540,000–$2.01M target range buyer expects in 2027: private Lake Kai water rights, an All-Seasons Resort Club with retractable-roof indoor–outdoor pool, a full wellness campus, and a concierge fleet on Lake Michigan itself.

Larger lots, private frontage

Where Beachwalk platted for density, Indiana Dunes Club plats for privacy. Estate-scale lots with buildable pads sized for 900–3,600 sf custom resort homes, buffered by mature dune landscape and native plantings.

Lake Kai — private docks & cantilever boathouses

Owners receive deeded access to Lake Kai with permitted private docks and architect-designed cantilever boathouses — an amenity Beachwalk homeowners cannot replicate on their side of the water.

Homes that don't compare

A curated architectural review board and a short list of luxury custom builders. Modern lakehouse and refined coastal vernaculars, natural material palettes, indoor–outdoor living calibrated to the dune microclimate.

The Wellness Oasis

A health campus, not a clubhouse.

The Central Commons is programmed as a year-round wellness destination — the reason owners come out on off-weekends and stay longer than they planned.

Spa & treatment rooms
Members-only massage, facial, and recovery services.
Cold plunge & sauna
Dedicated contrast-therapy suite with cedar sauna and infrared cabin.
Pools & plunge pools
Family pool, adult lap pool, and shaded plunge pool terraces.
Hot tubs
Multiple positioned for lake sunset views.
Fitness & movement
Cardio, strength, yoga, and Pilates studio overlooking the dune.
Pitching green
Short-game practice green integrated into the amenity grounds.
Ice-skating rink
Refrigerated outdoor rink at the Resort Club, open November through March — skating, warming fires, and lake-view holidays on the commons.
Amenity Anchor
All-Seasons Resort Club & retractable-roof pool

The Central Commons is anchored by an All-Seasons Resort Club with an indoor–outdoor pool under a retractable roof — usable in every season, from July poolside to January snow-globe views over Lake Kai.

A year-round pool is a category no other Indiana Dunes community offers.

Water Program
The Indiana Dunes Club fleet — on Lake Michigan

The fleet is berthed at Michigan City Harbor and captained on-demand — anchoring off the Indiana Dunes Club beach so owners can wade or paddle out and step aboard. No trailering, no launching, no waiting in line.

36' Hinckley Picnic Boat
Anchors off the beach; swim out and jump on for a sunset cruise or harbor dinner.
Wave runners
Delivered to the beach on request — straight from shore into open water.
Indiana Dunes Club App
Reserve boats, wave runners, spa appointments, court time, and trail rides — all in one owner app.

Amenity program is planned; final scope will be finalized during entitlement and phased with vertical delivery. Fleet vessels operated under a shared services agreement with Michigan City Harbor.

The Reference

The lifestyle we build to

The design language of the dunes shoreline — outdoor living, quiet materiality, and the small rituals of a lake day. Indiana Dunes Club builds toward this vocabulary at community scale.

Poolside pavilion with outdoor bar and grill on a dunes-shoreline property
Pool & Pavilion
Stone fire terrace at sunset on a dunes-shoreline property
Fire Terrace
Private putting green nestled against the dunes
Putting Green
Indiana Dunes Club Hawaiian farmhouse signature home on Lake Kai, conceptual daylight rendering
Architecture · Hawaiian farmhouse
Beachwalk Resort amenities from above — clubhouse, tennis courts, and pool on the north shore of the adjacent lake. Indiana Dunes Club sits on the opposite shore of the same lake.
The Program

Two commons. One shoreline. Every amenity.

Central Commons will host the clubhouse, pool, and management office. South Commons closes the loop with a common lawn and two pickleball courts. Twelve-foot private drives connect every lot to the water.

Beachwalk validated the shoreline. Indiana Dunes Club is what happens when you build the same setting 25 years later, without the density — larger lots, private lake frontage with docks, and a wellness-first amenity program purpose-built for the buyer who already owns everywhere else.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

88-home concept; approvals to be confirmed

The 88-home workbook mix is the current underwriting program, not a representation that an 88-site plat is approved or every unit is fee-simple. Condominium allocations and detached-home lots must be distinguished in the legal structure.

The financial workbook uses 40.806 total acres: 23.930 lake acres and 16.876 upland acres (SUMMARY!K9:K11). Earlier sponsor marketing used approximately 43 acres (26 lake + 17 land). These are not interchangeable measurements; reconcile the parcel boundaries and survey before quoting a definitive legal acreage.

The September 25, 2024 Teska plan remains a historical reference. Confirm the governing zoning, approved site count, permits, lake access rights and final parcel map with the project team.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Two investment perspectives. One source workbook.

Solo Investor88 homes

Explore the full project mix and horizontal development economics.

Illinois OZ Investor1 home

Start with the lowest source land allocation and add construction and unconfirmed costs.

Open Model: choose your investor tab

The interactive model uses un-escalated product prices. The timed workbook includes monthly sales timing and price growth; the two views should not be presented as identical cash flows.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

The current 88-home program and budget

The current program contains 88 homes across 10 priced product rows. Construction starts at $350 per home square foot, replacing the earlier townhome/estate construction illustration.

ProductHomesLot allocation / homeHome SFBuild / homeTarget / home
Crescent Homes8$500,0002,800$980,000$1,480,000
Court Homes6$300,0001,500$525,000$825,000
Manor Homes5$600,0003,100$1,085,000$1,685,000
Big House Condo12$225,000900$315,000$540,000
Treehouses4$250,0001,100$385,000$635,000
Pool Bungalows9$300,0001,600$560,000$860,000
Lake Cottages (4 pack)8$450,0002,350$822,500$1,272,500
Dune Homes9$400,0002,700$945,000$1,345,000
Lake Cottages (6 pack)24$450,0002,100$735,000$1,185,000
Forest Homes3$750,0003,600$1,260,000$2,010,000
Total88$35,450,000180,800 total$63,280,000 total$98,730,000 total

Per-home target values already include allocated lot value. The $98.73M total is a target finished-home value, not a construction budget or the horizontal model’s lot sales. The $63.28M vertical construction allowance is separate from the horizontal development uses below. No automatic 22% vertical soft-cost allowance has been supplied.

Horizontal development uses

UseModeled amount
Developer fee$600,000
Entitlement$1,435,500
Horizontal / amenity hard costs$8,219,012
Soft costs$1,445,988
Total modeled development uses$11,700,500

Land acquisition is entered as zero in the workbook; this is not evidence of free land. Contribution or buyout terms, financing, additional carrying costs, investor distributions, final entitlements, and tax eligibility still require confirmation. Project net cash flow is not investor profit or an established IRR/MOIC.

Source: corrected October 13, 2026 workbook, Lot Pricing Worksheet!A2:P12; SUMMARY!E24:E32. Sponsor planning assumptions, not an offer, verified market prices or guaranteed returns.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Separate project funding from a one-home investment

Project uses$11.70M

Modeled developer fee, entitlement, hard and soft costs. Not an all-in acquisition requirement.

Peak modeled equity$11.30M

The workbook cash-flow trough before financing and unmodeled costs.

One-home base subtotal$635,000

$250,000 Treehouse lot allocation + 1,100 SF × $350/SF construction. Additional costs are unconfirmed.

Land acquisition is entered as zero in the workbook; this is not evidence of free land. Contribution or buyout terms, financing, additional carrying costs, investor distributions, final entitlements, and tax eligibility still require confirmation. Project net cash flow is not investor profit or an established IRR/MOIC.

Source: corrected October 13, 2026 workbook, SUMMARY!E32, K41; Lot Pricing Worksheet!F5, I5, K5, L5. Sponsor planning assumptions, not an offer, verified market prices or guaranteed returns.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Project cash flow, not a promised investor return

Horizontal cash-flow bridgeAmount
Gross timed lot sales$35,800,221
Selling costs (6%)−$2,148,013
Net lot sales$33,652,208
Modeled development uses−$11,700,500
Net project cash flow before unmodeled costs$21,951,707

The current source has one active 50-month base case. It does not establish a preferred return, investor waterfall, IRR, MOIC, guaranteed rent or tax savings. Older 36-month alternatives and investor-return illustrations have been superseded.

Source: corrected October 13, 2026 workbook, SUMMARY!G8, K25:K27, K39. Sponsor planning assumptions, not an offer, verified market prices or guaranteed returns.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Underwrite the real estate first

The investment thesis combines a proposed lakeside community, a differentiated home mix and possible Opportunity Zone structuring. The current workbook measures development costs and lot cash flows; it does not validate tax benefits or prove investment superiority.

Compare the Solo and Illinois tabs on their own economics before assigning any value to a tax outcome. Obtain counsel’s confirmation of tract status, entity structure, investor eligibility and the rules applicable at investment.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

A defined program, with the remaining risks visible

Program88 homes

Ten product rows, from 900 to 3,600 SF.

Schedule50 months

January 2027 through February 2031 in the source model.

DiligenceBefore commitment

Confirm land terms, approvals, contractor pricing, financing and sales absorption.

These are sponsor assumptions, not evidence of market absorption or final entitlements. Existing dated market comparisons elsewhere on this page are context, not substitutes for current independent underwriting.

Source: corrected October 13, 2026 workbook, SUMMARY; Proforma; Lot Pricing Worksheet. Sponsor planning assumptions, not an offer, verified market prices or guaranteed returns.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Historical context is not current underwriting

Earlier investor materials discussed tax-driven real estate cycles and larger tax illustrations. Those narratives are retained only in the dated reference library; they are not forecasts or inputs to the current 88-home model.

Open the dated reference library or review the current workbook cash flow.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Opportunity Zone questions to resolve

Before using an OZ structure, confirm the tract’s status for the applicable investment cycle, the eligible gain and investment deadline, the qualifying entity and business, testing requirements, and the intended holding and exit structure.

No tax benefit is included in the current one-home subtotal or the horizontal cash-flow bridge. The workbook does not certify legal or tax qualification.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Illinois OZ Investor: up to ten selected properties

Allocated land$250,000

Lowest non-condo allocation: Treehouse. Lot structure and availability require confirmation.

Construction$385,000

1,100 SF × $350/SF, a source allowance rather than a contractor bid.

Base subtotal$635,000

One Treehouse before unconfirmed extras. Five Court Homes: $4,125,000 before extras.

Open the Illinois OZ Investor tab

Source: corrected October 13, 2026 workbook, Lot Pricing Worksheet!rows 3 and 6. Sponsor planning assumptions, not an offer, verified market prices or guaranteed returns.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Structure follows confirmed deal terms

Select the investment vehicle only after the land ownership, transaction terms, development responsibilities and investor objectives are established. Offering documents, subscription process, fees, reporting and distributions need definitive agreements.

The cost model does not assume an executed fund structure, no-promote arrangement, operator agreement, rental guarantee or minimum capital raise.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Tax outcomes require a separate, investor-specific analysis

Federal and Illinois treatment, gain eligibility, deferral, depreciation, recapture and exit treatment must be reviewed by qualified advisers for the actual investor and structure. No blanket tax-rate or tax-savings illustration is carried into this reconciled release.

The Illinois tab is a property-cost assumption calculator. It does not calculate an after-tax return or imply that a home purchase by itself earns Opportunity Zone benefits.

OCTOBER 13, 2026 · RECONCILED PLANNING BASIS

Qualification is a diligence requirement, not an assumption

Request counsel’s written analysis of the applicable property and business tests, working-capital plan, acquisition and construction structure, compliance calendar and exit. Confirm state conformity and the status of any future tract certification before relying on a benefit.

The project workbook supports financial inputs only. It is not a legal opinion, appraisal, surveyed boundary, entitlement certificate or tax-qualification determination.

The waiting was the work.
The moment is now.

Next Step

Underwrite it yourself.

Choose the Solo Investor model for the 88-home program or the Illinois OZ Investor model for up to ten selected properties, subject to product counts. Adjust the assumptions and compare modeled costs. These planning tools do not establish an investor waterfall, tax savings or guaranteed returns.

Open the Solo Investor Model

Planning tool. Not offering material.

Serious about a ticket? Request the full offering package.

Request Investor Access →

Accredited investors only. Reg D 506(c). Offering package delivered under NDA.

From the archive

Articles & Press

Selected reporting on the people, places and development stories of the southern Lake Michigan region. Read the supplied articles as PDFs.

Opening page of New life for dormant buildings

Northwest Indiana Business Magazine
August / September 2026 · 5-page PDF · 3.4 MB

New life for dormant buildings

Regional adaptive-reuse reporting, including NWI Development Group’s conversion of Hammond’s Calumet Bank building into The Banc.

Read PDF ↗ Original copy
Midwest Amalfi feature opening with Lake Michigan dunes

Newcity
July / August 2025 · 14-page PDF · 14.8 MB

Midwest Amalfi

A magazine feature exploring the region’s industrial heritage, lakefront landscapes and communities along the southern shore.

Read PDF ↗ Original copy
Opening page of Can this man launch Harbor Country 2.0?

Crain’s Chicago Business
June 29, 2017 · 3-page PDF · 177 KB

Can this man launch Harbor Country 2.0?

Dennis Rodkin’s profile of Rob Harte and his approach to vacation-home development along southern Lake Michigan.

Read PDF ↗ Original copy

Historical reporting reflects its publication date, not current project terms or entitlements. Original publisher content and credits are retained. PDFs open in a new tab; use your device’s PDF viewer to save a copy.

Local intelligence · Public

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