Stagnant Hope: Gary, Indiana

[VIDEO] Found this video about Gary, Indiana recently. It shows it's explosive growth especially with the steel mill as the economic engine, and it's decline during the 1960s. Sometimes in spite of Gary's issues with crime and economic stagnation I wonder if there is an opportunity that's not being tapped in to.

What do you all think? Is Gary one place where you can own property and then potentially rebuild a city? Now I'm just thinking about finding any real estate articles I can find from the former "city of the century".