I work In Hammond Indiana and I've long admired these old looking buildings. Today I did a quick research and found that this building, is called the Seifer Building. It was constructed in 1925 and was the Seifer retail furniture company. It's built in the Colonial Revival style. The detail in the facade is what is lacking in the newer construction.
It's located on State Street Commercial Historic District. It's located in what used to be the heart of Hammond's Business District.
The Indiana Historical Society rates this building as in "O" for Outstanding, "which means that enough historic or architectural significance that it is already listed, or should be considered for individual listing, in the Nations Register of Historic Places."
*Lake County Interim Report 1996
It should be noted that this building along with several other "Historical" buildings have been purchased and are being remodeled by a local Baptist Church.