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South Bend Redevelopment Commission <br />Regular Meeting — December 2, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. Receipt of Proposals <br />(1) continued... <br />Ms. Laurent introduced Gary Spillers, <br />development partner in Gameday Centers. <br />Staff has been in communication with Mr. <br />Spillers regarding this proposal. Mr. Spillers <br />brought a PowerPoint presentation showing <br />the kinds of similar projects his company has <br />done in the Southeast. <br />Mr. Spillers noted that he came up with the <br />idea of Gameday Centers about five years <br />ago. He lived in Auburn, Alabama, at the <br />time. There was a need for temporary <br />lodging for sports fans and alumnae of <br />Auburn. He envisioned building high end <br />condominiums, complete with a private <br />lounge area and conference facility, fully <br />furnished. He was attempting to get bank <br />financing with a pro forma showing the <br />condos selling at $200 /sft when no <br />condominium in Auburn had ever sold over <br />$80 /sft. The banks didn't believe he could <br />sell at that price and wouldn't finance the <br />project. So he pre -sold all 23 units for cash <br />and built the project. Since then, he has built <br />similar projects in Tuscaloosa, Alabama; <br />Meridian, Mississippi; College Station, <br />Texas and Tallahassee, Florida. <br />Mr. Spillings described the quality of the <br />condo projects as very upscale, having 9 -foot <br />ceilings, crown molding, hardwood floors, <br />themed throughout to the local university, <br />with marble entry ways, and having retail on <br />first floor. They are now building 133 units <br />in the condos ranging in price from $129,900 <br />to $750,000. <br />8 <br />