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South Bend Redevelopment Commission <br />Regular Meeting— August 16, 2002 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(1) continued... <br />income levels. He commented that it was <br />very difficult to do a valid market analysis <br />because there are no comparables to look <br />at. He added the condominiums are <br />considered pricey by South Bend <br />standards. The pricing includes a quality <br />finish package and two parking spaces, the <br />importance of which is difficult to gage in <br />downtown South Bend. <br />Presently, Holladay's plan is to clear up <br />the site, move a sales office on -site and <br />pre -sell fifty percent of the units. They <br />have given themselves a six month <br />ILwindow of time to accomplish this. <br />Ms. Roemer inquired about the time frame <br />to complete the project, assuming no <br />major roadblocks. <br />Mr. Phair advised that it will take two to <br />three months to finalize the plan and <br />formally present it to the Commission. By <br />the first of January they anticipate full <br />project action, ground breaking <br />approximately mid June, and project <br />completion nine to twelve months later. <br />Mr. Hunt requested that staff keep the <br />Commission informed on incoming <br />proposals and inquired about the status of <br />the acquisition of the Sycamore Street <br />properties. <br />12 <br />