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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 />Total Project Costs: Minimum <br />$12,000,000; maximum $18,500,000. <br />Selling Price: $195,000 to $448,500 <br />Condo Size: 1,588 sq ft to 2,300 sq ft. <br />Developer: Holladay Properties - <br />Owner/Developer/Manager of ten projects <br />in the downtown South Bend area since <br />1980. One of the largest in -fill, urban, <br />developer of condominiums and multi- <br />family housing in Washington, D. C. <br />Constructed over 25,000 housing units <br />since 1952. <br />Risk Profile: The Waters' Edge project is <br />the first urban condominium to be <br />developed in downtown South Bend. If <br />successful, it should spur additional <br />residential development in all price ranges. <br />The market niche this project hopes to fill <br />has no proven track record in downtown <br />South Bend. <br />Mr. Hunt inquired if the photos shown the <br />Commission depicted the minimum or <br />maximum project. <br />Mr. Perri responded that the elevation <br />photos shown are of the projected forty- <br />nine unit, six story structure. When the <br />project moves to the next level the <br />Commission will be shown other views, <br />renderings and perspectives. <br />Mr. Kahn asked how the project will affect <br />Stevenson Mill to the east. <br />L 9 <br />