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South Bend Redevelopment Commission <br />Regular Meeting —April 19, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />Mr. Joe Grabill, LaSalle Property <br />Management, advised that LaSalle <br />Property presently has the building under <br />contract, and also has a mixed -use <br />development plan for the property. <br />LaSalle Property previously signed a <br />lease, contingent on LaSalle's ability to <br />close, with an experienced restaurant <br />operator that is interested in opening a <br />"white table cloth" restaurant on the first <br />floor, with banquet and wedding <br />facilities on the second floor. It is <br />anticipated that the next three floors <br />would be a boutique/hotel operation and <br />negotiations have begun with <br />prospective parties. Mr. Grabill noted <br />that one of the challenges with respect to <br />the boutique/hotel project is that the old <br />hotel is configured into extremely small <br />rooms, and the walls are loaded with <br />asbestos; renovations to convert to <br />modern hotel rooms will be expensive. <br />Mr. Grabill added that the floors above <br />five would be converted to high -end <br />residential apartments. These units <br />would lease for more than $1,000 per <br />month and would attract upscale <br />professionals, not presently represented <br />in the residential base, to the downtown <br />business district. <br />Mr. Robert Hunt inquired as to the time <br />frame for the second and third phases of <br />the proposed project. <br />7 <br />