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South Bend Redevelopment Commission <br />Regular Meeting -March 3, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />() continued... <br />Answer: Holladay Properties is estimating <br />that the Rink Site project alone would <br />provide 280-350 jobs. The adjacent uses, <br />particularly the Wharf Site, will provide <br />several hundred more jobs. <br />6. Description of proposed development - <br />whether the Property,.. when improved, will <br />be sold or' rented;.. proposed buyers and/or <br />tenants <br />Advance Question 6a) Would the Rink Site <br />and the 75,000 corporate office building be <br />sold or rented? <br />Answer: Holladay Properties will be <br />developing the project, and beyond that we <br />cannot yet say that the property will be sold <br />or rented, after construction, with 100% <br />certainty. Or there may be a joint venture <br />with a financial party. <br />Advance Question 6b) Can you demonstrate <br />demand for a complex such as this? <br />Answer: Holladay Properties has been in <br />contact with several different users with <br />interest in the project. Five years ago there <br />did not seem to be excess demand for Class <br />A office space in downtown South Bend. <br />Current occupancy in the Class A office <br />space in downtown South Bend is over 90%. <br />The market for office space in downtown <br />South Bend is the strongest it's been in ten <br />years. <br />18 <br />