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SM 10-10-79
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SM 10-10-79
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South Bend Redevelopment Commission <br />Special Meeting - October 10, 1979 <br />2. NEW BUSINESS (continued) <br />b. Mr. Ellison continues... <br />They included'an analysis of their.cost and submitted <br />their FHA mortgage application. The essentials are that <br />the proposed development is at the amount of 2.9 million <br />dollars. They believe that amount is necessary to pro- <br />vide higher amenities. Their key floor plan shows typical <br />layouts for their one and two bedroom units. They plan to <br />gut rehab and to replace the elevators and use the existing <br />corridors, to the extent that they can, to build in the <br />living spaces. They plan to build anew stair case and <br />plan to.rehab the building from the top down. The ninth <br />and tenth floors would have a living room area on the <br />ninth floor and a bedroom on the tenth floor, so that <br />there would be loft apartments in the corners of the <br />building. They intend to ask rents that would run from <br />$300.00 for an efficiency, $365.00 for a one bedroom, <br />$405.00 for a one bedroom with a loft, and $450.00 for <br />a two bedroom unit. The firm does not have a market <br />feasibility study, but indicates their feeling that the <br />market can successfully develop the project here. They <br />have had previous experience with a number.of cities <br />around the country, including Atlanta, Gary, and Detroit.. <br />We have done a great deal of substantial rehab work for <br />the conversion of properties from industrial or commercial <br />use into housing. They do have an indication of a firm <br />that will assist them in achieving the FHA financing <br />under the GNMA Tandem program in order to arrive at the <br />71-A rate. Their numbers are based on an 8% financing and <br />thus they have calculated their rents from that basis. <br />They want to begin construction by spring of 1980 and <br />hope to have the initial apartments on the ninth and <br />tenth floors open by Christmas 1980. They would continue <br />to rehab the building and allow occupancy of additional <br />space as floors were completed. Finally, there is some <br />consideration being given to doing something with the <br />roof; they indicate the possibility of providing a sun <br />deck as a recreational amenity to the tenants of the <br />building. It is their intent to use the commercial <br />space on the first floor to provide for uses that would <br />accommodate the renters of the building, and would encour- <br />age small minority entepreneurs to open business in the <br />building as it exists. They would tuck point the south <br />and east wall and would likely paint it in order to <br />improve its look. They may replace some windows but the <br />essential structure of the outside would remain as it <br />now is. <br />-7- <br />
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