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South Bend edevelopment Commisssion <br />Regular Mee ing - February 20, 1981 <br />6. NEW BUSINESS <br />a. continued ... <br />Mr. Nimtz: What type of tenants will you have? <br />Mr. Phair: We think it will be similar to the tenants <br />we lave in the adjacent building. I think that about <br />one-half of our tenants are coming from existing build- <br />ings and the rest are new tenants to the community. <br />We are in negotiation with a tenant, although we have <br />not ling signed yet, who will take one -half of the <br />building and the lion's share of the people would be <br />moving here from Indianapolis, expanding a local <br />office. I sincerely hope that works. Pat is familiar <br />wit some of the tenants we have talked to who we <br />thought were going in our first building, and as the <br />economy got worse, a couple of them disappeared. But <br />fortunately it has rebounded to the extent where we are <br />about eighty per cent occupied in that one. <br />Mr. Nimtz: I am sure you have made a thorough study <br />of this before you have gotten this far, probably you <br />feel there is still a demand for office space in down- <br />towr South Bend? <br />Mr. Phair: At this time, yes. <br />Ms. Auburn: I would like to know what the rent in the <br />other Block 6 buildings is. <br />Mr. Phair: Our existing buildings? <br />Ms. Auburn: That and others like the Whitcomb & Keller <br />Building. <br />Mr. Phair: We were in negotiation with a tenant who <br />is coing into the Whitcomb & Keller Building at $10.00 <br />per square foot (that was an insurance agency). Our <br />rent varies a little by floor and river view. Our <br />least expensive is $10.25 and the most expensive is <br />$11.50. <br />Mr. McMahon: That's in the River Glen Office Building? <br />Mr. Phair: Right. <br />Ms. Auburn: If you start construction, when do you <br />expect that space to be rentable? <br />Mr. Phair: We hope it will be available by the first <br />of September. <br />8 <br />