RM 11-09-84 - Laserfiche WebLink

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South Bend Regular Me elopment Commission - November 9, 1984 6. NEW BUSIl EESS (Cont.) e. t-onzinuea... housing, both rental and condominiums. The type of development should be that which will accoiimodate the housing needs of executives, prof ssionals and technical individuals and others who can afford a relatively high rental or sales price. They stated that in order to broaden and maximize the market and to create the most attractive and interesting development, the development should include a wide variety of housing types. They see the qual ty of the development on the East Bank as critical to the quality to the development that will occur in the downtown. They also stated that quality should not be sacrificed for the sake of expediency in getting rapid cons ruction. Jann tta found the site characteristics for new or converted housing in the East Bank Deve opment Area to be outstanding. He based that in terms of proximity, location on the bank of the river and the East Race, a central loca ion in South Bend, proximity to two hospitals, and proximity to cultural entertainment, eating and drinking establishments. The second market finding is in relation to St. Joseph County. The county market is very active particularly compared to the last few years. There could be a potential demand for 1,200 units per year. They estimate that over half of those will be multi-family units. Even though the popu ation is falling in South Bend and has stab lined in St. Joseph County, you have to look at household numbers not population numbers. Actual households are increasing because of the changing demographic, social and cultural aspects of our society. Mr. Hunt noted that in most cases rental apar ents would be preferred in terms of the marketing strategy, however, good quality condominiums would be marketable. MM.