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South Bend Redevelopment Commission <br />Special Me ting - May 13, 1987 <br />2. OLD BU INESS (Cont.) <br />a. Co tinued... <br />in titutions which are interested, but <br />wi 1 not commit until CCA XVI is awarded <br />th bid. <br />Mr. Piasecki asked about the construction <br />schedule. Mr. Sowinski indicated that <br />they would have the financing in place by <br />October/November/December 1987; final <br />construction drawings by <br />No ember /December 1987; construction <br />bi ding February /March 1988; begin <br />co struction May 1988; and complete <br />co struction October 1989. <br />Mr. Hunt noted that the City Engineer had <br />indicated that a connection to the garage <br />was possible and that he was very <br />sup ortive of it. <br />Ms. Auburn asked about the qualifications <br />of CCA XVI. Mr. Sowinski explained that <br />the Combined Capital Group consists of <br />five service corporations. They have 75 <br />employees. It has been a quiet, <br />low profile company; they deal with local <br />investors; they own and rent the IBM <br />Building; their management company <br />manages and is responsible for the <br />lease-up of St. Joseph Towers; and they <br />own and manage 1500 to 2000 apartment <br />units across Indiana. Combined Capital <br />Ass ciates acquired Crestwood Gardens <br />whea it was in gross disrepair and has <br />don substantial rehabilitation and <br />ref rbished it as Brendenwood Apartments. <br />It 's a 143 unit apartment complex. They <br />hav increased its occupancy from 50% to <br />100 . Combined Capital bought Sandpiper <br />Squ re in Mishawaka when it had financial <br />man gement problems and was 60% occupied. <br />Its occupancy is now 100 %. <br />Mr. Combs asked if Combined Capital has <br />been involved in a project of this size <br />from beginning to end. Mr. Sowinski <br />responded that they have, and that they <br />have also been contacted by various <br />-5- <br />