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South Bend <br />Regular Mei <br />elopment Commission <br />- June 12, 1987 <br />5. OLD BUSII ESS (Cont.) <br />a. continuea... <br />style, having several columns. The <br />exterior of the building itself will be <br />glass and metal, though the color and <br />detail have not been decided as yet. <br />There will be a five story atrium <br />entr ce to the office area on the corner <br />of chigan and Washington Streets. <br />Mr. Phair indicated that if the <br />Comm ssion approves the proposal promptly <br />they would expect to begin construction <br />with -in a year and complete construction <br />one vear later. <br />Mr. Hunt asked if Mr. Phair had a rough <br />estimate as to the total cost of the <br />project. Mr. Phair stated that it would <br />be approximately a $10,000,000 project. <br />Mr. Hunt asked if Mr. Phair thought that <br />the demand existed to fill the office <br />spac in addition to the others presently <br />or soon to be leased in the downtown. <br />Mr. Phair indicated that it would be <br />com tetive, but that they expected to be <br />able to lease all the space. <br />Mr. imtz cautioned the press that the <br />parcel has not been awarded to Holladay. <br />They have proposed this project to secure <br />the Oarcel. <br />Mr. blimtz then instructed the staff to <br />meet with Mr. Phair and members of his <br />staff to clarify and resolve the <br />outstanding issues and to prepare a more <br />detailed staff report. <br />6. NEW <br />a. Commission approval requested for <br />pro sals and loans in connection with <br />the ection 312 Loan Program in <br />acco dance with the recommendation from <br />the $ureau of Housing. <br />-4- <br />