RM 12-09-88 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular M ting - December 9, 1988 5. OLD "INESS (cont.) a. conti.nuea... lominium project they are planning in Niles /Corby area. Also, the work the is doing on Niles Avenue and the ects Tom Brademas has completed in area have changed the nature of the and affected Valley's plans for the erty. They are still working on e projects. Mr. Wolf asked how large the condominiums would be and what the exterior materials would be. Mr. Hebard responded that there would be two sizes, 800 sft and 106 sft. The exterior would be a b tone affect with limestone corners. Nil /Washington Associates (Holladay Co ration) submitted a proposal for parcels E3 -3 and E3 -4, E9 -11, E4 -1, E9 -14 & E9-15, and E9 -8a&b. The proposal is for a two phase project: a three story, 40,000 sft corporate headquarters for a loc Ll business and eight apartment units. The apartments would rent for app oximately $500 per month. The Project cost would be $3,450,000 for the off ce and $280,000 for the apartments, to ling $3,730,000. Their offer was con ingent upon a decision by their off ce tenant within 10 -14 days. They have since received a commitment from that: tenant to locate in the building. The office building would require at 1 t 150 parking spaces most of which would be available to the public during non business hours. Holladay's bid is $190,000 for all of the parcels, estimating the value of those not yet appiaised. They have offered $84,300 for parcels E3 -3 and E3 -4 and $46,775 for parcel E9 -11. They also indicated they would bid the minim m offering price when the parcels are put up for public bid. The developer has a tenant committed to the entire office building. Construction Willl begin in January 1989 for the office -7-