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South Bend development Commission <br />Special Meeting - January 19, 1990 <br />exist' in South Bend at present. The <br />exterioi finish has not yet been chosen, but <br />would be similar in quality to their existing <br />project--, of which we have pictures. Their <br />intention is to develop an office building of <br />excepticInal value that will fit in with South <br />Bend's jectives and be financially viable. <br />Mrs. Ko ata noted that Continental Offices' <br />primary downtown Chicago office is One <br />Financial Place, housing the Midwest Stock <br />Exchange which is connected by skywalks to <br />the Board of Trade and the Chicago <br />Comnodi ies Option Building. Mrs. Kolata and <br />Ms. Hic ey have visited One Financial Place <br />and fourd it to be of extremely high quality. <br />Continertal Offices, Ltd. has submitted a <br />proposal with a site plan which has been <br />prepared this week. The two phase project <br />would have the building along Michigan Street <br />built first and the one along St. Joseph <br />Street built when market conditions would <br />allow, probably within two years. They would <br />be willing to do the project totally on spec <br />and would like a 60 day period of exclusive <br />negotiations to formalize everything. They <br />intend to be under construction by June or <br />July 1990. They have also indicated that if <br />they should determine during the 60 day <br />negotiating period that the project is not <br />feasible, they would let us know inmiediately <br />and not the entire 60 day period. <br />Mrs. Kol ita noted that the staff has been <br />extremel r impressed with the amount of time <br />this dev aoper has spent on this proposal in <br />this sh period. They have made some <br />initial mntacts on financing and have talked <br />to local office brokers about what the market <br />is and have some ideas on possible tenants in <br />the Chicago area. <br />Mrs. Rol ata circulated a brochure showing <br />projects completed by Continental Offices. <br />Mr. <br />parcels <br />asked the staff to contact the <br />urs who were interested in the <br />the time the Comdssion began <br />96Z <br />