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South Bend I <br />Regular Mee <br />elopment Commission <br />- September 27, 1991 <br />4. COMMUNICATIONS (Cont.) <br />a. continued... <br />September 27, 1991 <br />Ann Kolata <br />Redevelopment Commission <br />1209 County -City Bldg. <br />South Bend, Indiana 36601 <br />I &n writing this letter in regards to <br />our proposed apartments for Monroe Park. <br />In light of recent market study we have <br />had performed, we are not of the feeling <br />that a market rate apartment complex of <br />the scale we proposed would not be <br />pra tical to develop at this time. <br />Alt12ough our market study indicated that <br />the area of Monroe Park is developing in <br />a positive manner, in terms of housing <br />values, there did not seem to be a market <br />that would sustain the rents needed to <br />mak our project a success. In lieu of <br />thig information we are respectfully <br />withdrawing our proposal for the <br />red velopment of the property in question <br />in Monroe Park. Our decision to withdraw <br />is one based entirely on market <br />conditions at this time and is in no way <br />reflective of any other factor. If our <br />market study results had been different, <br />and showed the project would be <br />suc essful, then we would have proceeded <br />as a originally proposed. <br />Our decision for this course of action is <br />also based on our desire to see the <br />continued redevelopment of the <br />do town /near downtown area of South <br />Bend, and we will continue to do whatever <br />is ecessary to see this fulfilled. <br />Tar ' pp Development Corporation <br />Chrstoper J. Matteo, President <br />-4- <br />