RM 08-05-94 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting - August 5, 1994 7. PROGRESS REPORTS (Cont.) Mrs. Kolata reported that the staff had received Communication from Sam Gillespie, Trammell Crow Company. The Commission's Contract for Sale of Land with Trammell Crow had certain obligations that needed to be met as of July 31, 1994. Mr. Gillespie has requested a six-month extension from the July 31 date to make the pre - leasing requirements that will allow the office project to move forward. Although activity has increased significantly in the last four months and they have 15 legitimate prospects, they have not yet met the pre - leasing requirements. They continue to be optimistic about this project and expect to finalize the financing shortly. Mrs. Kolata noted that the staff recommends extending the Contract. Upon a motion by Mr. Donoho, seconded by Mr. Faccenda and unanimously carried, the Commission extended the Contract for Sale of Land with Trammell Crow to January 31, 1995. Mrs. Kolata noted that there has been some concern that there is not enough of a market for Class A office space in the downtown to support this project and that the difficulty Trammell Crow has had in pre - leasing is evidence of that. However, Mrs. Kolata noted that there is no large amount of Class A office space available in the downtown. The largest single space available in the downtown is approximately 9,500 sft. Other available space is only 1,000 sft to 3,500 sft. Mr. Wolf commented that presently, in this area, property managers rate their own space ILI and rate it higher than it would be rated by an independent rating system. Most of the office space in the downtown is 25 years old or older. COMMISSION EXTENDED THE CONTRACT FOR SALE OF LAND WITH TRAMMELL CROW TO JANUARY 31, 1995