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C <br />South Bend Redevelopment Commission <br />Regular Meeting - September 16, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />Avenue between Michigan and Main streets. <br />The site is approximately 63,000 square <br />feet. <br />Western Avenue Partnership has proposed to <br />purchase the site for $240,000 to construct a <br />build -to -suit complex for a specific anchor <br />tenant. The development will take place in <br />two phases, with the phase one building <br />occupying the corner of Michigan and <br />Western using the west parcel as presently <br />improved for loading and parking. The <br />phase two structure will occupy the corner <br />of Main and Western. Construction of <br />phase one would begin in early 1995 with <br />phase two to be constructed within 60 <br />months of phase one. The completed <br />development will meet or exceed <br />redevelopment design guidelines established <br />for the site (2 or more stories containing <br />over 40,000 square feet of space, a hard <br />edge at both comers and classic architectural <br />design of permanent materials). <br />The project is not speculative. The tenant's <br />identity has been privately disclosed to the <br />staff, but is not being made public at this <br />time. <br />Tom Panzica is the broker -agent for the <br />partnership. He has been in contact with <br />redevelopment staff for about ten months as <br />he has worked with the prospective tenant, <br />making two written requests that <br />redevelopment extend a "first right of <br />refusal" on the site. His letter of proposal <br />noted that this was verbally acknowledged <br />-5- <br />