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South Bend Redevelopment Commission <br />Regular Meeting - October 20, 1995 <br />6. NEW BUSEWSS (Cont.) <br />c. continued... <br />to see as many as nine buildings containing <br />69,000 sq. ft. in the Village at Blackthorn, <br />this proposal is only for the initial phase of the <br />project. This phase would include a total of <br />three buildings (24,000 sq. ft.) built as space <br />is sold, or leased, in each building. The first <br />building (9,000 sq. ft.) is expected to be built <br />soon, once Blackstone receives an anticipated <br />letter of intent from a prospective tenant. <br />The proposed purchase price is $138,275 <br />($25,000 per acre). Acquisition of the <br />property would be a phased take -down. <br />Mr. Young reiterated that Blackstone <br />Development Company expects to develop <br />70,000 square feet of office space in nine <br />buildings over approximately five to six years. <br />The first phase will be three buildings on 5.5 <br />acres, totalling 24,000 square feet of office <br />space. They anticipate breaking ground yet <br />this fall, weather permitting. The first <br />building is 100 % leased. They would <br />construct the other two buildings when they <br />have the demand for them, probably within <br />two years. They will be office condominiums <br />to be either purchased or leased. The design <br />will be similar to what they have built in Park <br />Place at Edison Lakes where they have built <br />eleven buildings (70,000 square feet) since <br />1991. <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Hunt and unanimously carried, the <br />Commission referred the proposal from <br />Blackstone Development Company to the staff <br />for a recommendation at the next meeting. <br />-4- <br />BLACKSTONE DEVELOPMENT COMPANY <br />PROPOSAL REFERRED TO STAFF FOR <br />RECOMMENDATION <br />