RM 11-03-00 - Laserfiche WebLink

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marketing advantage toward new tenants (both retail and office) while increa property values of the entire East Race District. Purchase of The Commerce Center: We are at the end of negotiations for 1 of the Commerce Center. Total expenditures for the build -out of the building additions will be between $4,785,000 - $5,085,000 With the SBCC Development and South Bend Chocolate Company funding between 18 % -24% of the project through current and future cash flow of both businesses, over the next two years. The remaining funds will be through various forms of financing. PHASE II EXPANSION & EAST RACE MASTER PLAN We propose to add a new building north of the adjacent CC building. We envision an office /retail building with the retail portion on the ground floor facing the East Race. Our greatest hurdle will be the city's commitment to additional parking in the East Bank. A Build -to -Suit arrangement will be required with the new tenant before any construction can begin. We have also begun plans for an East Race Master Plan. We have hired a local architect, David Sassano, to develop this plan. David is also a member of the Downtown Partnership and will develop this plan in conjunction with the Partnership's own plans for the East Race. Our plan will include parking and a greater density of retail and office space along the East Race. We have already been in contact with three national restaurant chains, and have started to ; develop the concept of the `Brickyard Shops', a retail area located on Rose Fuel & Material's property. The corner block of Madison Street and Niles Ave. will be the initial phase of our `Brickyard Shops'. In conjunction with the East Race Master Plan, the SBCC Development Corp. will also develop a new location for Rose Fuel & Materials. Rose Fuel has been located in South Bend for over 86 years, and it is very important to them to remain located in the city. Preliminary sites are in the process of being located. SUMMARY