Redevelopment Commission Agenda & Packet 12.18.25 - Final

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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – December 11, 2025 Page | 4 creating a commercial space on the 7th floor. The agreement required a minimum private investment of $13.1 million and included a $1.6 million contribution from the Commission, primarily for parking garage improvements. The deadline for completion was set for the end of 2025. To date, the developer has exceeded the private investment commitment, and apartment units are nearly finished, with leasing expected soon despite minor delays caused by supply chain issues earlier in the year. The parking garage improvements are complete, and amenities such as a gym have been added. The 7th-floor commercial space, initially envisioned as a bar, is still under review due to fire department concerns, and alternative options are being considered. The proposed amendment includes several key changes: increasing the minimum private investment to $18 million, extending the completion deadline for apartments and garage improvements to June 30, 2026, and revising the commercial space requirement to allow flexibility in location—either the 7th floor or the ground floor on Washington Street. This adjustment ensures the developer can meet technical requirements while enhancing street-level activity. Most of the project is expected to be complete well before the new deadline, with occupancy anticipated in early 2026. AJ Sime, GM of Aloft, would like to thank the Redevelopment Commission and the city administration for their support throughout this project. The 88 Class A apartments will be coming online very soon, and as the General Manager of the Loft Hotel located in the same building, I’m excited to see the entire property completed and fully operational. This has truly been a decade in the making, and we appreciate everyone’s assistance in bringing it to fruition. Commissioner Gooden-Rodgers inquired about apartment pricing, and Mr. Sime explained that rents are projected to range from $2.20 to $2.75 per square foot, with final rates determined by market conditions. These apartments will represent some of the highest-quality options in the local market. Secretary Wax inquired about the commercial space, Mr. Sime explained that the amendment maintains a broad requirement that it be open to the public. Several potential concepts have been discussed, including event space to complement the hotel and publicly accessible food and beverage offerings. The objective is to ensure the chosen use is both financially viable and aligned with the terms of the agreement.