2 Redevelopment Commission Minutes 03.26.26 - TABLED

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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – March 26, 2026 Page | 9 generated by employees. In addition, although not required by the agreement, the developer donated land that allowed the City to significantly widen and improve the Riverwalk adjacent to the site. Progress on Phase Two was delayed due to the extended construction timeline of Seitz Park, which required use of the Phase Two parcel as a laydown area at no cost to the City. Seitz Park officially opened in Summer 2025. No RDC funding has yet been expended for Phase Two. In August 2025, the Second Amendment updated project budgets and timelines to account for pandemic-related cost increases and construction delays. It also expanded the scope of Phase Two to include an eight-story tower, 20–24 residential units, and at least 10,000 square feet of Class A commercial space. The Third Amendment before you today propose several additional updates. It increases the RDC’s total commitment by $1 million and increases the developer’s total investment to $65 million across both phases, reflecting continued cost escalation outside the control of either party. Since approval of the Second Amendment, the developer has completed design work, advanced cost estimates, and entered City plan review, where higher-than-anticipated costs were confirmed. The amendment also addresses coordination with the Colfax Avenue streetscape project. Because Phase Two construction will require temporary use of the sidewalk and tree lawn area adjacent to the site, the City will be unable to complete streetscape improvements in that segment during construction. Under this amendment, the developer will complete the Colfax Avenue streetscape improvements adjacent to their property at the conclusion of Phase Two, using the City’s approved design. Additionally, the amendment updates local public improvements to allow installation of necessary water and sewer infrastructure during the streetscape work, avoiding future disruptions to newly completed road and sidewalk improvements. Overall, this amendment reflects increased investment by both the City and the developer and reinforces the original vision of the Wharf as a cohesive, river-oriented redevelopment that complements Seitz Park and the Riverwalk. Thomas Panzika with Wharf Partners, LLC addressed the Commission along with Riley Ellingsen, a partner in Phase Two. He stated that the project’s goal has always been to attract downtown residents who are owners and long-term stakeholders. Phase One successfully achieved this; however, rising construction costs and market conditions have created affordability challenges for Phase Two. City assistance remains essential to keep condominium pricing competitive with lower-cost, low-