03-06-08 With bond sale, Eddy Street Commons moves forward

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More than 20 stores and restaurants among 89,000 square feet of retail space. 75,000 square feet of office space. Hundreds of town homes, apartments and condominiums. The for-profit venture is expected to generate more than $52 million in property and sales tax revenue over 10 years for the city, some of which will support the project. An economic impact study shows that Eddy Street Commons will directly create 779 jobs during construction and another 1,132 jobs over 10 years within the development itself. Indirectly, another 1,254 jobs will be created outside the development, increasing local household earnings by a projected $109 million. The next phase will bring more private investment and development that will stretch from Eddy and Edison to LaSalle and Lafayette, from the edge of the University to the center of the City, from Gown to Downtown." Long-term planning with neighbors, Notre Dame and other partners began more than a decade ago and set the stage for this transformative development in the Northeast Neighborhood. On a parallel path, a residential area immediately south of the Eddy Street Commons will experience redevelopment as the neighborhood is re-platted with 60 market-rate and affordable homes. Tax-increment financing supported by the Eddy Street Commons will make the additional $15 million development possible. In addition, to the east, the city and Notre Dame are working with Project Future, an economic-development organization for St. Joseph County, on a 10-acre technology and research park. "I believe this development will draw from suburban development more than from downtown," Luecke said. "It will bring more people back to the downtown area. This project will create vitality, energy and enthusiasm to help grow development in South Bend." -30-