10-14-13 Common Council Agenda & Packet

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Brief Narrative /Proiect Description The proposed project — Avenue's Edge - would consist of an adaptive reuse and new construction component of two adjacent sites on Portage Avenue. The site known as the Ford Building, which consists of multiple building facing Portage Avenue along with various additions to the alley side of the property, is a blighted commercial site that has not been in productive use for years and the owners have failed to pay property taxes in full for at least five years. As a result, the site was put up for tax sale by St. Joseph County, but there were no takers and the owner does not plan to redeem the property, which owes more than $100,000 in back property taxes. The St. Joseph County Commissioners subsequently voted to transfer the property to Near Northwest Neighborhood, Inc. (NNN) for redevelopment. The adjacent site is currently vacant land that was formerly a shopping center before being taken by the City of South Bend and razed for future redevelopment. The proposed project will adaptively reuse the three primary buildings at the Ford Building site fronting Portage Avenue, and add new construction on a portion of that site as well as the former shopping center location. A commercial bay of approximately 1,500 square feet will be included in the project as well. This project would add 65 units of affordable housing to the neighborhood, all available to those whose income at initial occupancy is at or below 60% area median income. The bedroom mix would be predominantly 1 bedrooms (41 total) with the balance being 2 bedroom units (24 total). The property will provide on -site laundry rooms in both locations, a full -time on -site property manager, a community room, exercise room, and secured indoor bicycle storage. The application for rental housing tax credits and future development is a partnership between NNN and Englewood Development Company, Inc2s affiliate for Indiana tax credit development, Housing Directions, LLC. NNN would be 100% owner of the general partnership. Total hard costs for this project are estimated at approximately $8.4 million and total Project costs will ran to $10.9 million.