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City of South Bend <br />Economic Development <br />31-Jul-08 <br />Scope of Work: To build a brownstone community that blends in with downtown <br />South Bend on the corner of Colfax and Sycamore <br />Most recently, the old Rink Riverside location <br />Possible Names: <br />Rivers Edge <br />River walk <br />Riverside <br />Parking: We plan to utilize the property for as much parking as possible <br />There is also some street side on Sycamore that can be taken advantage of. <br />Also, each unit will have a 2 car garage with a pad to park 2 more additional <br />vehicles <br />Price: Costs based on the proposal of land would be in the $350-$400 range <br />Sales Price of these units would be in the 5400-5450 range depending on <br />customer changes to the plans <br />If full price were paid for land and all surrounding infrastructure costs, building <br />and land costs would exceed 5450K and the minimum sales price would <br />be over S500K. Based on market conditions for the project to succeed, it <br />would need to be well below that. <br />Financing: TBD <br />Time Frame: We would like to start Pre-Sales by Fall of 2008. We would also like to have <br />a model up by Spring of 2009. With only 10 total units, we anticipate <br />completion of the entire project with 10 new owners by the end of 2010 <br />Concerns: Security issues with East Race Walkway <br />Removal of Guard Rail <br />Trees coming out of River Bank <br />There seems to be more area around the property that shows up on the plot <br />Water and Sewer to the Site <br />Replacement of Curbs and Sidewalk on Sycamore <br />Condition of Walkway <br />Flagstone Retaining Wall <br />