09-05-08 New condominiums will overlook downtown skyline

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Office of the Mayor NEWS RELEASE September 5, 2008 1 p.m. New condominiums will overlook downtown skyline Contact: Mikki Dobski, Director of Communications & Special Projects, 235-5855 or 876-1564 or Jennifer Laurent, Economic Development Specialist, 235-9371 A prime site along the East Bank of the St. Joseph River with a stunning view of downtown South Bend will soon be home to a landmark development of riverfront condominiums, after action today by South Bend’s Redevelopment Commission. Place Builders Inc. is seeking to buy the former Rink Riverside site northwest of Colfax Avenue and Sycamore Street to develop a $3.85 million, urban-oriented residential brownstone project. The 11 condominiums will sell in the $400,000 to $450,000 price range. Place Builders will break ground this fall on the first three units, which could be constructed by spring. Completion of the entire project is anticipated by fall 2010. The site is the former home of Rink Riverside Printing, acquired in 2005 by the Redevelopment Commission, which cleared the industrial structure from the property. Since then, the site has been marketed to potential developers while serving as a home to ArtBeat and other downtown festivals. The Commission authorized staff to formulate a contract accepting Place Builders’ offer of $150,000 for the site, which was appraised in 2005 at $337,500. The move will ensure success of the project while still providing the City with funds to assist with infrastructure needs for the site, including sewer and water connections, riverbank cleanup and improvements to preserve and enhance the public walkway along the river. “A new housing development is not something you would expect in the nation’s economic climate right now. But the City has prepared the way for this exciting residential development through its targeted redevelopment efforts and focused, market- based planning for future growth along the East Bank,” said Mayor Stephen J. Luecke. “These new condominiums will provide a premium option for young professionals, retired couples or others seeking the quality of life provided by a residence overlooking downtown and connected to our Riverwalk.”