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HomeMy WebLinkAbout10-19-2005 Mayor Announces Four Downtown Development Opportunities Mayor Announces Four Downtown Development Opportunities Page 1 of 3 � v%• 'Building a 21St Century City " ' rs Stephen J. Luecke, Mayor RELEASE FROM: FOR RELEASE: Office of the Mayor Wednesday, October 19, 2005 Mayor Announces Four Downtown Development Opportunities Mayor Stephen J. Luecke today announced that the South Bend Redevelopment Commission will be taking action on the following Commission owned properties in the South Bend Central Development Area. In each case,the Commission is "Requesting Proposals"for the development of the properties: SCHEDULE: • Hotel LaSalle RFP issued October 14th, proposals due December 2nd • Air Rights over Parking Garage & Retail Facility at St. Joseph & Jefferson RFP issued October 14th, proposals due December 2nd • Osco's RFP to Commission October 21, expected issue date October 28th/proposals due December 16th • Rink Site RFP to Commission November 4th, expected issue date November 11/proposals due January 6th Approved RFP'S are now available for download directly from the City's website, http://www.ci.south- bend.in.us/. "The City of South Bend strongly supports increasing residential density and commercial vitality in the downtown, and in particular views each of these properties as highly desirable, market-ready sites," stated Mayor Luecke. "We recognize our leadership role in the shaping of the City, and in particular the downtown, including its historic buildings, commercial core and rivertront. I commend the Redevelopment Commission and Community and Economic Development staff who have been doing diligence in gathering the data and information necessary to stimulate successful development" The comprehensive work of City Plan, as well as planning efforts in the East Bank area, and research commissioned through the Buxton Study play a major role in the City's efforts to identify existing assets as well as desired assets in order to implement a strategic plan for enhancing our Downtown and the community. In addition, the staff has also been working to update the procedures and notifications that have to be followed according to the state statute for the sale of property. The City, through the Redevelopment Commission is taking a proactive approach to creating new investment in the city. In the past, the focus has been to work with interested developers who approached the City with a project to build or invest in the community. The goal was to meet the developer's needs and eliminate barriers to development. The Commission sees its responsibility as threefold: • generate qualified interest in the Site, • set a standard of expectations for reuse while remaining flexible to creative possibilities, and http://www.ci.south-bend.in.us/Press/Releases 2005/101905 development.htm 1/13/2006 Mayor Announces Four Downtown Development Opportunities Page 2 of 3 enter into a timely and binding development agreement that clearly outlines all aspects of the project in mutually agreed upon terms. From a design and planning perspective, the expectation is for proposed land uses and site plans that demonstrate engagement with the surrounding environment, both built and natural, and projects that add vitality to the street and act as successful catalysts for other development to occur. In fairness to all taxpayers and investors alike, the Commission will demand at the outset more precise pro formas. This will help determine what, if any, gaps exist in the financial viability of any single project before committing the assistance of scarce TIF resources or other incentives at their disposal. These Requests for Proposals represent a bold marketing of the City's assets, in order to seek out developers who are positive about their own abilities as well as the ability of our market to perform. Downtown Development Opportunities Requests for Proposals RFP'S will be available for download directly from the City's website, http://www.ci.south-bend.in.us/, "City Public Bids." HOTEL LASALLE With breathtaking views of the St. Joseph River from its top east-facing floors, the Hotel LaSalle is an inspiring example of Georgian Revival architecture and a notable reminder of South Bend's gilded age of industrial wealth. The Redevelopment Commission seeks qualified and interested developers to submit proposals for adaptive re-use of the building for multifamily residential development, either condominiums or apartments, or restoration of the building to its original use as a high-caliber boutique hotel. The Commission encourages proposals for the rehabilitation of the building that offer specialized expertise in historic preservation and that take advantage of the combined available tax credits to make a project work economically. Conforming uses: Rehabilitated for use as a hotel, conversion to market rate apartments or condominiums, or some combination of these, with ground floor and mezzanine area use for retail, restaurant or entertainment. Size: Nine stories,107,000 sq ft. Sale Price: $400,500 Additional info:Adjacent paved parking for 63 vehicles included. Air Rights over Parking Garage& Retail Facility at St.Joseph &Jefferson The offering of air rights for development atop the proposed St. Joseph & Jefferson Street Parking Garage & Retail Facility is a uniquely attractive development opportunity on a key site in downtown South Bend. To replace the garage that once stood on the site,the City intends to build a 5 to 7 story parking garage with prime retail space on the ground level. The RFP opens the door to creative projects of all varieties to take advantage of the air rights above the structure, to benefit from some dedicated parking and the significant expense of foundation work removed from project costs. If no suitable project emerges, the Commission intends to construct the garage and retail space as budgeted and scheduled. Conforming uses: Commercial office, multifamily residential, entertainment or hotel. Size: 22,000 sq ft footprint, limited by zoning to height of 12 stories total. Air Rights Sale Price: $162,500 Osco's Drug http://www.ci.south-bend.in.us/Press/Releases 2005/101905 development.htm 1/13/2006 Mayor Announces Four Downtown Development Opportunities Page 3 of 3 The former Osco's Drug is a one-story masonry commercial building with exterior brick and plate glass display windows, located in the center of South Bend's prime retail and restaurant block of South Michigan Street. A replacement use is sought that will similarly anchor the commercial block and complement/support the existing neighboring retail establishments. The Commission sees an extremely high potential for the building to be returned to commercial activity and invites developers to submit proposals outlining their interest, experience and capacity for undertaking its rehabilitation. Existing businesses and entertainment venues would benefit from momentum built with introducing more entertainment or destination retail uses. "Destination retail" combines shopping with the more social experience of lingering and exploring unique places. Conforming uses: Commercial retail. Size: 11,526 sq ft(Building) 11,962 sq ft(Site). Sale Price: $480,000 Rink Riverside Site An amazing vista has opened up along our rivertront with the clearance of the Rink Riverside Printing site, inspiring a lot of local interest in its potential redevelopment. The Commission would like to see proposals come forward that maximize the views and orientation of the site at the entrance to the East Bank while preserving and enhancing public access to the river. This is prime real estate and a key site for future growth in Downtown. A wide range of opportunities exist for this landmark development. Conforming uses: Mixed use, commercial office, commercial retail, multifamily residential. Size: 36,264 sq ft. Sale Price: Subject to receipt of appraisals. Contact: Jennifer Laurent, Community& Economic Development, 235-9336 Mikki Dobski, Director of Communications &Special Projects, 235-5855 or 876-1564 Back I City Home Page I City Directory I Site Map I Search IE powered by FreeFind Created by the City of South Bend Department of Information Technologies. Copyright©2005 City of South Bend.All rights reserved. http://www.ci.south-bend.in.us/Press/Releases 2005/101905 development.htm 1/13/2006