HomeMy WebLinkAbout5A5 Real Estate Purchase Agreement (River Glen GCND Holdings, LLC)Redevelopment Commission Agenda Item
DATE: March 11, 2024
FROM: Caleb Bauer, DCI Executive Director
SUBJECT: River Glen Office Park Purchase Agreement
Funding Source* (circle one) River West; River East; South Side; Douglas Road; West Washington; RDC General
*Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller,
then the authorization of the expenditure of such funds shall be void and of no effect.
Purpose of Request: Approval of real estate purchase agreement for the $3.25M purchase of the
River Glen Office Park
Specifics: The Department of Community Investment requests approval of the purchase of the
5.2 Acre River Glen Office Park. The office park is comprised of three office buildings totaling
roughly 74,303 square feet and accompanying surface parking lots with 292 spaces on the west
bank of the St. Joseph River, opposite Howard Park.
Staff proposes the acquisition to allow for re-establishment of the traditional street grid through
the site and to facilitate future redevelopment of the riverfront property. Upon closing in no
more than 60 days, staff will work to design infrastructure connections, riverfront
improvements, and issue a future RFP for redevelopment of the site that aligns with the
principles of the recently adopted Monroe Park/Edgewater Neighborhood Plan.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: __3-14-24__________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
X
3485
14 March