HomeMy WebLinkAbout5B1 Development Agreement (The Yard) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
DATE : 8/26/2025
FROM: Erik Glavich, Director of Growth & Opportunity
SUBJECT: Development Agreement, The Yard
Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res.
* 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: Development Agreement with Earth Designs Real Estate, LLC, and related entities for the
redevelopment of property on East LaSalle Avenue between Hill Street and Niles Avenue
SPECIFICS: The proposed Development Agreement with local developer Frank Perri (Manager of Earth Designs
Real Estate, LLC, Greater Lowell Holdings LLC, and 520 E LaSalle LLC, collectively the “Developer”) would, if
approved, support the creation of an entertainment and hospitality destination known as “The Yard” on
underutilized property on East LaSalle Avenue west of Hill Street. The Yard will feature dining, entertainment,
and recreational attractions in a family-friendly urban environment.
Under the terms of the proposed agreement, the Developer would expend a minimum of $11 million on the
project. The Redevelopment would provide $3.075 million in support of the project, including the planned
construction of curbs, sidewalks, and/or walkways; fencing and parking lot repairs for property south of and
adjacent to The Yard which will be accessible to users of The Yard. The Developer would have until the end of
2029 to complete the project as described in the agreement.
In addition to the proposed support from the Commission, the St. Joseph County Board of Managers for Hotel-
Motel Tax awarded the project a $750,000 grant with matching funding from the Commission.
The project site has long faced challenges for redevelopment, and the Developer has made substantial
investments in redevelopment projects in and around the East Race and east downtown area. This includes the
acquisition of property located at 501 East LaSalle Avenue, a former gas station that had served as a barrier to
further redevelopment in the area. The Yard will be an important asset to South Bend and further accelerate
investment in the downtown area.
Staff recommend approval of the development agreement.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
August 28, 2025