|
REGULAR MEETING NOVEMBER 14, 2016
<br />an empty- nester —all those life changes we try to accommodate with different prices. If we want
<br />to make a neighborhood that is stable, we need housing that is affordable, housing that is nice, so
<br />that if you are rich or poor, divorced, coupled up, with or without kids, an empty- nester, you can
<br />find a place to live in the East Bank for every stage in every age of your life. You can live your
<br />entire lifetime in our neighborhood. Go to the same parks, the same restaurants, the same bars,
<br />the same activities. That ensures stability in a neighborhood; that's what we are trying to do.
<br />Yes, we achieve flexibility for the changing needs of the community. We meet all five (5) of
<br />those. Thank you.
<br />Councilmember White asked Mr. Matthews what the price points were for each unit size, and for
<br />clarification on whether the aforementioned volunteer program that would discount rent would
<br />be part of this project or another.
<br />Mr. Matthews responded that they are trying to do it with all of them. We are pioneering a
<br />project. We started at the old Madison Center next to the dog park. We have a family that's
<br />moved in and the head - person is working on setting up the criteria for how we address a
<br />volunteer program. We build really nice stuff. What happens if the market crashes, everything
<br />goes bad, and we have this building that's built really well that's beautiful —but the market
<br />disappears? So, we lower our prices. We don't make as much money. It gets really bad. I lose my
<br />money, I can't pay the loan payments, but the building is still there, the bank forecloses and
<br />prices get reduced. The building becomes more affordable. The building will always be full
<br />because we built it so nicely. What happens is Castle Point, Indian Lakes, apartments outside the
<br />area that are thirty (30) plus years -old, that haven't been updated —a tenant there asks themselves
<br />whether or not they want to live in downtown South Bend with granite countertops and
<br />hardwood floors for the same price as this other place? Well, they're going to pick downtown
<br />South Bend. But, hopefully, these apartments are expensive. Hopefully, people say they want to
<br />move in and that they love this quality, and so maybe they pay us as much as they pay Eddy
<br />Street Commons. But then, a lot of people —a lot of friends I have who are active in the
<br />neighborhood —can't afford to live there. So, what we've come up with is a pilot program where,
<br />if you volunteer in the immediate neighborhood, we credit you twenty -five dollars ($25) an hour
<br />up to half your rent. It has to be an approved project, so you have to talk to Willow and explain
<br />what it is that you want to do. She says yes, and then we have an app we use so that you can
<br />track your hours, and then we credit the money off your monthly rent. For example, there's an
<br />apartment that we built in the old Madison Center that's remodeled. This would be an eight -
<br />hundred dollar ($800) a month apartment, but if somebody wanted to move in and volunteered
<br />four (4) hours a week in the neighborhood, this is four - hundred dollars ($400) a month, utilities
<br />included. That's awesome. It makes it so that people who are engaged in making the
<br />neighborhood better can still live in the neighborhood later on. It also means that as a developer
<br />investing in real estate, if we have music festivals, Seitz and Sounds, kickball leagues, hockey
<br />events in the neighborhood —that makes the quality of life better. That gets people who can
<br />afford more to want to live in downtown South Bend. It's kind of a long game.
<br />Councilmember White asked Mr. Matthews what the price range would be if the commitment to
<br />service were taken out of consideration.
<br />Mr. Matthews responded, As much as we can get.
<br />Councilmember White responded, What is that?
<br />Mr. Matthews responded, A one (1)- bedroom apartment in East Bank Flats, which is almost
<br />done there's one (1) going up on Sycamore Street —it's probably twelve- hundred ($1200) to
<br />fifteen - hundred ($1500) a month. A three- bedroom apartment would be in the two- thousand
<br />($2000) and up range.
<br />Councilmember White asked about what the four (4)- bedroom unit would cost.
<br />Mr. Matthews stated that they did not have a four (4)- bedroom unit built, and thus had not tested
<br />the market.
<br />Council President Tim Scott asked Mr. Matthews and Rob Bartels what number of jobs could be
<br />expected to be generated by the grocery store and the building in general.
<br />11
<br />
|