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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -March 10, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />() continued... <br />has already begun conversations with <br />some local business persons, as well as a <br />couple of national chains. No one has <br />committed as yet. <br />Mr. Hojnacki asked, "On a scale of one to <br />ten, how interested are those you've talked <br />to?" <br />Mr. Keen responded that the interest level <br />was about a five. <br />Mr. Bergeman noted a couple of recent <br />announcements of new retail in the <br />downtown. That's the kind of synergy <br />needed to encourage other businesses to <br />locate downtown. <br />Mr. Hojnacki noted that each retail <br />business needs a certain minimum amount <br />of traffic. Will there be enough people <br />there to actually support the types of <br />businesses you are envisioning? <br />Mr. Keen referred to the market data in the <br />proposal. There are quite a few people <br />within a five to seven minute walk o f the <br />site. A coffee house would be a good <br />anchor element. Coupled with a bistro and <br />a wine bar, they could draw a critical mass <br />of people. It's the chicken-and-egg <br />problem. ~Ue think using the beauty of the <br />river with some small, appealing <br />businesses would do the trick. <br />e) You mentioned that the condos on Hill <br />Street received no offers at $180,000 for <br />2000 GSF. In light of that, what is the <br />basis for your confidence level of pre- <br />construction commitments for the 7 town <br />homes at $308,000? <br />24 <br />