Laserfiche WebLink
South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : 9/23/25 <br />FROM: Erik Glavich, Director, Growth & Opportunity <br />SUBJECT: Parking Lease Agreements (Jefferson Centre <br />Associates LLC) & Property Transfer Agreement <br />(300 North Michigan Associates LLC & Great Lakes <br />Capital) <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REQUEST: Two Parking Lease Agreements to provide parking at the Leighton Garage for tenants of <br />the Jefferson Centre Building (105 W. Jefferson Blvd.) and a Property Transfer Agreement to transfer ownership <br />of a parcel located at 333 N. Dr. Martin Luther King Jr. Blvd. <br />SPECIFICS: <br />In March 2024, the Commission entered into Development Agreements with Great Lakes Capital (GLC) and <br />Beacon Health System/Memorial Hospital (Beacon) to advance the Madison Lifestyle District—a transformative <br />and historic $102 million redevelopment initiative in downtown South Bend. Concurrently, the Commission, GLC, <br />and Beacon executed a three-party real estate purchase agreement to facilitate the transfer of key parcels from <br />Beacon to GLC. Under the terms of these agreements, the Commission retains an option to acquire the parcels <br />from GLC should the company fail to meet its contractual obligations. <br />At the time of execution, one critical parcel (333 N. Dr. Martin Luther King Jr. Blvd.) was not owned by Beacon <br />and therefore excluded from the purchase agreement. This parcel, which is currently a 27-space surface parking <br />lot, is owned by 300 North Michigan Associates LLC, which shares common ownership with the entity that owns <br />the Jefferson Centre Building, located at the corner of E. Jefferson Blvd. and S. Michigan St. <br />The Jefferson Centre Building lost access to reserved parking following the demolition of the garage across from <br />the Century Center in the early 2000s and the subsequent construction of the Courtyard by Marriott hotel on <br />the surface parking lot that replaced the garage. Despite this challenge, the building’s owner has consistently <br />maintained the property and contributed to the vitality of downtown through street-level commercial tenancy. <br />The building remains a key asset along the S. Michigan corridor, and future rehabilitation efforts on surrounding <br />blocks will enhance commerce and social engagement in the area. Unfortunately, though, the loss of reserved <br />parking for Jefferson Centre has hampered the owner’s efforts to lease the property over the years. <br />To address this issue and unlock the full potential of the Madison Lifestyle District, the Commission is asked to <br />consider three interrelated agreements. Upon execution, these agreements will result in the transfer of 333 N. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />September, 25, 2025 <br />