A prominent downtown site could see the opening this fall of the first of 10 townhouse-style condominiums along the East Bank of the St. Joseph River, following a unanimous action today by the South Bend Redevelopment Commission.
The Redevelopment Commission gave the go ahead to develop a contract for the sale of the former Rink Riverside Printing site, northwest of Colfax Avenue and Sycamore Street, to Developer David Matthews. The Commission also approved preliminary site plans for the development of the East Bank Town Homes. Both actions will be finalized in the coming weeks.
The two-story condominiums will have brick facades, nine-foot ceilings and attached two-car garages. Prices will start around $170,000 per unit, ranging in size from 1,700 to 3,500 square feet. Eight of the units will face the river. The remaining two, at the parcel's northeast corner, would face south. Units also will include basements, patios and Juliet balconies.
"The objective with the Rink site is to put up very high-quality Town Home housing that appreciates in value, but sell it at a price that young professionals and families can afford," said Matthews, who already has two verbal commitments for units. "Four Realtors called me with clients who are curious. We are quite pleased with the buzz that's developed on this project."
Mayor Stephen J. Luecke highlighted the project Feb. 15 in his State of the City address as a sign "that South Bend may be seeing the spring thaw to challenging economic times."
"We are pleased to support this exciting private development that will add to the growing number of downtown residences," Luecke said. "These new condominiums will provide an exciting option for young professionals or empty-nesters seeking the quality of life provided by a residence overlooking downtown and connected to our Riverwalk."
Overlooking the Morris Performing Arts Center, the 0.83-acre site was acquired by the commission and cleared in 2005 after the relocation of Rink Riverside Printing. City staff are proposing the sale of the site for $10,000 to Matthews. He has agreed not to seek a tax abatement for the project. (A tax abatement for this project, which must be approved by the commission and the South Bend Common Council, would phase in the payment of a portion of taxes for new development over a five-year period.)
Matthews returned to the South Bend area in 2006 and is principal at Ivy Quad Development, LLC, which is developing the Ivy Quad luxury condominiums just east of Ivy Field on the University of Notre Dame campus. Ivy Quad is the only private residential development in northern Indiana seeking LEED (Leadership in Energy & Environmental Design) certification through the U.S. Green Building Council.
The first of 10 buildings planned for Ivy Quad is already complete with eight units finished. Another five units in a second building are nearly complete with two more scheduled for completion by August. The Ivy Quad units range between 1,400 and 6,000 square feet. Prices range from $230,000 to $1 million.
"There are a huge number of people from Granger looking at downsizing. They come to Ivy Quad because they want an urban lifestyle and to be environmentally responsible," said Matthews, who sees the East Bank Town Homes as a site that will be more attractive and affordable for people already in the area. While Matthews is not seeking LEED certification, he said the East Bank Town Homes will incorporate green environmentally responsible materials and sophisticated construction methods yielding superb energy efficiency."
The Rink site is considered one of the most prominent available parcels downtown.
The Commission is being asked to consider efforts to strengthen the retaining wall along the river and efforts to beautify the west bank of the river. In addition, Matthews plans site upgrades to enhance the visibility from the site of downtown landmarks, such as the Jefferson Street Bridge.
Construction will begin this spring on the first three units, Matthews said. The entire project would have a three-year timetable for development, according to a contract now being drafted.
Matthews plans to post more details about the project after March 1 at www.EastBankSB.com
