It appears city leaders have struck a compromise regarding the apartment high-rise proposed for the East Bank. This, after council members voted against zoning amendments for a 12-story building last month.
Now, the developer has agreed to a nine story building instead. The city will put forth 5 million dollars in TIF money. That’s in addition to the nearly 5 million the developer would receive from the Regional Cities fund, according to terms of the agreement announced Tuesday.
Pleased to announce a compromise deal that will bring welcome development, 144 new households and @martinsmarkets to South Bend’s East Bank
— Pete Buttigieg (@PeteButtigieg) January 3, 2017
Developer Dave Matthews says it’s a wise investment, given the demand for housing in and near downtown South Bend.
“A lot of the apartments in the county have aged,” Matthews pointed out on Michiana’s Morning News. “Downtown South Bend’s invested a huge amount of time and money doing Smart Streets, investing in parks, and rebuilding the ice skating rink. It’s a great time that, if someone was looking for an apartment, that if you had a new apartment in South Bend, it’s an easy sell.”
The project would include a parking garage, 144 new housing units, and a Martin’s grocery store.
Even though a compromise has been reached, it’s far from being a done deal. The next step would be to have the city council approve a resolution to support the project at nine stories.
That could happen during their meeting next week. However, it could take as long as June to get all the financing in order and amend the zoning ordinances.