Plans on table for hundreds of riverfront market-rate apartments

 

UPDATE: The South Bend Common Council voted to approve the resolution for the River West Development Area, adopted by the South Bend Redevelopment Commision, effectively giving the greenlight for development on the West Bank in Downtown South Bend.

SOUTH BEND, Ind.-- Plans are on the table for new market-rate apartment rentals in South Bend, 291 units to be exact, a possible $61.5 million investment from Indiana developer, J.C. Hart Company.

The developer plans to demolish the building at 330 Jefferson Blvd, which overlooks the St. Joseph River, and instead plans to build two new buildings with multi-family housing units. The project would also include a parking garage with 398 spaces.

"We're really excited about this project and what it means for not only the downtown area but businesses on the east bank," said Caleb Bauer, South Bend's director of community investment.

To "unlock" the development, Bauer said, the South Bend common council has to approve a new TIF (tax increment financing) district, the River West Development Area.

"It's going to help energize the riverfront property," said Common Council 1st District member Canneth Lee.

"You know, it comes as we've got a lot of new residential growth downtown, so it's exciting to see," Bauer said.

This is the first of several approvals the project needs from the council, but if all goes through, what's called a developer-backed bond would be issued.

"What's pledged to pay back the bond are the property tax payments by the developer," Bauer said.

The developer would take on all the risk, he said.

"This is a great opportunity for the city to get market-rate housing and it not come out of our pocket, just our support," Lee said.

The city needs affordable housing, of course, but Bauer said the city needs housing of all kinds.

"Actually allowing for some river front market-rate apartments, we think, will alleviate some of that downward pressure, which basically frees up more of those units for folks who are actually at those price points, in the middle of the market," Bauer said.