There are new plans for the old South Bend Tribune Building

SOUTH BEND, Ind. -- The University of Notre Dame, the city of South Bend, and the investment group known as Ancora are all working together to bring new life to a historic spot.

This facelift to the old Tribune building could bring around $750 million to the South Bend region, as well as 400 jobs.

It's part of the ongoing partnership between the city and Notre Dame, which will bring a state-of-the-art research and innovation hub known as "the Colfax Corner".

More than 200 thousand square feet of space will be dedicated to this project and gets its financial backing from the Innovation Development District bond.

South Bend mayor James Mueller tells ABC57 this restoration doesn't happen without partnerships.

"This is a game changing investment in the heart of South Bend, ad it's a committed anchor institution in the university of Notre Dame, that this kind of project would not be possible without that level of commitment to the community and so we appreciate all the partnerships that made this possible," said Mueller.

Around 400 jobs and 750 million dollars are expected to be brought into the city at the corner of Colfax and Lafayette.

In addition to office space, there will be an outdoor plaza for events and more.

"We're beginning the design, we're going to be seeking even more community input about the kind of things that can happen in the project, and really look at the best ways that Notre Dame can expand its research enterprise and support entrepreneurship and innovation while also creating the opportunity for new job creation and new business growth in South Bend," said Josh Parker, chairman and CEO of Ancora.

Notre Dame stated in a press release how grateful they are for the support this project has already received, and it looks forward to the positive impact it will bring to advance the city of South Bend and the region

"This project pays for itself, it'll utilize the increment in generates so the value that these news jobs, 400 high income jobs as well as the buildout of the real estate, so the buildings and the improvements to the buildings, that will generate new value here as far as property taxes, as well as the state sales and income taxes," said Mueller.

Construction is expected to begin this Summer and be completed by Summer 2028.