Due diligence extension given South Bend Madison Lifestyle District

SOUTH BEND — The Madison Lifestyle District appeared on the Redevelopment Commission agenda for the third and presumably final time May 28 to increase its improvement settlement’s due diligence interval by one month to June 28.

In March 2024, metropolis officers signed off on the $24 million mission for a dense residential and industrial district on the 2 blocks south of Memorial Hospital, calling it the largest redevelopment mission in downtown South Bend’s historical past.

About $11.7 million in Regional Economic Acceleration and Development Initiative (READI) grants have been awarded to the mission as effectively, with a further non-public funding dedication of $102 million coming from Great Lakes Capital, an actual property agency primarily based in South Bend.

The first modification made to the mission added a small parcel of land and the second prolonged the mission’s due diligence interval from its unique date of Sept. 28, 2025, to March 28, 2026. The third modification only recently got here earlier than the redevelopment fee two months in the past, mentioned Erik Glavich, director of Growth and Opportunity, the place Glavich requested for a two-month extension to May 28.

Now, as a part of the third modification, Glavich requested the fee for an additional month to “wrap up final details.”

“Commissioner [Eli] Wax two months ago asked if two months was going to be enough, and we said yes,” Glavich mentioned. “We’re right about there. We’re waiting on final analysis on IDD Bonds (industrial revenue bonds) for the project from Baker Tilly. We expect that at any time.”

The extension was authorised by the fee, and Glavich mentioned inside two weeks, the mission ought to have all particulars finalized. To ensure, Wax requested him practically the identical query he requested two months in the past: What’s your diploma of confidence that that is the final extension needed for this part of the mission?

“I would say 95% to 100%,” Glavich mentioned. “We thought about doing two months, but one month was the unanimous [decision].”

What to anticipate from the Madison Lifestyle District

The Madison Lifestyle District was launched as an enlargement of Memorial Hospital in 2021 to complement the hospital’s $250 million affected person tower, which is predicted to be accomplished subsequent fall and produce 100 nursing positions and 200 new staff to workers the tower.

The unique improvement settlement authorised by town exhibits the Madison Lifestyle District being constructed in phases.

Phase one consists of making a 625-space parking storage and a second 300-space storage. Demolition of parking tons south of the hospital has already begun to make method for the long run parking garages.

Phase two consists of constructing parking buildings and different numerous metropolis work essential to help the mission. Both phases one and two are estimated to be accomplished 24 months after development begins, in line with Glavich’s presentation in the course of the redevelopment assembly.

Great Lakes Capital goals to complete 150 flats, 35,000 sq. toes of workplace house and 1,400 sq. toes of retail house on the north lot by 2027. The remaining 91 items and seven,000 sq. toes of retail house are to be constructed on the south lot by 2028, The Tribune beforehand reported.  

While town is working to get the mission underway, the Redevelopment Commission has the choice to buy the event parcels if developer commitments aren’t met.

Email South Bend Tribune enterprise reporter Jessica Velez at jvelez@usatodayco.com.