SOUTH BEND — The Redevelopment Commission offered financial support Thursday to Eddy Street Commons Phase 2, a proposed expansion of the existing mixed-use development south of the University of Notre Dame, as well as the Cascades, a proposed mixed-use condo project on the riverfront downtown.
By unanimous vote, members agreed to issue redevelopment bonds to help finance the Eddy Street project, which would include a new Embassy Suites, 400-plus apartment units, retail space, a grocery store and an expanded Robinson Community Learning Center.
Property tax revenue from the project itself would be used to repay the bonds, which would be issued in an amount not to exceed $25 million, including significant reserves for interest and debt service.
The South Bend Common Council and Economic Development Commission still must approve of the action.
The commission also agreed to contribute $2.5 million to the Cascades, a proposed mixed-use development on the former Wharf site downtown. Matt Gabet, vice president of operations and special projects for developer Kite Realty Group Trust, described Phase 2 as a “natural extension of Phase 1,” which was developed in 2008 and includes apartments, condos, townhomes, 90,000 square feet of retail space and 82,000 square feet of office space.
“The overall vision we’re trying to create for Phase 2 is a continuation of the dense, urban, walkable environment that’s already evident in Phase 1,” Gabet said.
Gabet said Phase 1 is nearly 100 percent occupied at this point. There is a waiting list for the apartments. The office space is 100 percent occupied. The retail space is 98 percent occupied. And the condos and townhomes all have been sold.