October 21, 2016
Regional Cities Initiative to Advance More Quality of Place Projects in North Central
INDIANAPOLIS (Oct. 21, 2016) – The Indiana Economic Development Corporation (IEDC) has approved Regional Cities Initiative funding to support three additional quality of place projects in north central Indiana that will promote STEM programming, increase downtown housing options and support the revitalization of historic buildings in the South Bend-Elkhart region.
“Indiana is now ranked first in the Midwest and fifth in the nation for business, and the Indiana Regional Cities Initiative will play a key role in carrying this economic momentum forward,” said Governor Mike Pence. “We must create vibrant communities where top talent chooses to live, work and play. North central Indiana is investing in its residents and its future through quality of place projects that will enhance the lives of Hoosiers and support talent retention and attraction for generations to come.”
COMMERCE CENTER MIXED-USE DEVELOPMENT IN SOUTH BEND
This new construction project will add more than 200 residential units, a full-service grocery store and pharmacy in the East Bank Village of downtown South Bend. The mixed-use space will be located at 401 E. Colfax Ave. in South Bend, which is part of an 100-year-old building complex that formerly served as a power plant and currently houses several technology and medical companies. This quality of place project will enable residents and visitors to easily access services and interact with others, contributing to the region’s goal of creating high-performing communities.
Total Project Investment: $49.33 million
State funding: $4.9 million
“We love South Bend, Indiana; this is our home, and we are grateful for the partnership with the Indiana Economic Development Corporation,” said David Matthews, developer with Matthews LLC. “Thanks to their support, this project will bring South Bend’s thriving downtown neighborhood a much desired full-service grocery store and pharmacy years ahead of schedule. This accelerated project is in the heart of South Bend, adjacent to a white water rapids course, fantastic parks, lively theaters and the largest concentrated work force in our region. It will help the region grow, attract more development and lead to a larger tax base.”