After many changes as the project has grown, the city of South Bend has reached an agreement with a developer to build new apartments across from Four Winds Field.
Taxpayers’ support for the project also has grown.
When Fishers-based apartment developer Real America first approached South Bend redevelopment officials in 2021, it planned to build 120 units -- 60 for low-income tenants and 60 more at market rate -- on vacant city-owned land across Lafayette Boulevard from the ballpark. If you’ve attended a game you might have parked there.
Along with free land, the city would provide $550,000 toward the project’s nearly $8 million projected cost. Real America would build two four-story, 60-unit buildings –- one building for low-income tenants and the other for market-rate units.
Since 2021, Real America and the city have changed the agreement three times, partly to give the company more time as it dealt with inflation and rising construction costs. The city’s redevelopment commission will consider a fourth and final agreement at its meeting Thursday.
The agreement now calls for Real America to build three buildings containing a combined 150 apartments, with 60 of them reserved for low-income tenants. The city will now contribute $3.8 million in tax incremental financing money, and Real America must invest at least $21.5 million.
"Yes, the public contribution has gone up from those original conversations," said city community investment executive director Caleb Bauer, "but it's commensurate and reflective of the increase in the commitment of the private investment."
