City of South Bend officials say a Carmel developer’s plans to build luxury riverfront apartments could transform an underutilized part of the city.
J.C. Hart Company plans to spend at least $61.5 million to build two four-story buildings containing 291 apartments and a parking garage, on the south part of the Crowe campus on Jefferson Boulevard. Crowe LLP, an accounting firm, will remain in the building closest to Jefferson.
The agreement, approved by the redevelopment commission Thursday, calls for the city to issue $14.8 million in bonds toward the construction. Interest will drive that debt up to about $30 million over 20 years.
The city is using an incentive that’s not a tax abatement but it essentially will mean the developer won’t pay property taxes. Technically they’ll pay the taxes but their payments will go to pay off the bond debt each year, meaning they don[‘t have to directly repay the bonds.
City Community Investment Executive Director Caleb Bauer says that’s not a gift, it’s an incentive to get the parking garage built.
A J.C. Hart official told WNDU they plan to charge about $2,000 monthly rent for 900-square-foot units. He said the Amazon data center and GM/Samsung battery plants that are coming got the company’s attention.
