The South Bend Common Council on Monday approved a developer’s request for a property tax break to build more luxury riverfront condominiums.
Developer Frank Perri built the 320 at the Cascade condos, with a ground-floor upscale restaurant, from 2018 to 2020. The seven-story high-rise, built with a lot of glass, reinforced concrete and steel, offers the downtown’s most prime views of the St. Joseph River falls behind the Century Center.
Perri has long planned a second phase with more condos, but that’s been delayed, first by Covid and then by all the work the city has done to the adjacent Seitz Park and river walk.
Perri says this second building, next to the first one on Colfax Avenue, will be a bit taller at eight floors, with condos priced from $700,000 to three or four million dollars for top-floor penthouses.
According to his petition filed with the council, Perri and his partners plan to invest $50 million in the second building, which again will feature ground-floor commercial space. The tax abatement would be at 100% for six years.
