INNOVATE INDIANA

Exhibit B-4
Project Ownership, Partners & Experience
(Project Type & Readiness)
Project Timeline
Project Budget & Funding
Project #46 - South Bend Commerce Center Flats
Project Information
Project Contact
Project Description
Project Location
Project Category
Industry Alignment
Project Partners
Project Experience
11
David Matthews
ADDITIONAL SUPPORT | SECTION 19
South Bend Commerce Center Flats, is a mixed use development in the heart of downtown South Bend's
East Bank neighborhood. The complex will add 250 residential units, a spot for a full service grocery
store, and a location for a future pharmacy. The existing site has a 100 year old power plant that was
adapted to an office building with athletic facilities in the 1980s. Today there are several technology and
medical companies located on the block with excellent fiber internet connectivity.
401 E. Colfax Ave., South Bend, IN 46617, St. Joseph County
Talent Attraction
Creative class & tech workers
Matthews, LLC, David Matthews
Markline Industries, John Morrison
David Matthews is a leader in urban infill development with several multifamily projects completed
throughout St. Joseph County, and in downtown South Bend.
Markline Industries is a national leader in modular multifamily housing, with it's corporate headquarters in
Bristol, IN.
Project Start Date 7/1/2016
Project End Date 9/1/2018
Start within 12 months? Yes
250 multi family residential units with 65,000 square feet of ground floor retail space, an internal parking
Project Timeline
structure for
750 vehicles., 45,000 square feet of commercial space in addition to 90,000 square feet of existing multitenant
medical & technology office space.
Year 1 capital expenditures
($) $7,875,000.00
Year 2 capital expenditures
($) $27,600,000.00
Year 3 capital expenditures
($) $0.00
Year 4 capital expenditures
($) $0.00
Year 5 capital expenditures
($) $0.00
Total Capital Expenditures $35,475,000.00
Ongoing expenditures for
operations, maintenance,
etc. ($) $0.00
Total project budget $35,475,000.00
Description of Capital
Expenditures
Description of Ongoing
Expenditures
N/A
Local public funding $7,095,000.00
Private funding $26,606,250.00
Non-profit funding $0.00
Other funding $0.00
Parking structure and infrastructure installation = $7.875M
1st floor commercial rough in ($2600000), and 2nd - 5th floor residential units $25000000., total of
27600000
46_SJC_Commerce Center MU Dev
REGIONALCITIESOFNORTHERNINDIANA.ORG |
331
EXECUTIVE SUMMARY THE REGION ENGAGED CURRENT TRENDS
STATE OF THE REGION
& QUALITY OF PLACE
VISION & STRATEGY PROJECTS
STAKEHOLDERS, EXECUTION
& STRUCTURAL CHANGES
BENCHMARKING
& MEASUREMENT
ADDITIONAL SUPPORT