Developers Interested in South Bend High-RisePosted: Updated:
Two out-of-state developers are offering to buy South Bend's tallest building. The South Bend Tribune reports Washington D.C.-based Harley Stanfield Inc. and The Janee Hotel Corp. in Illinois are planning to acquire the 25-story property for more than $5 million and invest up to $35 million to upgrade it. The high-rise was built in the early 1970s and has been in receivership for close to three years.
Mayor Pete Buttigieg told the publication "it does look like we have a very serious and credible buyer," but also said the city is cautiously optimistic.
The Tribune reports the offer is between private parties, including court-appointed receiver Ken Castrop, so the city of South Bend does not currently play a role in the process.
The St. Joseph Superior Court has approved the Harley Stanfield/Janee Hotel offer.
Current tenants in the tower include the Magnuson Grand Hotel, a bank branch and professional offices.
Source: The South Bend Tribune