Construction on the first phase of a planned $38.5 million development in South Bend is underway. Officials broke ground Tuesday on Three Twenty at The Cascade, which will include up to 18 luxury condominiums as well as three commercial restaurants.
Developer Wharf Partners LLC says the seven-story, 77,000-square foot project will overlook the St. Joseph River in downtown South Bend. It will also feature a terrace that will be connected to the Riverwalk, which is undergoing improvements.
Wharf Partners announced its original plans for The Cascade in 2013, but later pulled those plans back in favor of a redesigned concept. The South Bend Redevelopment Commission has committed up to $5 million in funding for the project, with the potential for additional limited tax abatements for future commercial uses.
Pre-construction pricing for residences at Three Twenty at The Cascade run between $500,000 and $1.5 million.
"While none have our premier site, other local market developments have proved a capacity for product at this price point, and we already have a third of the residences reserved by depositors," said Frank Perri with Wharf Partners. "Downtown South Bend truly is coming back and market demand is very encouraging. "We’re creating an option for people to move back into town for a simpler, maintenance-free, walkable lifestyle offering a level of quality, culture and amenities simply unavailable elsewhere in the region."
The developer says initial occupancy for the building is scheduled for the fall of 2019. Future plans for the site include one or two additional buildings of similar scale that could be used for other commercial and multi-family residential purposes, or possibly a boutique hotel.