The final agreement on a proposed $18 million multi-tenant development will be presented today in South Bend. Plans call for Great Lakes Capital to construct three office buildings at Ignition Park, which will aim to attract high-tech businesses. The properties will be located on a former Studebaker plant site. March 27, 2014
SOUTH BEND, Ind. – The Department of Community Investment will present the final development agreement on Thursday for the construction of a multi-tenant office building at Ignition Park. The agreement comes after an October 2013 recommendation to the Redevelopment Commission to work with Great Lakes Capital on the project, which will be part of a high-tech campus that could encompass up to 25 acres.
“It's a great time to invest in South Bend's future,” says Brad Toothaker, managing partner of Great Lakes Capital. “This project will enable South Bend businesses to expand their reach in the fields of science, engineering, technology, and research.”
Great Lakes Capital will construct three buildings at Ignition Park with a minimum guaranteed investment of $18 million, providing 120,000 square feet of space. Four acres that are tied to the multi-tenant building development will be sold to Great Lakes Capital for $1, with an additional nine acres for two other buildings being sold for a rate of $25,000 per acre, to be paid upon completion of the first building. Also included is an option for Great Lakes Capital to purchase an additional 11 acres for future expansion.
“Growth in the high-tech industry has contributed to South Bend's economic development,” says Common Council President Oliver J. Davis. “There is a strong talent base here and agreements such as this one with Great Lakes will help South Bend retain and attract even more talent.”
Ignition Park has completed the first phase of its infrastructure. Data Realty, a Tier III data center, is up and running in a new $15 million building.
“The campus development is in keeping with the original vision of Ignition Park as the premiere regional address for high-tech businesses involved in growing industries,” said Scott Ford, Executive Director of Community Investment. “The multi-tenant building and the accompanying offices will solidify Ignition Park as a hub for the new economy.”
In all, Ignition Park encompasses 140 acres of city-owned land on the grounds of the former Studebaker plant, offering more than three million square feet of space for high-tech businesses.
“As Ignition Park continues to develop, South Bend is increasingly becoming a technology hub,” says Deputy Mayor Mark Neal. “This latest agreement with Great Lakes highlights the value of the investment both the City and local businesses have made in the high-tech sector.”
Source: The City of South Bend