SOUTH BEND, Ind. – The City of South Bend is eyeing what could be the largest redevelopment project in the city's history.
The proposed new Madison Lifestyle District would add housing, hotels and commercial space to land that is currently mostly parking lots north of downtown.
The city says this project, combined with its investment in Memorial Hospital's ongoing expansion project, will include $24 million in city bonds, more than $11.5 million in state Readi funds, and $334 million in private investment funds. It is planned to be included.
“This is a historic investment in the heart of South Bend. It will completely transform the northern part of downtown and truly create many good-paying jobs for our residents in the years to come,” said South Bend Mayor James.・Mueller stated.
City renderings show 240 apartments, 100 major hotels and 40,000 square feet of commercial space that will completely transform two blocks from the rotary to LaSalle between Main and MLK, along with Beacon Health and Great Lakes Capital. It shows a vision for the city that will lead to. Main street.
The city's primary role in this project is to construct and manage 900 structured parking spaces two blocks south of Memorial Hospital.
Although the NIPSCO building will have to be demolished, Mayor Moller says the benefits of the project will outweigh any drawbacks.
“If we don’t get this big project of structured parking, there’s a very good chance it will remain a parking lot. Who’s to say that’s not the highest and best use for this area of town? I think everyone would agree,” he said.
In return, it is expected to create hundreds of jobs and have a long-term economic impact.
On Thursday morning, the South Bend Redevelopment Commission will consider adopting an agreement to formalize the plan.
If approved, the project is expected to break ground in 2025.
The South Bend City Council will also be asked to approve tax abatements to support the project.
The $334 million private investment includes the cost of expanding Beacon Health's 10-story patient tower, which is expected to be operational in early 2026.
