The University of Notre Dame and Kite Realty Group Trust closed Tuesday (May 20) on the sale and lease of land adjacent to the southern boundary of the campus for the development of Eddy Street Commons.
The new urbanist project will be the first commercial district to be constructed next to the Notre Dame campus. The first phase of the project will include:
- 90,000 square feet of ground-level retail and restaurant space on both sides of Eddy Street
- 75,000 square feet of Class A office space on levels two through four of a building to be located at the southwest corner of Eddy and Angela Boulevard
- 266 rental apartments located on levels two through four along Eddy Street
- A 1,281-car structured parking garage
Future phases of the project include two proposed Marriott hotels which would be developed by a joint venture of Kite Realty Group and White Lodging Services Corp. (a proposed 255-room full-service Marriott Hotel to be located in alignment with Notre Dame Stadium, and a proposed 139-room limited-service SpringHill Suites), as well as a variety of for-sale residential housing options, including 54 luxury condominiums located above the full-service hotel, 49 condos along Napoleon Street, 60 flats, 62 city homes and 20 courtyard townhomes. Residential units will be delivered based upon market demand.At completion, the project will encompass 24.2 acres.
Site work on the project has commenced, and building foundations are expected to begin late in the summer. The first structures to be constructed will be the parking garage and the mixed-use buildings on the west side of Eddy, followed by the mixed-use buildings on the east side of Eddy and the hotels.
An important component of the project is Tax Increment Financing (TIF), which will finance the construction of infrastructure, including the parking garage, new and renovated streets, underground utilities, and other improvements. The city of South Bend offered and closed on a $35 million TIF bond issue in March.
Kites partners on the project are White Lodging Services Corp. of Merrillville, Ind., one of the largest Marriott operators in the nation; Buckingham Companies of Indianapolis, which will develop the apartments; and Highline Construction of Indianapolis, which will construct the for-sale residential units.Information on the project is available online at www.eddycommons.com..
Eddy Street Commons is the culmination of an extended collaboration between neighborhood residents, Kite, the University and other members of the Northeast Neighborhood Revitalization Organization (the city of South Bend, St. Joseph Regional Medical Center, Memorial Hospital and Madison Center).
_ Contact: Adam Chavers, investor relations manager, Kite Realty Group Trust, (317) 713-5684_
TopicID: 27967