Less than a year after the South Bend School Corporation moved out, a buyer has been found for the building that once housed the Corporate Headquarters of Studebaker.
Built in 1907, the building at 635 South Main Street is being sold to a Utah based firm called Heritage Restoration and Development Group LLC.
The developer plans to invest $14 million in rehabilitation work so the building can serve as a multi-tenant office building. Since the building is located so close to fiber optic lines, it’s expected that high tech firms will want to lease the space.
The city’s Redevelopment Commission has pledged to contribute $600,000 to the project for curbs, sidewalks, and land acquisition for additional parking lots.
The Commission will also recommend that the developer receive the maximum tax abatement allowable.
The building had been used as the administrative headquarters for the South Bend School Corporation for nearly 40 years. The new use will allow the property to return to the tax rolls.
Work is expected to begin this fall.