The last piece of the financial puzzle has fallen into place for a proposed apartment building in downtown South Bend that will house artists exclusively.
This week, the Indiana Housing and Community Development Authority awarded $450,000 in low income tax credits to the project and extended a $500,000 Development Fund loan.
Carmel based developer William Hollsingsworth today told NewsCenter 16 that the rest of the financing is in place and that construction should begin in about four months.
The tax credit program is extremely competitive. This year, there were only 15 recipients out of 44 applicants.
The South Bend project involves the 12 story building at 120 W. LaSalle. The former Hoffman Hotel structure was built in 1930 and now serves as an office building—although it’s less than 50 percent occupied.
Plans call for creating 48 low rent apartments for artists. “This building will feature a collective studio on the 12th floor, I believe, for all the artists in the building to create their art, and also have a gallery on the ground floor as well and so this will also be an attraction for others in the community see the art that's being produced in South Bend,” said South Bend Director of Community Investment, Scott Ford.
The cost of the entire renovation will top $5 million. “Whenever we can add, increase the residential population downtown it has a number of multiplier effects. We know that this may lead to as many as 30 new jobs in the retail and support sector as we have additional residents living downtown, eating at our restaurants, shopping in our stores,” said Ford.