SOUTH BEND, Ind. A historic South Bend hotel --that's sat empty for more than a decade-- will soon be restored to its former glory.
The South Bend Common Council unanimously approved a 10-year tax abatement for the restoration of the LaSalle Hotel.
Just sitting empty, the building costs the city about $50,000 a year.
Now great lakes capital plans to turn the hotel into market rate apartments.
The city will contribute $1.8 million to the more than $9 million project.
And, developers believe it will have a significant impact on downtown.
“This project will bring 95 new residents downtown, it introduces as many 35 new jobs and over 140 new construction jobs,” said Scott Ford, community investment. “For the purposes of the tax abatement, the petitioner developer has committed to employ, engage, contract with at least 75 percent of its budget cost with local contractors.”
Renovation will start almost immediately.
Developers hope the apartments will be move-in ready by the summer or fall of 2015.