downtown building

It is my hope that this project becomes successful. However, the developers and city officials are working on the premise of "...build it and they will come." That premise works in Hollywood, but it rarely works in the real marketplace. They have forgotten economics 101:supply and demand. In other words-will the marketplace support this venture? An honest question without a good answer. If this was a slam dunk venture then investors would be beating each other to make the deal. The problem, it's sketchy at best and their betting your tax dollars that it will work.

Again, It is my hope that this venture is successful; for the sake of the tax payers and the downtown. However the location doesn't support something like this over the long term and it may end up like the College Football Hall of Fame-empty. Again- I want to be wrong!

The developers have accomplished a nice thing. They have restored a piece of art in downtown South Bend, but that isn't good enough.

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Developer lauds mixed-use mecca downtown

By GENE STOWE
Tribune Correspondent

Tribune file photo

In addition to thorough restoration of the old building, at left, the American Trust Place project involved building a five-story addition
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A long-derelict building in the heart of South Bend has been restored and updated to mixed use, with space for first-floor retail, offices on the second and third floors and condominiums on the top two floors.

American Trust Place debuted on the night before Art Beat in September, hosting a reception — with artists' displays and musicians' performances — to kick off the festival and show off the structure.

“Really, it's a project myself and a few others have looked at for a long time,” said developer Brad Toothaker. “The thing we thought it would be great to do in our downtown would be to have mixed use.

“It's three nice little baskets of different types of product,” a diversity that can buffer the building when one sector is suffering economically.

The tour included an elegantly furnished model condominium on the fourth floor, with a wide-window view that reaches to Notre Dame. Interest in the residential component is high, Toothaker said.

“There's a good demand for it,” he said. “It's the piece we're moving the most downtown. A lot of it is empty-nester professionals. We're getting some response from married professionals that are double income, no kids.”

In addition to thorough restoration of the old building, the project involved constructing a five-story addition and more basement storage, nearly doubling the size to 38,000 square feet.

Officials working to revive downtown South Bend cheered the development at the reception and in later interviews.

“We're so excited about American Trust place downtown,” said Marco Mariani, executive director of Downtown South Bend Inc. “It provides a really nice option for maybe a childless couple or singles in the market to have an urban lifestyle. It keeps us competing in the larger market.”

Other residential projects in or near downtown are on the drawing board.

A collaboration of Toothaker, his partners, and government support at the city, state and federal levels, along with grant money, made the project possible.

“It was office space a long, long time ago,” said Toothaker, adding that a department store once had accounting and other support services in the building. It had been vacant for some 35 to 40 years above the ground floor.

“There was nothing but dust and dirt upstairs,” he said.

Workers added all new electricity, gas, heating and cooling, telecommunications, an elevator and fire sprinkler system. The space is ready for occupancy.

“Most of the finishing touches have to do with customizing the space for the tenant that comes in there,” Toothaker said.

The fifth floor, once a 1,200-square-foot penthouse smaller than the other floors, was expanded and turned into a three-bedroom and a one-bedroom unit. The fourth floor, with the addition, is divided into one one-bedroom unit and four two-bedroom units.

“The price range is in the upper $200s to low $300s,” Toothaker said. “We definitely come under the new market in most cases.”

Plans call for construction of an all-residential tower adjacent to the building above the parking lot, holding 28 to 42 apartment-sized residential units, probably in the spring of 2011.

“American Trust Place is a success on so many levels,” said Sue Solmos, residential marketing specialist for the city of South Bend. “The rehabilitation of an elegant, historic building is just a start.

“Add to that the fabulous new addition which complements the original structure. Put all this quality and sophistication together right downtown and you have a winner.

“To be able to pull this off in the midst of challenging economic times speaks to the stability of the developer, his partners and the city of South Bend. I think we will see many more such projects. This is a very exciting time to live in our city.”