SOUTH BEND, IND. — Indianapolis-based Kite Realty Group Trust has acquired and ground leased separate land parcels from the University of Notre Dame for a mixed-use development project in South Bend. Construction has commenced on the $70 million first phase of Eddy Street Commons, which will include retail, office and apartment components.
Future phases of the development include a 1,281-space parking garage, two Marriott hotels and for-sale residential components. The $35 million garage and other infrastructure improvements will be funded by tax increment financing bond proceeds and other city incentives. Kite Realty and White Lodging, the company’s hotel joint venture partner, assumed ownership of the land for the proposed development of the hotels. This phase is anticipated to include a full-service hotel with upscale condominiums on the top floors and a limited-service hotel. A variety of condos and townhomes will be delivered in future phases based on market demand.
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