Entrepreneurship | South Bend Entrepreneurship Hub to switch former Salvation Military web site
SOUTH BEND — Metropolis officers this week turned a former Salvation Military constructing in downtown South Bend into an “entrepreneurship hub” with co-working areas, a industrial kitchen and even a cocktail bar. Gave preliminary assist to the redevelopment mission.
510 S. Fundamental St. The 1954 constructing has been roughly vacant since 2015, when the Salvation Military moved out. The town bought the location in 2019, and for 4 years till its sale final summer season, the constructing was used as an in a single day shelter for homeless company through the winter by South Bend’s seasonal forgiveness initiative. was completed
The South Bend Frequent Council on Monday agreed to pay an estimated $830,000 in tax breaks over eight years in change for Momentum Growth Group, a agency headed by Bradley Firm chief and native developer Mark Neal, to speculate $6.3 million in renovating the constructing. Took step one.
Whereas the majority of the area will function non-public workplaces for the entrepreneurship hub, Navarre Hospitality Group plans to make use of a big portion as a non-public kitchen for its catering companies. The builders envision 2,000 sq. ft of retail area and a 1,000-foot cocktail bar.
Chris Primer, one of many Momentum Mission companions, mentioned the middle goals to supply a house for the world’s ecosystem of entrepreneurs. He mentioned the middle will provide not solely workplace area but additionally instructional programming and scholarships for small enterprise house owners.
“When you’ve gotten a spot to both discover different entrepreneurs or discover a mentor, it actually helps the ecosystem develop,” the premier mentioned, “and it provides folks It additionally helps to remain in our space.”
Below the proposed tax exemption, which the Frequent Council should cross in a affirmation decision on March 25, Momentum would pay about $348,000, or 30%, of the tax invoice whereas the remaining 70% can be forgiven.
No taxes have been paid on the constructing as a result of it was owned first by a nonprofit after which by the town, so officers see the event as a win-win. The town expects to gather not less than $150,000 in annual taxes as soon as the mission is full. The brand new growth can also be anticipated to create 67 full-time jobs.
“The town is worked up to have the ability to discover a growth companion that may take city-owned property that brings in zero, actually zero, {dollars} in taxes,” mentioned South Bend Director of Development and Growth Eric Glewich. was.”
“By encouraging this growth,” Glovich added, “we’re ensuring it is going to usher in some huge cash sooner or later.”
Momentum Growth Group bought the property from the South Bend Redevelopment Fee in Could 2023 for $1,000. The builders agreed to start out building by this July, a 12 months after the sale’s official time limit, and to finish it by July 2026. However the builders say they plan to start out work this Could and full inside a 12 months.
To proceed its seasonal forgiveness program after the Momentum buy, the town final 12 months gave the Heart for the Homeless $1 million in federal American Rescue Plan cash to assist add about 75 emergency beds.
The middle is situated at 536 S. Fundamental St. Simply north of a dilapidated condo constructing might be the place Neal and different native builders plan to construct 12 new models, three of which might be income-restricted. Will probably be a next-door neighbor to a 60-unit condo advanced known as The Monreaux. Throughout Fundamental Road to the west, plans are underway for 150 new flats because the neighboring 4 Windfield attracts giant crowds every summer season.
E-mail South Bend Tribune metropolis reporter Jordan Smith at [email protected]. Comply with this on X: @jordantsmith09
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