Company wants to refurbish Chase Tower
SOUTH BEND, Ind. -- Now that there's a deal on the table to buy South Bend's Chase Tower, many are wondering what it will take to get the landmark structure ready for business.
City officials say they've been down this road before with other potential buyers, but say they have a good feeling about this deal.
"This is going to rejuvenate your entire downtown. This is going to change downtown South Bend," said Dr. Cedric Franklin, CEO of Harley Stanfield.
Stanfield and the Janee Hotel Group have a deal to purchase the Chase Tower for $5.2 million.
The city landmark has fallen into disrepair in recent years.
Some even wonder whether the building could pass inspections.
Franklin says his group is committed to doing whatever it takes and the buildings' current condition is not a concern.
He says Harley Stanfield is ready to make a major investment, approximately 8 times the purchase price, to renovate.
"We're totally refurbishing the entire building. The building is becoming passive solar, state of the art, and green," said Franklin.
All of this is welcome news to the city's economic developers who see the renovation of the Chase Tower as essential to the future of downtown south bend.
"I think it's another sign of downtown South Bend's comeback. I think it's another vote of confidence that there's renewed interest in this building," said Scott Ford, Director of Community Investment.