Sivan showed conceptual drawings of the three buildings proposed for the property between the Yellow River and Penguin Point. The west and east buildings will have 15 apartments while the second building is proposed for 9 condo units. Twenty percent will be one bedroom and three bedroom apartments and the remaining 60% will be two bedrooms. Parking for the most part is primarily under each building with an additional outdoor lot. The parking radio it 1.5 spaces per unit.
Sivan said a final determination on the condos will be made this spring. He will need commitments to fill at least half of the condos before committing. Plans are to host a special presentation in April at River Rock in Mishawaka to show off the concept.
The three buildings are composed of modular construction with a higher quality product. Sivan said using the modular construction gives more flexibility with construction and should be faster than normal construction.
The top level of the end buildings have a dedicated communal space with the west building being dedicated to fitness and a clubhouse on the east building.
When asked about the proposed walking bridge from River Park Square over to the River Gate South project Sivan said would be an enhancement to the residents. When asked if he was committed to assisting in funding the bridge Sivan said “I would commit to commit.”
If the bridge crosses at the east end of the sidewalk along the river now it will have to be integrated into the plan very soon.
Members of the Redevelopment Commission unanimously voted in favor of signing the contract with Sivan for the project. Previously they committed $1.5 million to the project. The agreement calls for 7 quarterly payments to Sivan in the amount of $183,285 for 6 payments and $183,290 for the final payment at the conclusion of construction.
City Attorney Sean Surrisi said the agreement calls for a transfer of land for $1 to Sivan’s company. It also includes protections for the city, it the project doesn’t go forward it will be transferred back to the city.