SOUTH BEND — It's a project first discussed when Dwight Eisenhower was in office and Studebaker was operating in South Bend. Tuesday, another master plan was unveiled for residential and commercial development on the East Bank.

Phase one would include the area between Jefferson Boulevard to the south, the St. Joseph River to the west, Madison Street to the north, and St. Louis Street to the east.

City leaders say businesses wanted to relocate to the East Bank, but didn't because there was no comprehensive city plan. They say there is one now and that could bring condos, townhomes, stores and businesses.

Sixteen years ago, people were asking for change along the St. Joseph River.

"We'd like to see the East Bank become a recreational, entertainment area. The new theme for South Bend is South Bend works downtown, plays downtown," said Joe Walsh, the manager of The Works Hotel, in 1992. "We're looking forward to that happening it if does."

Today, prime waterfront real estate is still vacant, and people are still looking forward to something happening.

"We don't have a market. We don't have a pharmacy, a shoe repair. We don't have a news stand. We don't have things you need when you live in a city just to go to," said Tony Maranado who lives on the East Bank.

The newest development plan for the East Bank Village would make the old Wharf site the future home of 20 condos, a 100 room hotel, and stores. The old Rink site would become 15 townhomes.

"In winter, there is no place to congregate. But this plan, there is so much going on," said Maranado.

"I think it's an awesome, awesome plan," said South Bend Common Council member Derek Dieter.

It's the latest version of a 50-year-old plan, and the mayor claims this one is different.

"Much of the planning that had been done before was not really this nature, was much more street scape planning and amenities that could be in place," said Mayor Steve Luecke, D-South Bend.

He says this one would attract businesses.

"To know 'what will I be next to if I come in and build here. Who will be my neighbors,' which is important to investors," said Luecke.

The $125 million project would cost the city $25 million — a small price for some.

"The taxes is very important, and taxes and investment brings jobs and people. And that is what South Bend is looking for to bring in people," said Dieter.

Holladay Properties owns some of the vacant property and says investors are interested. They say companies could begin building next year.

Phase one is scheduled to take place over the next two years.

Before that can happen, the plan must be approved by the City Council and an overlay district would have to be created. That district would allow current properties to remain zoned as they are, but the zoning would change once the properties are sold.

Finding a new use for St. Joseph Regional Medical Center would be part of phase two.