SOUTH BEND — New, expensive condominiums are coming to downtown South Bend. Friday morning South Bend's Redevelopment Commission approved the project for the area along the east bank of the St. Joseph River, the first major project for the East Bank Village.

"This is a signature project that takes advantage of a great piece of property," South Bend Mayor Stephen Luecke said. "It's right on the riverbank with great views of downtown."

There was unanimous support from the commission after Place Builders Inc. made their pitch to bring upscale living downtown.

"Downtown is our key neighborhood, it's our front porch," said Luecke. "It's everyone's neighborhood."

Andy Place Jr., a sales manager with Place Builders, believes the project will be a real draw for a variety of people.

"I think you'll see a mix of executives who work downtown," he said. "Some empty nesters, Notre Dame folks, I think you'll see a broad range."

The developer wants to buy the property near Colfax Avenue and Sycamore Street — the former Rink Riverside Printing site — to build a $3.85 million residential brownstone development. They are offering the city $150,000 for the land, which was appraised at $337,500 in 2005.

The 11 condominiums would sell for between $400,000 and $450,000 per condo and would be completed by 2010. The housing will feature two car garages and environmentally friendly and customizable features.

While the condominiums have a high price tag, neither developers nor Mayor Luecke are concerned about vacancies.

"I think people are going to be very excited to have the chance to buy these properties and be downtown," said Luecke.

While downtown has received a lot of attention, dilapidated properties are still a problem. The city is also searching for solutions to its financial shortcomings. Despite the issues, Luecke says this is a project that will bring growth and success for every South Bend neighborhood.

“These investments will help to make South Bend as a whole stronger, more vital and better able to thrive,” he said.

The committee also approved an $8,000 study with an engineering firm that would explore the traffic and costs associated with changing Lafayette Boulevard and William Street — the areas around Coveleski Stadium — from a one-way to a two-way street.