SOUTH BEND -

Breaking news out of South Bend where there's word of a potential buyer for the city's troubled Chase Tower.

WSBT has learned two companies have entered into an agreement to buy the Chase Tower for up to $5.2 million.

The companies named are Harley Stanfield Global Corporation and The Janee Hotel Corporation, both from the east coast.

The Chase is badly in need of repairs, especially the parking garage and elevator which will run in the millions.

Some tenants have left in the last two years due to problems.

The buyers confirm to WSBT they will soon start a major renovation project, costing around $35 million.

They say they will convert a lot of the space into residential units, including fully furnished 2-bedroom condos.

WSBT's Ted Land will have a special report on this new development with reaction tonight at 11 on Channel 22.