SOUTH BEND -- It's been seven weeks since the city's Common Council tabled a developer's proposal for a public-private partnership to renovate the city's tallest building.
No one else has come forward publicly with a plan for Chase Tower, but Mayor Pete Buttigieg said Monday that it's a positive step that the building is listed for sale after more than a year in receivership.
"I've heard from a number of interested parties," the mayor said, "and what's beneficial about the listing is I finally have a place to send them to get more information."
Attorneys representing Dillingham Hill Real Estate, the Massachusetts-based company that owns Chase Tower, and Kenneth Castrop, the court-appointed receiver managing the building, agreed earlier this month to list it for sale with HREC Investment Advisors, a national brokerage firm based in Colorado.
The asking price for the 25- story hotel and office tower is $8.3 million.
Buttigieg said it could take a while for the building to sell. In the meantime, he hopes Huntington National Bank, which holds a judgment on the building, will repair the slow, unreliable elevators that have frustrated the building's tenants.
"I think it's time for the bank to enable the receiver to make those
investments," he said. "The receiver's in charge of the building, but
can only do what the bank will allow."
Late last year, Chicago-area hotelier Satish Gabhawala proposed a $19
million rehabilitation of Chase Tower on the condition that the city
contribute $5.7 million of that funding.
He told reporters last month that he was walking away from the deal
after the Common Council tabled his proposal in December and again in
Council member Henry Davis Jr., D-2nd, was one of the four council
members who voted against tabling the proposal last month. He asked
Buttigieg on Monday if the mayor has reached out to Gabhawala since