SOUTH BEND – The South Bend Redevelopment Commission has announced that two bonds used in the development of more than 476,000 square feet of commercial space in Erskine Commons, a 50-acre site near Michigan Street and Ireland Road , will be paid off early.
The site was home to a landfill but now is home to $56.5 million in private and public investment, including retailers Wal-Mart, Lowe’s and Gates Toyota. Some 740 jobs have been created.
Mayor Stephen J. Luecke said the development has progressed much quicker than expected and that in August the city will pay off a $2.3 million bond used to fund public improvements. A second $3.3 million bond will be repaid early next year – 15 years ahead of schedule.
“Erskine Commons has succeeded by every measure at a faster pace than we projected, despite its development during the nation’s most troubled economic time since the Great Depression,” said Luecke.