An architect's rendering of what former Studebaker Building No. 84, a former vehicle assembly plant, will look like after renovation. The building in recent years has been called Ivy Tower. Image provided
SOUTH BEND — A local company's plan to rehabilitate the city's last remaining Studebaker assembly plant has landed $22.9 million in financing.
Kevin Smith, who owns Union Station Technology Center and Deluxe Sheet Metal as well as other companies, envisions converting the old Studebaker complex into a center of innovation with space for manufacturing, technology firms, business incubators, training and education. The buildings are located next to the railroad viaduct along Lafayette Boulevard at the southern end of downtown in an area dubbed the Renaissance District.
RDistrict One LLC — a partnership that includes Union Station Technology Center and Paul Kite — announced Wednesday that it has secured $22.9 million for the restoration project. The partnership combined with Capital One, U.S. Bank and United Federal Credit Union and used $18.6 million in New Markets Tax Credits provided by Urban Research Park CDE and the National Community Trust Investment Corp.
Butler Snow LLP and Krieg DeVault LLP provided legal counsel for the transaction and Dudley Ventures, through its affiliate Dudley Ventures Advisory Services, provided New Markets Tax Credit structuring, advisory and closing-execution services.
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