Ignition Park in South Bend will start taking shape this summer.
Great Lakes Capital is investing at least 18 million dollars by constructing several buildings at the site of the former Studebaker plant.
The first would be an office building for multiple tenants.
Those involved in the project are already seeing a lot of interest from companies and start-ups so they're hoping this is just the beginning for Ignition Park.
Great Lakes Capital has committed to putting up three buildings at Ignition Park over the next 36 months.
The buildings would be on the southeast corner of Ignition Park near Ignition Drive.
The concept is to make it a campus-like environment with green space, parking and even food options in the first building.
Brad Toothaker is a managing partner for Great Lakes Capital and he says, "We're looking at constructing roughly two, roughly 50,000square foot buildings. Single story but with some nice elevation."
The South Bend Redevelopment Commission unanimously approved the agreement with Great Lakes Capital.
The City of South Bend is investing up to $900,000 on the project.
Some of the land would be sold to Great Lakes Capital when the first building is done giving the company the option of one day adding more buildings to Ignition Park.
South Bend Common Council Member Oliver Davis says, "That's something we've really been wanting to do for years and today is a day that we can really say it is here."
It's estimated that 130 people would be able to work in these three buildings.
Several companies from Innovation Park have expressed interest in moving to Ignition Park once construction is complete.
Chris Fielding with the City of South Bend says, "The companies will likely run the gamut. They run from software to service companies who provide service through web based applications to certainly more hands-on, hardware based product development such as F Cubed."
The plan is to start construction on the first building this summer and the goal is to have it done by the fall of 2015.
Work on the second building would start soon after the first one is done.
The timing of the third building would depend on demand and the success of the first two.
Fielding says Great Lakes Capital would get a tax abatement over a span of about 5 to 7 years.