Deal fails on South Bend's tallest building
Rehab plan for South Bend's tallest building falls through; tower heading to sheriff's sale
Posted on Jan. 26, 2014 at 12:31 p.m.
SOUTH BEND, Ind. (AP) — A developer’s plan to buy and overhaul South Bend’s tallest building has fallen through and the 25-story office tower is heading to a county sheriff’s sale.
Chase Tower is downtown South Bend has been in receivership since early 2011 when its owner fell behind on its mortgage payments.
Receivership attorney Michael Hardy tells the South Bend Tribune that a sales agreement with Washington-based Harley Stanfield Global Corp. has been terminated since a closing deadline has passed.
The company had said it planned a $35 million renovation of the building.
Hardy says he expects the realty company that holds the tower’s bank note to use the sheriff’s sale process for obtaining a title that’s free of liens.
Information from: South Bend Tribune, http://www.southbendtribune.com