Indianapolis Developer Selected To Lead Studebaker Plant Redevelopment In South Bend
For Immediate Release
South Bend, Ind. (June 3, 2015) – Union Station Technology Center (USTC), the largest data center in northern Indiana and the second largest carrier hotel in the state, has announced its selection and partnership with the Paul Kite Company of Indianapolis to lead the redevelopment of the former Studebaker corridor in an area known as the Renaissance District.
Located on the southwest edge of downtown South Bend, the Renaissance District will be developed as a part of a mixed-use campus consisting of more than one million square feet of Class A office, education, technology, research grade manufacturing, data center and live-work spaces.
“We are excited to partner with the Paul Kite Company on the Renaissance District,” said Kevin M. Smith, chief executive officer of USTC. “Their extensive development experience both in this community and across the country as well as their team’s own Indiana growth story make them an ideal choice to lead the future development of this exciting project.”
In 2013, USTC entered into a unique public-private agreement with the City of South Bend to develop the former Studebaker corridor into a business, research, data, education and residential complex. As part of the development, Building 84, the last remaining structure from the Studebaker Corporation’s headquarters, is being preserved and transformed into a large scale, sustainably designed tech hub. The Renaissance District is an effort to provide a technology platform to enable a new wave of data and technology companies to thrive in South Bend. The project has been highlighted as a national model for redevelopment by Forbes Insights and is similar to other successful projects in Pittsburg, Pennsylvania, and Durham, North Carolina.
“It is an honor to join this transformational project,” said Paul W. Kite, founder and managing director of the Paul Kite Company. “The community’s foresight and vision to preserve the remaining sound structures of the Studebaker Corporation and create a district that leverages South Bend’s robust technology infrastructure is to be applauded. It provides a clear opportunity to generate economic growth in the region.”
Formed in September of 2004 by Kite, the Paul Kite Company is a privately held real-estate development and investment company focused on developing, owning and operating first-class retail, office and mixed-use properties. Kite previously served as president of Kite Development Corporation and grew the company until its transformation in 2004 into Kite Realty Group Trust, a publicly traded company.
The Paul Kite Company was instrumental in the development of Eddy Street Commons, and Kite led the formation of the Erskine Village development on behalf of Kite Development Corporation in partnership with Schottenstein Management Company. The Paul Kite Company’s efforts will be led through Strongbox Commercial, the company’s development arm.
Union Station Technology Center will be expanding and be one of several technology companies anchoring the initial phase of the development. “To compete globally for human and financial capital investment, our city must be known as a technology hub,” remarked Shane M. Fimbel, PhD, chief operating officer of USTC. “Creating a technology demonstration site of this size, scope and density re-establishes South Bend as a nationally significant player. We are eager to expand as a tenant of the district.”
The Renaissance District has already attracted over $12 million in private investment and generated over 50 new jobs. Remediation activities on the Studebaker factory are nearly complete and construction is set to commence on nearly 150,000 square feet of retail, technology and office space with the first space set to be available in the fall.
About Union Station Technology Center
Union Station Technology Center (USTC) is a state-of-the-art technology hub for digital information, providing an ideal venue for off-site data centers, data transport and carrier
operations. Geographically situated in fiber-rich northern Indiana, USTC offers low-cost computing space, power and connectivity as well as high-tech office space that enable customers to connect to the world and compete in the global marketplace. Their turn-key infrastructure has propelled USTC to becoming one of the fastest growing companies in Indiana, the region’s largest data center, and Indiana’s 2nd largest carrier hotel. USTC was selected as one of Indiana’s “Companies to Watch” in 2013 and is housed in the former New York Grand Central Station – known as Union Station – and within the Renaissance District. For more information, please visit ustechcenter.com.
About Strongbox Commercial
Strongbox is the development arm of The Paul Kite Company, a privately held real-estate development and investment company focused on developing, owning and operating first-class retail, office and mixed-use properties in the Midwest. For further information on Strongbox Commercial contact Kipp Hostetter, khostetter@strongbox.com.