Kokomo Tribune; Kokomo, Indiana

Breaking News

March 21, 2014

New owner taking over South Bend's tallest tower

SOUTH BEND (AP) — Repairs to resolve a growing list of troubles with South Bend's tallest building could soon be starting now that it is emerging from more than three years in receivership.

New York-based Washington Square Realty bought the 25-story Chase Tower at a sheriff's sale on Thursday for $4.5 million.

The downtown building has faced problems such as balky elevators and an outdated heating and cooling system, along with stone falling from its facade and crumbling concrete that's exposing rusty steel rebar in the parking garage, the South Bend Tribune reported. The tower houses a hotel and offices, but is about half empty.

Andrew Nemeth, a real estate broker and consultant who will manage Chase Tower, said he couldn't disclose how much Washington Square planned to spend on the building but that the new owners were committed to the task.

"First order of business, I expect will be, addressing the elevators and the parking garage. I know that we're working on bids for all those items," Nemeth told WNDU-TV.

Michael Hardy, a lawyer for the court-appointed receiver, said a court motion would be filed within days to end the receivership. Washington Square bought the $7.5 million debt attached to Chase Tower's bank note a year ago.

The building went to the St. Joseph County sheriff's sale after a developer's plan to buy and overhaul the building fell through.

Nemeth, who has offices in the tower, said he was looking forward to the renovation work.

"Myself with all the other tenants, we've been putting up with a lot of heartache and problems and issues but I think that before too long here we can turn things around and be happy about it again," he said.

Text Only | Photo Reprints
Breaking News
Latest news
Featured Ads
Only on our website
AP Video
Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Kelly Lafferty's video on Tom Miller