March 01– Mar. 1–ELKHART — Investors have a new partner in the revitalization of the former Hotel Elkhart.
Project leader Cressy Commercial Real Estate on Thursday announced a joint venture with MnoBmadsen, the non-gaming investment arm of the Pokagon Band of the Potawatomi Indians.
The partnership will result in the largest privately led redevelopment project in Elkhart in over 40 years and will fill a critical economic need within the community, Cressy said in a news release. The investment in the Hotel Elkhart project is Mno-Bmadsen's first commercial investment in Elkhart County.
"This investment grows a very important partnership with Cressy and expands our commercial real estate portfolio further diversifying our investment holding," said Julio Mart?nez, chief financial officer for Mno-Bmadsen.
The Hotel Elkhart project is a collaboration of public and private partnerships, including the City of Elkhart, State of Indiana, Centier Bank, The South Bend Chocolate Company, Regional Cities Initiative, Department of Natural Resources, Mno-Bmadsen and Cressy Commercial Real Estate.
Upon completion in the spring of 2020, the Hotel Elkhart at 500 S. Main St. will offer 93 full-service boutique guest rooms, South Bend Chocolate Caf?, a taproom/bar, breakout meeting space, along with a fully-renovated ninth-floor Athenian Ballroom offering outstanding views from an expansive rooftop deck.
Developers began work on the project in December. Mart?nez said the renovation was a natural fit for the Pokagan Band.
"The Elkhart area is an important part of the historically ancestral lands of the Tribe, and the city's commitment to renovate its downtown area makes this an excellent investment opportunity," Mart?nez said.
Cressy Commercial Real Estate is a regional leader in the commercial real estate industry and the developer behind University Park Mall, Edison Lakes Corporate Park, and the Main Street corridor in Mishawaka representing over $1 billion in private investment to date.
"We are very excited for this catalytic project and the impact it will have on downtown Elkhart," said Christ Fielding, CEO for Cressy Commercial Real Estate. "The values of the Pokagon Band align with those of our company and we are excited to have a partner that believes in using their success to make our community a better place to live, work and play."
