No. 0908 expanding the boundaries of the WWCDA, expanding the allocation area for purposes of TIF, and amending the development plan

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C9 C APPENDIX A APPLIED REAL ESTATE ANALYSIS, INC Mark P! _e Y r'_f _.� b €.n4 � � N��, _�l�S c The purpose of this interim report is to summarize the findings and conclusions of Applied Real Estate Analysis (AREA), Inc., regarding real estate market demand and development opportunities in South Bend's Near Westside Neighborhood. Although the scope of services of this assignment does not permit in —depth market anal'Uses of each potential land use in the study area, we have attempted to identify key trends and conditions affecting revitalization of the area. This market overview is based on a review of previous reports and documents describing the study area and its surroundings; a field examination of the study area and com_netitive residential, retail and other commercial market areas; and interviews with local realtors familiar with the area.* The Near Westside liei ghborhood as some problems affecting real revitalization potential in the OnDOrtun?t?eS, and the general follows: 1. �tudv Area Strenc�LS has a number of strengths as well estate development and area. The key problems and market trends in the area are as o The Hear Westside is close to downtown South Bend. As a result, the area has benefitted from increased commercial development activity which has spilled over into the study area where investors have purchased large, cld homes and rehabilitated them for office space. o The Near Westside's historic district has also attracted homebuvers who have purchased and renovated housing. Hilstorlc dwellings moved to the neighborhood have filled vacant lots and further enhanced the area's character. o Public and private investment in key projects such as the Col =a:{ Cultural Center and Tippecanoe Place have im,croved the area's appearance and image. * P_ more detailed summary of comments by the local realtors is attached to this memorandum.