RM 04-13-89 - Laserfiche WebLink

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APPLIED REAL ESTATE ANALYSIS, INC. 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 se vices of this assignment does not permit in —depth market analy es of each potential land use in the study area, we have at.--tempted to identify key trends and conditions affecting revit lization 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 c mnetitive residential, retail and other commercial market areas and interviews with local realtors familiar with the area. A. The *? -ar Tn�estside Neighborhood has a number of strengths as well n. � _ s v . e problems af= ecting real estate development and Lt izat�on pOtenLlal in the area. The key problems and onpor :__n_itieS/ and the general market trends in the area are as folio as: 1. t iav _P..rea St =� ct�S The Near West-side 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, o'• d homes and rehabilitated them for office space. The Near Tr�estside's historic district has also attracted homebuyers who have purchased and renovated housing. Historic dwellings moved to the neighborhood have filled vacant lots and further enhanced the area's character. _'ublic and private investment in key projects such as the Colfa:c Cultural Center and Tippecanoe Place have imtiroved the area's appearance and image. * P. te Beta =led summary of comments by the local realtors is attad to this memorandum.