Portage Ave Commercial Corridor Action Plan 1999

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Market Analysis Successful revitalization needs to address the concerns of two markets, consumers seeking shopping opportunities and businesses seeking new locations. A weak market has difficulty attracting both markets because it is caught in a circular problem: businesses avoid the area because there are not enough customers and customers avoid the area because there are not enough businesses. In an attempt to break the circle, successful revitalization addresses both issues simultaneously. The Action Plan that follows suggests needed improvements in the business environment along Portage Avenue and techniques to attract customers. Residential Although a housing study was not part of this report, it is important to recognize the vital role of the attractive housing along and adjacent to Portage Avenue. The residents of these neighborhoods are the primary market for the goods and services offered along Portage Avenue. One role of the Steering Committee is strengthening the connection between the residents and the businesses through commercial area events focused on the neighborhood and recruiting efforts that target businesses identified by neighborhood organizations. The Market Development section of the Action Plan contains details on these efforts. Commercial/Light Industrial Interviews with commercial real estate professionals involved in the corridor, revealed that the market for all commercial uses along Portage Avenue is weak compared to development on the outskirts of South Bend. While all types of market rate development are occurring on the outskirts of South Bend and subsidized major office projects are being built Downtown, the only potential for a project in this area is the Omniplex site. This property once housed the Drewry's brewery. Now, the Omniplex is a for -profit small business incubator consisting of one office building which has been identified as historic and 14 freestanding buildings suitable for light industrial use. Many of the freestanding buildings are in poor condition. Concurrent with this study, the owner of this complex undertook a study of the potential for this 16 acre site. The results of that study have not been made public. As the Action Plan suggests, it is important for the Steering Committee to carefully monitor and support efforts to enhance the marketability of this property because it represents an opportunity to add new development to the Portage Avenue area. Retail The market for businesses along Portage Avenue, its retail trade area, is based on a number of factors, including the mix and draw of existing stores; quality, quantity and location of competitive shopping areas; ease of access; physical and perceptual barriers. As the chart on the following page shows, the shopping center industry classifies retail centers into categories based on the trade area drawn by listed factors. Portage Avenue Corridor Revitalization Plan October 1999 Page 7