26-08 Resolution Approving and Adopting the Downtown 2045 Plan

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Market & Economic Analysis Progress is already underway.with Downtown South Bend DEMAND FOR NEW PRODUCT BY 2045 poised to see an uptick in new housing development in the coming years.As part of a market analysis looking at the Baseline Scenario Upside Scenario future growth trajectory of Downtown South Bend,RCLCO thus determined a favorable outlook of"baseline"demand, Rental Apartments :,4s0 units 2 960 un ts, defined as the demand the area is likely to see if it continues For-Sale Townhomes 400 units - 470 unit, on its current trajectory.In this outlook,Downtown South "Missing Middle'Stacked Flats 40 unit: 160 una,. Bend is likely to see support for new real estate in a variety of segments,including rental housing,institutional office High-End Condominiums 7o unlr go Units space,limited-service hotel,and neighborhood-serving retail, Grocery 45,000 SF 48.000 SF including a grocery store. Restaurant 22.000 SF OMMEMINI. W However,with strategic improvements and targeted Entertainment&Fitness 8.00o SF ,8 000 SF N investments,the City of South Bend has the potential to unlock 0 Services g.000 SF - ia000 SF a even greater opportunities.In the same market analysis, Hard&Soft Goods t 000 SF 7 o0o Sf RCLCO also developed a forecast of"upside"demand, which reflects the additional gains that could be realized in Limited-Service Hotel aoo ice 670 KEyS Downtown South Bend through thoughtful planning,enhanced Full-Service Hotel 400 ice s 670 Ke 5 Pe Gpnnectivity.and curated development efforts.In this scenario, Corporate Office i• .000 SF 503 o0o SF there is likely to be even greater support for new development, Institutional/Medical Office 1e5.000 SF 503 00o SF especially for commercial uses that would benefit from greater - - -- visitation and foot traffic across the urban core. The analysis highlights the potential benefits that can be Baseline Scenario Market Opportunity realized through improvements to the downtown built Opportunities Downtown South Bend is likely to see if it continues on its current trajectorySTRONG environment.Through these improvements,Downtown South Bend can bridge the gap between its current assets and future MODERATE STRONG Upside Scenario MODERATE potential,ensuring the area becomes a vibrant.cohesive Opportunities Downtown South Bend is likely to see through destination for residents,businesses,and visitors alike. MODERATE/WEAK improved planning,increased connectivity,and strategic public investment MESIIIP 'Pa l.ivN ,,i,f,t NI)--,.15.-L E ,Oui,ElE NIA Itai; l: 1 r..r Analysis 28