5165-26 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 ApaftmeYtts 2,450 unit. 2.46o Units defined as the demand the area is likely to see if it continues For-Sale Towrihomes 400 Units 470 Units on its current trajectory.In this outlook,Downtown South 'Missing Middle"Stacked Flats IMMEM1111.1 260 Units Bend is likely to see support for new real estate in a variety of segments,including rental housing,institutional office High-End Condominiums oo vn r5 space.limited-service hotel,and neighborhood-serving retail, Grocery 45 000 SF 48.0oo SF including a grocery store. Restaurant 22.000 SF 45 000 SF However,with strategic Improvements and targeted Entertainment&Fitness 8.o0o SF i8.000 SF investments,the Cityof South Bend has thepotential to unlock 0Services y 000 SF 24.000 SF a even greater opportunities.In the same market analysis, Hard&Soft Goods i 000 SF ]000 SF RCLCO also developed a forecast of"upside"demand, — — vl which reflects the additional gains that could be realized in Limited Service Hotel 400 Keys a Downtown South Bend through thoughtful planning,enhanced Futi-Service Hotel 400 Ke s 6 0 Ke 5_ F, connectivity:and curated development efforts.In this scenario, Corporate Office T 195.000 SF 503 00o F there is likely to be even greater support for new development, especially for commercial uses that would benefit from greater C Institutional./Medical Office 195 00o SF 5og o0o SF 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 environment.Through these improvements.Downtown South continues on its current trajectory STRONG send 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 IMMEMM r,,;Niov,NSOin 1.1 LIE ND =..1,_ f ,uuf,-SF-Ni INLs N ,.r..ii=r_ Analysis 28