No. 2383 contracting the boundaries of the West Washington-Chapin Development Area

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currently characterized by wide-spread deterioration of buildings. Moreover, close to one-half of the buildings in each area are vacant. The total estimated floor area of commercial buildings (Washington Street - 107,000 square feet and Chapin Street - 58,000 square feet) far exceeds existing and future demand of such space. The Concept Plan calls for a new neighborhood commercial center to be located at the northeast corner of Washington and North Walnut Streets, restoring this corner as the commercial hub of the neighborhood. Existing buildings would be cleared from the site to ready it for redevelopment. Along both Washington and Chapin Streets, the concept plan calls for new consolidated parking areas to serve the adjacent businesses. • Existing Land Use 4. Industrial This district is reasonably well defined by existing industrial development. The area includes newer planned facilities such as the O'Brien Paint Company located north of Washington Street, and a new construction company at the west end of Washington Street. It also includes older industrial buildings that range in age, height, size, type of construction and condition. In general, the older facilities are characterized by building obsolescence and anon-competitive arrangement of site access, parking, service and environmental improvements. Contemporary industrial development in the area south of Washington Street will require removal of many of the smaller free-standing buildings in poor condition and replatting of the assembled areas for development as a planned industrial park. The Concept Plan for the industrial portion of the New Westside suggests reassembled parcels of 1-1/2 to 2 acres, along with rehabilitation of major industrial buildings. This area is located within an established Urban Enterprise Zone and Tax Abatement Impact Area, and a full range of business development incentives is available to help the area compete with newer industrial parks. Public The public areas identified as part of the plan include the existing Martin Luther King Jr. Recreational Center and the City fire station. No other major public recreational uses are proposed. However, the Plan suggests a major gateway feature at the corners of Western Avenue and Chapin Street. Market Assessment An important objective during Phase I of the assignment was to examine the market potential for development alternatives within the study area. It is essential that proposed development strategies, especially short-range, action-orientated projects, are workable given current and projected market conditions. To fulfill this objective, AREA prepared a market overview. The complete market overview, attached as Appendix A to this document, is based on a review previously prepared materials, field examination of the area and competitive market areas, and interviews with real estate practitioners. Its key conclusions are as follows: 1. Residential Market