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

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• o The real estate category with the strongest potential is residential real estate. The study area is very attractive for low- and moderate-income families seeking to purchase a first home. The area is also attractive for low- and moderate-income renters. o Further investments in both renter- and owner-occupied housing rehabilitation would benefit the area by making it more attractive and preserving the housing stock. Given the incomes of area owner-occupants and renters, continued availability and possible expansion of public rehabilitation financing programs will be needed to encourage housing rehabilitation. o Within the study area's historic district, investment continues in substantial housing improvements. Encouragement of housing rehabilitation by young families seeking affordable older homes will further stabilize the Near Westside Neighborhood and strengthen the demand for resales of renovated homes. o The feasibility of building new rental or owner-occupied housing in the study area is limited. Given local construction costs, it is unlikely that new housing can be built with acceptable sales prices or rent levels unless major public subsidies are provided. New market-rate units with rents or purchase prices adequate to cover all development costs would not be marketable in the study area in the near future. 2. Retail Market o Retail development potential in new or rehabilitated buildings within the study area exists primarily along major thoroughfares such as Lincolnway and Western Avenue. There is little support for additional retail establishments in the study area's former commercial concentrations along Washington and Chapin Streets. o Given the negative image of these two former commercial concentrations and the competition for limited study area expenditures, other types of neighborhood improvements, such as housing improvements, will be required before additional retail development will have adequate support. 3. Other Commercial and Light Industrial Uses o Demand continues for office space in converted older homes even though interest in converting historic homes to offices has decreased somewhat due to changes in the federal tax laws. o A small quantity of light industrial space should be marketable in the western section of the study area in new and/or rehabilitated buildings, especially if the rental costs or purchase prices can be kept well below those in newer industrial areas. Adaptive Re-Use Analysis The Washington Street area contains 34 commercial buildings, of which 16 are vacant; and the Chapin Street area contains 10 commercial buildings, of which 5 are vacant. All of the vacant buildings are in 10