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

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Appendix A Market Overview Applied Real Estate Analysis, Inc. Market Overview for South Bend's Near Westside Neighborhood The purpose of this interim report is to summarize the findings and conclusions of Applied Real Estate Analysis (AREA), Inc., regarding real estate market demand and development opportunities in South Bend's Near Westside Neighborhood. Although the scope of services of this assignment does not permit in-depth market analyses of each potential land use in the study area, we have attempted to identify key trends and conditions affecting revitalization of the area. This market overview is based on a review of previous reports and documents describing the study area and its surroundings; a field examination of the study area and competitive residential, retail and other commercial market areas; and interviews with local realtors familiar with the area. A. Major Findings The Near Westside Neighborhood has a number of strengths as well as some problems affecting real estate development and revitalization potential in the area. The key problems and opportunities, and the general market trend, in the area are as follows: • 1. Study Area Strengths o The Near Westside is close to downtown South Bend. As a result, the area has benefited from increased commercial development activity which has spilled over into the study area where investors have purchased large, old homes and rehabilitated them for office space. o The Near Westside's historic district has also attracted homebuyers who have purchased and renovated housing. Historic dwellings moved to the neighborhood have filled vacant lots and further enhanced the area's character. o Public and private investment in key projects such as the Colfax Cultural Center and Tippecanoe Place have improved the area's appearance and image. *A more detailed summary of comments by the local realtors is attached to this • memorandum.