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

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B. Key Market Conclusions and Recommendations Based of this real estate market overview, we have reached several preliminary conclusions regarding the study area's key revitalization opportunities and constraints. During later phases of this assignment, these market-related conclusions will be combined with other factors affecting the area such as its physical condition and layout to develop an overall revitalization strategy. The key market conclusions are as follows: Residential Market 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 the area 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. • 5