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o Given the negative image of these two former commercial concentrations <br />and the competition for limited study area expenditures, other types of <br />neighborhood improvements, such as housing improvements, will be <br />required before additional retail development will have adequate support. <br />3. Other Commercial Light Industrial Uses <br />o Demand continues for office space in converted older homes even though <br />interest in converting historic homes to offices has decreased somewhat due <br />to changes in the federal tax laws. <br />o A small quantity of light industrial space should be marketable in the <br />western section of the study area in new and/or rehabilitated buildings, <br />especially if the rental costs or purchase prices can be kept well below those <br />in newer industrial areas. <br />Summary of Interview Findings <br />AREA has conducted interviews with several (six) real estate professionals who are familiar <br />with the Near Westside Neighborhood. Briefly, the key comments made by the interview <br />respondents are as follows: <br />Economic Conditions Affecting the Near Westside <br />1. During the early 1980's, real estate values declined in South Bend due to local as well <br />as national economic trends. In recent years, these values have stabilized. While no <br />substantial appreciation in real estate has occurred, the construction industry is <br />currently "booming." <br />2. Local investment is occurring after a period when very little investment was occurring <br />locally. <br />3. Many persons interviewed feel optimistic about the recent economic conditions in <br />South Bend, and feel that the Near Westside neighborhood is in a position to benefit <br />from these conditions. <br />Overall Characteristics of the Study Area <br />Residents of the study area are perceived by some persons interviewed to be immobile. <br />The majority of residents in the area are black, Hispanic or Polish. <br />2. There are no strong racial tensions in the Near Westside Neighborhood, nor in South <br />Bend, but one person, stated that the city has come a long way to reach this point over <br />the past 10 years. <br /> <br />6 <br />