East Washington Street near-term catalyst development plan
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SitE SElEction Based on input at the Better Blocks meeting, a number of potential focus areas were brought to the multiple CDCs engaged in this effort, along with LISC representatives to select five (5) particular focus areas for catalyst efforts and general thoughts as to appropriate development at these locations.
Real Estate Market Analysis was developed to understand how particular intersections or nodes were situated for future development based on transit, the development marketplace, and the industrial character and potential of the corridor. This include recommendations on specific sub-markets to focus on in recruiting efforts for the reuse of industrial buildings.
These catalyst projects are all focused within the area nearest downtown, including: • The Near Downtown Housing site that is just north of the Angie’s List Campus • The Gateway area at Washington Street and Shelby Street with appropriate infill • Oriental Street, including Ivy Tech, The Historic Ford Building, and appropriate infill
The infrastructure portion of the project looked at improvement for the Industrial Community, including power upgrades and a new industrial boulevard. Washington Street efforts include broad goals that will work with future Blue Line Rapid Transit infrastructure planned for this corridor. In addition, an area bicycle route plan was developed woven into the document. cAtAlySt PRojEctS d, E These two catalyst sites are farther from downtown, but have the potential for larger area impact, including: • Willard Park with enhanced programming for active uses • PR Mallory to become an educational, job, and living campus with appropriate infill s h elb y st
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ohio street NEAR-TERM MIXED-USE FOCUS AREA RESIDENTIAL AREA
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AnticiPAtEd dEMAnd foR officE SPAcE iS loW... Uncertainty and slow growth for the future have left Indianapolis’ office sector stagnating. Vacancy rates in both the city and suburbs have stayed high, around 20%, but have slowly improved over time. Job growth is expected to be flat, and speculative development is rare.
VACANCY % And nEt AbSoRPtion 0+53+43+45+0+28+47+49+24+29+34+19+38+82+0+0+0+0+0+0+0+0+0+33+0+0+0+65+56+24+0+06+26+0+0+0+25+59+32+0+42+69+24+14+8+71+18+38+11+0+0+0+0+0+0+0+0+0+2+0+0+0+18 2005 1Q 2006 1Q 2007 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012 1Q 300
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LAWN potential site 6 holy cross / highland park potential site 1 daly + shelby / gateway area potential site 2 oriental / washington potential site 7 holy cross church / school potential site 3 pr mallory potential site 4 englewood town
center potential site 5 willard park other option residential other option industrial plans in progress erskine place other option residential existing campus improvements angie's list 0 m
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