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Market Analysis & Strategy

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Market Analysis & Strategy MARKET ANALYSIS & STRATEGY INTERNATIONAL MARKETPLACE ACKNOWLEDGEMENTS International Marketplace Coalition (IMC) Local Initiatives Support Corporation (LISC) City of Indianapolis Rick May, Department Metropolitan Development, City of Indianapolis Ryan Hunt, Department Metropolitan Development, City of Indianapolis ULI (Urban Land Institute) Jennifer Milliken, ULI Indiana ULI Technical Assistance Advisory Panel (TAP) Ben Houle, LandWorx Engineering Matt Nowlin, Indy MPO Kathleen Norris, Urban Fast Forward Stephen Scott, SHK INC. Indianapolis Neighborhood Housing Partnership (INHP) U.S. Department of Housing & Urban Development (HUD) State Farm PNC Place Dynamics LLC www.placedynamics.com Contents A Place Like No Other ............................................................................................................................. 1 Plan Summary ..................................................................................................................................... 1 The Planning Process .......................................................................................................................... 2 The District Today ................................................................................................................................... 5 Lafayette Square Mall ......................................................................................................................... 5 Commercial Corridors ......................................................................................................................... 5 Interior Parcels .................................................................................................................................... 7 Neighborhood Demographics ............................................................................................................. 7 Business Mix ....................................................................................................................................... 9 Employment Patterns ......................................................................................................................... 9 Retail Market Opportunities ................................................................................................................. 13 Local Market Demand ....................................................................................................................... 13 Regional Market Demand ................................................................................................................. 18 Dining Market ....................................................................................................................................... 21 Market Demand ................................................................................................................................ 21 Competition ...................................................................................................................................... 22 Visitor Market ................................................................................................................................... 22 The District as an Employment Center .................................................................................................. 25 The Indianapolis Market .................................................................................................................... 25 Strengths of the International Marketplace ...................................................................................... 26 Potential Office/Flex Development ................................................................................................... 27 The Potential for Housing ..................................................................................................................... 29 Indianapolis’ Housing Market ............................................................................................................ 29 Market Demand for Housing ............................................................................................................. 31 Competition ...................................................................................................................................... 31 Market Opportunity Analysis ............................................................................................................ 32 Prior Planning ....................................................................................................................................... 33 Community Revitalization Enhancement District (2004) ................................................................... 33 An International Market Place: The Lafayette Square Area Plan (2010) ............................................ 34 International Marketplace Gateway Study (2011) .............................................................................. 35 Zoning and Land Use ........................................................................................................................ 36 Community Insight ............................................................................................................................... 39 Strategy Overview ................................................................................................................................ 43 Essential Outcomes .......................................................................................................................... 43 Catalytic Initiatives ............................................................................................................................ 44 Transformative Investment ............................................................................................................... 44 Supportive Programs ........................................................................................................................ 45 Distracting Activities ......................................................................................................................... 45 Essential Outcomes .............................................................................................................................. 49 Organizational Capacity .................................................................................................................... 49 Destination District ........................................................................................................................... 49 Walkable Mixed-Use Neighborhood ................................................................................................. 51 Authenticity, Diversity, and Affordability .......................................................................................... 52 Design and Development ...................................................................................................................... 55 Global Market ................................................................................................................................... 55 Falcon Creek Village .......................................................................................................................... 57 Lafayette Town Square ..................................................................................................................... 58 Eagle Creek Office Park ..................................................................................................................... 59 Lafayette North ................................................................................................................................ 59 38th & Moller ...................................................................................................................................... 59 Lafayette Crossroads ........................................................................................................................ 60 Greenspace ....................................................................................................................................... 61 Revitalization Strategies ....................................................................................................................... 63 Cultural Center .................................................................................................................................. 63 International Bazaar .......................................................................................................................... 66 Food Entrepreneurship ..................................................................................................................... 67 Enhanced Programming ................................................................................................................... 69 Market Presence ............................................................................................................................... 70 Primary Employment .........................................................................................................................71 Housing ............................................................................................................................................. 72 Walkability and Greenspace .............................................................................................................. 73 Streetscape ......................................................................................................................................
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