Retail & Development Surging the South Bend-Elkhart Region

University Park Trade Area

In 2016, the University Park Trade Area (UPTA) benefitted from the rejuvenation of Wilshire Plaza. Six tenants leased over 103,446 square feet in the shopping center, increasing the occupancy rate from 75 percent in 2015 to 96 percent in 2016. The plaza brought in multiple regional and national quality tenants such as Fresh Thyme, SkyZone, DSW, and HomeGoods. The revitalized shopping center, along with several other retail projects, has helped renew national interest in the Grape and Main corridor.


We are thrilled about the transformation that is occurring by adding these best-in-class retailers to the merchandising mix at Wilshire Plaza. We successfully executed a plan to retenant the shopping center and create significant value.
— BENNETT MORRISON - SENIOR VICE PRESIDENT OF LEASING, CHASE PROPERTIES

Elkhart County Retail

The retail market in Elkhart County has picked up over the last couple of years. This uptick in development is in part due to an increase in disposable income for the county, driven by high employment in the RV industry. Shoppes on Six, an 115,000-square-foot development completed in 2015, created a new shopping destination for the entire Elkhart trade area.

Selected Major Area Projects

Concord Towne Center - Elkhart

Concord Town Center Rendering,

Concord Town Center Rendering,

Concord Towne Center, previously known as the Concord Mall, began plans in 2016 on a $60 million overhaul, transforming the existing indoor mall into an open-air, mixed-use destination. The project is reportedly expected to generate $150 million to $200 million annually for the Elkhart and Michiana region once completed.

Smart Streets – South Bend

Main Street Row Rendering

Main Street Row Rendering

The Smart Streets project, while controversial and still ongoing, has reached a point where we can see some early returns based on the projects that were waiting in the wings for news on whether it would be approved. So far, there have been several positive outcomes:

  • Instrumental in attracting redevelopment of the JMS Building, LaSalle Hotel, new Courtyard Marriot, Berlin Flats, and other projects that will add several hundred new residents to the downtown area
  • Two-way traffic and street improvements on Main Street triggered the redevelopment of Main Street Row
  • Catalyst for nearly $200 million worth of investments in downtown

Continued observation will be needed to see the full extent of how the project will impact South Bend's future.

The River District - Elkhart

The River District Rendering,

The River District Rendering,

  • “New urbanistic extension,” of Downtown Elkhart.
  • $60 million aquatics and fitness center
  • $29 million luxury apartment complex
  • Streetscape improvements and other mixed-use developments
  • One of 39 projects chosen to receive funding from the Regional Cities Initiative
 

Changes in Brokerage, 1997 vs 2017

Changes in Brokerage, 1997 vs 2017

The past twenty years have seen some massive changes to CRE, while other things have stayed pretty much the same! This is a great infographic from apto.com detailing some these changes!

Crowdfunding Comes to Commercial Real Estate

Change is on the way

Changes in the last 5 years to SEC regulations have opened the door for more individuals to invest in the commercial real estate world than was previously possible. With the increasing number of companies like RealtyShares, and RealtyMogul, and Fundrise who allow minimum investments as low as $1,000 in some cases, more and more people are able to get involved in the strong annual yields that commercial real estate usually tends to offer. There is also the benefit of having an investment that is backed by a physical asset rather than simply an investment into the market at large.

It also is pretty cool to be able to drive by a building and know that you own a piece of it, even if it is maybe the equivalent of just a few square feet. 

Nav Athwal, the Founder, and CEO of RealtyShares, writes a great Forbes piece that outlines how he sees commercial real estate investing changing as crowdfunding becomes a larger player in that sector.

You can read his article HERE

 

Skyline Tower Ground Breaking ceremony/press conference

We had a great time at the Skyline Tower groundbreaking ceremony on the Skyline/Ash Building Rooftop Park! Thanks to everyone who braved the wind and slight chill to attend! Great things coming to downtown Fort Wayne.

It was an awesome day to break ground on Skyline Tower in Ft. Wayne! Fort Wayne, Indiana Downtown Fort Wayne #ReInvent #BuildUp#HereComesFtWayne !!

https://www.facebook.com/BradleyCompanyCRE/videos/725006740984820/

 

The Development Conundrum

The Development Conundrum

There has been much talk over the past 12 months about the return of speculative development, or more affectionately referred to as “Spec Building”. We commonly break down commercial development into three basic categories; office, retail, and industrial.

What is Your "E" Office Culture?

What is Your "E" Office Culture?

I am not a big fan of "titles".  Most corporate cultures, in general, tend to use "titles" for motivating employees to "climb the ladder,” because most titles come with more money and responsibility. If you agree with my observation, odds are you live in an Entitlement culture.