Page 62 - Michigan City, IN US Highway 421 Corridor Plan

3.3 Corridor Redevelopment Goals, Principles and Strategies

Goal 3.3.6: Manage the 421 Corridor C. Promote the 421 Gateway District as a regional

Principles health care corridor for Northern Indiana. Advantages of Mixed-Use Development

Actions and Initiatives
1. Work with Franciscan St. Anthony Health-Michigan City, the From a development perspective, a mixed-use development alternative has four
A. Ignite Leadership, Engage Stakeholders, IU Health-LaPorte Hospital, and other businesses within the significant strategic advantages over the single-use development:
and Nurture Partnerships Lifeworks Business Park to promote the 421 Gateway District
as the major healthcare provider in Northern indiana.
B. Be consistent with statewide and 1. Ability to Spread Market Risk 3. Opportunity to Create Greater Long-Term Value
regional visions and plans. D. Commission, evaluate and disseminate
relevant information pertaining to guiding and The entire project does not hinge on the market demand The asset will have a higher likelihood of appreciating in the
C. Structure an ongoing planning process directing development within the 421 Gateway for only one use. In certain cases, one can move ahead with long term as the activities from the different uses reinforce
District. some components, while other pieces may wait until the one another and rents reflect higher pedestrian traffic and
improved pedestrian amenities.
Strategies market returns.
Actions and Initiatives
1. Coordinate the collection and dissemination of market, 2. Public Assistance 4. Possibility of Creating Higher Short-Term Value
economic, social, demographic, and traffic data and
A. Coordinate transportation corridor decisions information to prospective investors, developers, retailers, Since the site impacts will be mitigated and the mall Once approved, portions of the site can be sold to third-party
with land use, economic development, consumers, and public agencies. replaced with a desirable walkable environment, the developers at a higher price than if the entire site had been
sold for land value only. This will also allow the owner to
environmental stewardship, water management, 2. Stay on top of traffic issues and manage parking efficiently so city in all likelihood will want to see the project succeed, concentrate on vertical development where they have more
especially if the community has been involved in the design
and other public and private decisions and identify that its presence does not dominate the landscape. process. Therefore, the city is more likely to approve the experience and comfort.
opportunities to accomplish multiple objectives. 3. Coordinate and participate in real estate development and redevelopment project and/or provide infrastructure or
infrastructure financing. contribute some other form of financial assistance.
B. Develop an ongoing public engagement 4. Coordinate the actions of public agencies that are
responsible for government services.
program.
5. Identify the market forces that will drive value and become
Develop an ongoing public engagement program through which catalysts for change.
the Michigan City Redevelopment Commission is the caretaker of 6. Facilitate marketing and promotion of the 421 Gateway
the vision for the 421 Gateway District, and has the responsibility District.
of building consensus around implementing the vision. 7. Maintain the accuracy of the 421 Corridor Redevelopment
Plan’s Appendix A, Parcel Database in order to determine
Actions and Initiatives
likely redevelopment projects in the future.
1. Reach consensus, with the active participation of public and 8. Work with the real estate community to advance
private stakeholders, on the community’s vision of what the redevelopment initiatives within the 421 Gateway District.
US Highway 421 corridor should become.
2. Participate in the development and redevelopment of the
421 Gateway District consistent with the 421 Corridor
Redevelopment Plan’s vision.
3. Consider the creation of a parking management district to
bring multiple facilities under common management in order
to create greater efficiencies.
Source: Urban Land Institute Case Studies Source: Urban Land Institute Case Studies

3-12

3.0 Envision 421 Gateway District Adopted: August 16, 2016