Economic Development

Goal
Expand and diversify the economy of the Near Westside.

Indicators of Success and Baseline

• Based on newly acquired data, the number of business establishments will increase by 25% over the next four years (not including Central Greens expansion)
• According to a survey of bank and financial literacy providers, the number of financially informed consumers will increase over the next four years
• The public space of the four east/west business corridors (West Washington, Michigan, 10th and 16th Streets) will be physically improved by public and quasi-public projects

Story Behind the Numbers

By the late 1800s the Near Westside was an ideal community to live and work. However, in the 1960s many of the larger corporations and manufacturing industries disappeared as the national economy moved from the industrial age to one of technology and information. By the 1990s the economic vitality of the community was seriously jeopardized. Recently, there have been two promising activities with long-term potential to reverse the downward trends. One is interest by a group of developers in 155 acres of the old Central State Hospital. The other is a reinvestment of small businesses by immigrant Hispanic residents along West Washington Street, the National Historic Road. To support these emerging economic ventures, a group of Near Westside small business owners, residents, city officials and financial institutions are forming a Business Association to provide for a more prosperous future.