5-YEAR INVESTMENT + FUNDING STRATEGY Oxford Circle Redevelopment

Village Green Retail Total Project

CASE STUDY |

John H. Boner Center

The John H. Boner Community Center was developed to solve challenging issues on Indianapolis’ near-eastside. The multi-use center offers youth services, adult services, youth and senior day care, financial education, senior services, transportation assistance and recreational/fitness options.

The area has also seen significant improvement in the quality and availability of affordable and market-rate housing. Several years after the initial investment, the near-eastside raised additional dollars to expand the existing facility and to fund a health and rec center that incorporates physical activity with healthy lifestyle educational assistance.

Recent Promise Zone Designation

10-YEAR ACTION + INVESTMENT PLAN Oxford Circle Opportunity Hub

Key Players

Vaughn’s Branch Restoration

The restoration of this unique site feature will open up new recreational options along the creek’s bank, connecting to the existing network of trails and greenways throughout Lexington.

Mason Headley Realignment

By aligning these two critical intersections additional developable land is created and connectivity between the employment center (hospital) and Oxford Circle would be greatly enhanced.

LFUCG w/ support from Foundations and other non-profit organizations

LFUCG w/ support from KY DOT, MPO

Versailles Frontage Development

The current retail/service options lack broad market appeal and visually detract from the area. Improved retail pads that support higher and better uses would improve the market and likely attract additional users to the site.

Private Developers w/ support from Community Ventures or other redevelopment entity and LFUCG

Housing Stabilization Program

The current multi-family housing surrounding Oxford Circle is a liability to the Opportunity Hub. Improving the overall aesthetic and quality of these units may attract more stable residents that benefit from proximity to the services offered nearby.

Retail Incentive Program

A need exist to transition retail uses that do not reflect the future “brand” of the Opportunity Hub and replace them with complementary uses or better aligned retail businesses.

LFUCG w/ support from Community Ventures, CAC or private developers

LFUCG w/ support from Community Ventures, CAC or private developers

Early Action Items

Perform necessary survey and engineering work for stabilization

Design open space, trail, bridge and other improvements

Bid and construct

Work with cemetery and other property owners on relocation

Acquire property needed for right-of-way improvements

Engineering and design work

Bid and construct

Engage property owners to understand future plans

Track changes to property ownership and availability

Acquire and assemble property as it becomes available

Determine best use and site design for properties

Engage local developers on potential opportunity

Engage local code enforcement, public health and safety officials

Evaluate potential of targeted enforcement strategy

Work with property owners to improve properties

Work with local developers and/or housing organizations

Continue conversatinos with local property and business owners

Identify ideal retail/services that support the Opportunity Hub

Explore funding sources and mechinisms like a revolving fund

Assist property owners with business relocation services

Work with property owners to recruit desired business types

Potential Funding Sources Intended Outcomes

$450,000 EPA Funding, Conservation Fund, Trails Program

• Stabilized banks that support native vegetation and natural habitats

• Remove current and future pollutants and their sources from the creek with the intention of improving water quality and water habitats

• Connect to existing trails and greenways to provide multi-modal options for connectivity

• Create a natural setting that provides relief from (sub)urban conditions found in the majority of the Cardinal Valley Neighborhood

$3,400,000 Federal and Local Transportation Dollars

• Creation of single, easy to understand intersection at Oxford Circle and Mason Headley

• Assembled land at new intersection for future auto-oriented retail Relocated cemetery entrance

• Improved pedestrian connections to Cardinal Valley Rehabilitation Hospital and to neighborhoods to the south

Conventional Financing, Public Resources (ex: TIF, Section 108, CDBG if available and applicable)

• Assembled properties at key intersections (Versailles Road and both corners of Oxford Circle/Mason Headley)

• Identification of targeted retail and service types that complement Opportunity Hub and appeal to broader market (commuters)

• Attraction of retail and service offerings that attract and support employees, visitors and patients at Cardinal Valley Rehab Hospital

• Evaluation of hotel and/or housing options for southwest corner of newly aligned Oxford Circle/Mason Headley road

Conventional Financing, Public Resources (ex: TIF, HOME, Section 108, CDBG if available and applicable), HUD Resources

• Ongoing and consistent enforcement of existing zoning, building code and health/public safety laws with emphasis on properties adjacent to the Oxford Circle Opportunity Hub

• Established pool of resources and programmatic assistance for private developers and/or individuals to improve residential units Added organizational/programmatic capacity (example CDC)

$585,000

Conventional Financing, Public Resources (ex: TIF, HOME, Section 108, CDBG if available and applicable)

• Transition of underperforming or non-complementary businesses

• Attraction of like-minded businesses and complementary retail to fill vacant storefronts

• Diversified retail and service offerings that better support the community and the commuter/visitor markets