READI Funding Supports Property Acquisition in Downtown Yorktown
Since 2014, the Yorktown Redevelopment Commission has been diligently working to redevelop, revitalize and grow its downtown core. With a substantial portion of the work complete, the Town has now set its sights on completing the next phase of redevelopment, which includes the assembly and redevelopment of a half-square block located between Vine, Market, and adjacent to Canal. Before the READI planning process, the Town owned five of the six parcels that comprise the half-square block. Through a $238,250 READI investment, the ECIRP, IEDC, and Town of Yorktown Redevelopment Commission were successfully able to acquire the remaining 0.10-acre parcel and complete the block.
According to economic impact analyses provided by Veridus Group, completed as part of the strategic planning process, when complete, the redevelopment efforts in downtown are expected to generate nearly 200 jobs and, over the course of 10 years, contribute approximately $150 million in economic activity. Information on plans, concepts, impacts, and progress can be found at https://www.growyorktown.com/.
“Yorktown has focused on redeveloping our downtown into a vibrant center for the community,” said Chase Bruton, Yorktown Town Manager. “With the use of these READI funds for the acquisition of this key parcel, Yorktown now controls a large portion of open land in our riverfront district. This is immediately adjacent to our Civic Green, a centerpiece of activity that includes a splash pad, concert venue, and storefronts. This is a prime location for future private investment in a mixed-use development.”
In 2016, through a collaborative, strategic planning process led by Context Design, the Town developed four guiding principles for its downtown redevelopment which, including creating a multi-generational social and economic hub for the Town. These principles have steered the town in its redevelopment plans, inspiring the creation of more green space for community events, pedestrian- and bicycle-friendly streets, and business opportunities.
With the parcel now under the control of the Town, the half-square block can be assembled into one larger property, which offers development advantages in terms of building footprints and tenant opportunities. Additional planning, coordination, and development discussions will now begin to further define the appropriate recommendations for the property’s redevelopment and reuse.
Launched by Gov. Holcomb and led by the Indiana Economic Development Corporation (IEDC), READI encourages regional collaboration and data-driven, long-term planning that will attract and retain talent in Indiana. The $500 million READI fund was passed by legislation during the 2021 session and was divided among 17 regions. Through READI, 17 regions across the state that represent all 92 counties are moving forward with projects and programs designed to enhance Indiana’s regions for current and future generations of Hoosiers. Collectively, the state’s $500 million investment is expected to yield an additional $9.86 billion in public, private, and nonprofit dollars invested (19.72:1 investment leverage ratio) in enhancing Indiana’s quality of life, quality of place, and quality of opportunity.