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The Renwick Village Center is the cornerstone of the Renwick community now under construction at the Southeast corner of Moores Pike and Sare Road. When completed, Renwick will consist of 361 dwelling units.
The Village Center itself will consist of three primary concepts:
The Terraces feature 22 townhomes each with outdoor private living space and attached two-car garages. The Terraces will be a for sale product in the $200,000.00 range.
The City Flats at Renwick is a multi family development consisting of 103 dwelling units. Product will consist of one, two and three bedroom units with parking underneath the buildings. Amenities include swimming pool, fitness center, internet café, and access to bike and pedestrian trails.
The Commercial component Village Center is a stunning commercial destination including retail, office and residential uses. As the cornerstone of The Renwick community, The Village Center offers a unique opportunity of ownership for commercial buildings as well as leasing for professional, retail, and office uses.
Eight commercial pads with building shells complete will be for sale. Each pad will accommodate a building of approximately 5,400 square feet in a two story design - Parking description: see attachment - Area description: Renwick Village center is located at the corner of Sare Road/College Mall Road and Moores Pike. Sare Road is a major north/south corridor servicing substantial existing residential developments just south of the Renwick Community in southeast Bloomington, Indiana, Monroe County.
This site services a six-county area that includes Monroe, Brown, Morgan, Owen, Green and Lawrence counties. Bloomington is Indiana’s seventh-largest incorporated metropolitan area, a position it has held for several years among the state's cities. The education level is substantially higher than state or national averages, reflecting the presence of Indiana University, a robust state university, and numerous scientific, technical and professional establishments. Of all Monroe County adults over age 25, 40% have a BA or higher degree, ranking the county second in Indiana and placing it in the top 2% of all counties in the nation.
Bloomington/Monroe County has consistently been a strong retail market. This is supported by the diverse population i.e. students from all over the world, retirees (both life long residents and those returning to retire), professors, farmers, entrepreneurs, and a large visitor/tourist base. In the past few years, there has been a shift in the direction of new retail projects to the west side as the established east side business/retail district is typically full. These developments include retail, restaurants, hotels and other services. This caused significant impact and competition to the previously dominant east side trade area by expanding the retail trade area to include the west side. With this and the announcement of I-69’s path being projected through Bloomington, the subject site's value, longevity and retail appeal is excellent as it is the first new development on the bursting east side. - Number of buildings: 5 - Building condition: Excellent - Tenancy: Multiple Tenants
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On average, listings lease in the $10's per square foot per year. The Bloomington submarket is going through a decline in rates. In the last 3 months, the median rate decreased $1 per sqft per year. That's a 5% decline in rent.
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