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The Economic Impacts of the Proposed Shops on Main
Retail Development in Schererville, Indiana

Client: Regency Centers
dashed line separator Regency Centers engaged Gruen Gruen + Associates (GG+A) to estimate the economic impacts of the construction and operation of the proposed “Shops on Main” retail development in Schererville, Indiana. Regency proposed to build a 349,000-square-foot retail lifestyle center on approximately 34 acres of land located on the northern border of the Town of Schererville at the intersection of Main Street and Route 41. The Shops on Main development was planned to include approximately 70 specialty name-brand retailers and restaurants. Total development costs for the project, including land costs, totaled approximately $139.7 million. Following the analysis prepared by GG+A, the proposed project was approved and broke ground in late 2007.

GG+A conducted the analysis using the IMPLAN Economic Impact Input-Output Model to quantify the one-time construction impacts of the proposed development on the local economy as well as the on-going economic impacts generated by the operations of future tenants of the Shops on Main development. The direct and indirect or multiplier economic impacts were estimated and presented in terms of employment added; labor income (employee compensation and proprietors’ income) associated with the added jobs; and economic output (the value of all goods and services produced).

GG+A also estimated the development impact and permit fees, business license taxes, and property taxes the project will generate for the local treasury.

In addition, GG+A reviewed the literature on lifestyle centers and conducted interviews with representatives of six municipalities in which lifestyle centers had been recently developed to identify the potential economic development effects the proposed Shops on Main development could produce if the after condition results are similar to other cases.

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