RE-STATE: A Master Plan For State Street, is a vision and strategy that reimagine’s State Street through West Lafayette, Purdue University and a new western gateway. The plan involved collaboration between Purdue University, the City of West Lafayette, and the Purdue Research Foundation (PRF). After a robust engagement with important stakeholders, a new vision for a State Street as a place where people want to visit, live, work, and play emerged. Urban design elements ensure that bicycling, walking, and public transit have a much larger role in connecting both sides of the street, as this corridor evolves from a state highway to a campus main street. In association with MKSK, Greenstreet prepared a market analysis of population and employment forecasts, as well as household income and retail spending trends to determine five-year potential absorption of residential, office, and retail demand. Greenstreet applied demand to the current inventory of residential, retail and office and identified gaps and unique product segment opportunities for catalyst projects within the State Street corridor study area.
Following the master planning process, the City and the University structured an interlocal cooperation agreement to invest a total of $123 million to fund the project under a public-private partnership, commonly known as an “availability payment” structure. A developer-operator has been selected by the City of West Lafayette and Purdue University, with construction commencing in 2016.