Efforts to revitalize Ball State's Village have been an ongoing process, but developers may have hit a standstill.
Milhaus Development, which owns University Square, was hoping the spring would be a big leasing season to bring in new businesses to the area, but hasn't found any new tenants.
David Leazenby, Milhaus vice president of pre-development said although University Square will not be adding any new tenants in the immediate future, efforts for continued revitalization are still in full force.
"We're still working on marketing the property, and I think there's still been a lot of activity looking at it," Leazenby said. "We just haven't found the right fit."
With the developers mainly focusing on restaurants, type destinations and retail opportunities, they are hoping to be able to offer a large variety of choices for people in and out of the university community.
Along with revitalizing the area, Leazenby said the company had planned to redo the facade of University Square by this spring, but is still in the negotiation process with current tenants to find a solution that is comfortable for everyone.
Even though the Indianapolis-based real estate investment, development and consulting company hasn't signed new tenants in recent months, several businesses within the last year have opened in the Village.
Leazenby confirmed that Chris Ellison, owner of Cleo's Bourbon Bar, will open Little Chicago Pizza in University Square in about a week. Cleo's opened in December 2011.
Ellison could not be reached for comment about the opening, but said in a previous Daily News interview that his relationship and efforts toward helping revitalize the Village weren't just a passing fad.
"We're here to stay. We're not going to be one of these [businesses who] two years in, they're gone," he said. "We plan on becoming a part of the community, not just using the university for a short term."
Down the street from University Square, D Luxe Bar and Lounge opened in May where Motini's used to be, and the MT Cup reopened under new owners and a new name, The Cup, in April.
Jake Dietrich, a development associate with Milhaus, said although the company hasn't signed any new leases, it is actively pursing new opportunities to bring tenets into the area, and the future looks bright.
"People are starting to realize how much of an opportunity there is in the Village," Dietrich said. "I think it's just taken a few years to see that."
Michael Hicks, director of the Ball State Center for Business and Economic Research, said with a large majority of the university population dropping off in the summer, it is not surprising that many new and old businesses would experience a dip in business, but perhaps opening a business during the summer months gives proprieties the chance to work out any kinks that might come along.
"It's altogether possible that businesses are opening in the summer to iron out any bugs that might be a part of any new opening," Hicks said.
Recognizing the economy as a main catalyst for lack of interest in the area, Leazenby said a rough economy makes it more difficult for small businesses to receive financial backing to go into areas that have experienced trouble in the past.
He said the slow economy does not affect the goals Milhaus has.
"It's just a further indication of how challenging the market is for small business today," Leazenby said.
The developers don't have a time frame on development for the area, and see the opportunity as an investment, not a quick fix.
"We know that it wasn't something we were trying to get done [quickly]," Leazenby said. "It was something that we knew was going to take some time to invest in the property and reposition it and make it attractive."
Justin Wenger, a senior psychology major, said although he has seen progress in the Village within the last five years, he thinks it could be better.
"I think there could be more here than just bars and a gas station," Wenger said.
The slow economic turnaround isn't necessarily a big concern for Leazenby.
"The market will come back for retail businesses [and] lending, when it does," Leazenby said. "And we're going to have a really good real estate that's going to be attractive to tenants."
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