Indianapolis, December 29 - One of the most successful urban renewal programs in the nation is expanding.
     
Right now, Fall Creek Place extends from Fall Creek parkway south to 22nd street. It runs from Pennsylvania on the west to Park Avenue on the east.
    
The city's latest plan is for a phase four that will take in parts of Broadway Street and College Avenue and add up to 120 new and rehabbed homes.

Justin Ohlemiller of the Dept. of Metropolitan Development says this is the final piece of the puzzle.

"With the great success of the first three phases, it's finishing the job," said Ohlemiller.

He says the city has committed $6.5 million for land acquisition and infrastructure improvements, money the city will get back through the new tax revenue generated.  
 
Investor Don Biddings, who is refurbishing a house, likes the idea of a phase four.

"The whole area is expanding and growing and there's just great demand for homes in the area," said Biddings.

Phases one through three were set to take 6-7 years but they took just four. 

The area now boasts some 400 homes, with appreciation reportedly up as much 35 percent.

"It's nice to see the people who made the biggest commitment are getting the biggest reward," said Charles Cagann of Mansu Real Estate.

Cagann is president of Mansur, the master developer. He says plans for phase four include a retail center at 22nd and Delaware offering a bookstore, coffee shop and grocery store. 

The concept is to bring some specific neighborhood retailers back to the area.

Live and work condos with residential units above retail or office space are also in the works. 

Still some like Margaret Demery are leary of the Fall Creek expansion. Demery, a renter, worries the revitalization could force her out. 

"I would like to know if I'm going to lose my apartment or house so I can do something about it ya know," said Demery.