TIPPECANOE COUNTY, Ind. (WLFI)— The demand is high and the supply is limited for those wanting to move to Lafayette. Thankfully new parking garages and residential options are in the works for the downtown area.

The fourteen potential sites will focus on parking garages and vacant buildings to update. Renovations to existing businesses, restaurants, and retail shops are all involved in the plan. Spaces above businesses could also be transformed into residential housing for rent and for sale.

MKSK Principal Eric Lucas said these changes will revamp the downtown area.

"This is a new spot to kind of provide something that's different for the community," said Lucas "We look to provide townhome developments that transition back out to the neighborhoods on the north, east and south sides of downtown."

Additional parking garages will also be included for incoming visitors around the area. 

With these new developments, city officials will also be looking at the current housing market and analyzing how it will impact downtown.

Realtors and builders involved in the projects will be providing input on what these changes could do to the area. All of Tippecanoe County will be considered in the analysis to plan for the future.

The new Mark Apartments on 2nd street near Old National Bank is just one of the new developments to start offering more options.

Economic Development Director Dennis Carson said the need for housing is in high demand.

"This will benefit the city because it will better understand the housing market so it will give people more options," said Carson. "We will also look at the fiscal impacts of these developments and we can plan for that as well."

Carson said with the high number of job openings, they want to prepare for new homeowners and renters.

The plans for these housing developments should be completed by the beginning of next year.