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A team composed of AREA, Stein & Company, and Marketplace Development was retained by the City of Chicago to assess retail uses at O'Hare and prepare a plan to increase retail activity, better serve airport users, and improve day-to-day management of retail leases.
AREA designed, administered, and analyzed surveys to find out how passengers, employers, and non-passenger visitors use the airport's retail facilities and what desirable goods and services are not currently offered.
The information obtained from these surveys is being used to prepare a retail development strategy and marketing plan for the domestic terminals.
Analysis for Relocation of Corporate Headquarters – Houston and Chicago
Working with Cushman Realty, AREA examined the Chicago and Houston office markets to evaluate the relocation of a downtown-Chicago corporate headquarters to one of two possible locations: a Chicago suburb or the Houston metropolitan area.
AREA identified subareas within each metropolitan area that would best suit the client's needs with respect to retaining existing employees and recruiting new ones. While we considered both proximity and housing-cost issues, our primary focus was on comparison of labor costs and quality-of-life factors in the two areas.
Downtown-Milwaukee Wisconsin Avenue Retail Project – Milwaukee, Wisconsin
AREA was retained by the City of Milwaukee to prepare a tax increment financing analysis for the renovation of a small multiple-use building owned by a local nonprofit development corporation.
During the analysis, which also called for review of the market and development assumptions for the project, AREA found that anticipated rents were unrealistic and revenues would not support the development costs, which were less than half those projected by the architect.
Because the project was not considered viable, the City decided not to proceed with the full tax increment analysis.
Disposition Analysis for Corporate Headquarters Complex – Elk Grove, Illinois
Insignia/ESG retained AREA to prepare a highest-and-best-use analysis for a large parcel of land in the O'Hare area that is currently improved with corporate offices.
We estimated value based on two premises: as if land and buildings were sold as a piece and as if it were divided into parcels and sold for industrial redevelopment. This analysis is being used by Insignia to prepare a disposition and marketing strategy for the property.
Other selected analyses:
- Potential for developing a major mixed-use complex in downtown Cleveland that would include office, hotel, residential, retail, parking, and daycare uses for the pension fund of the United Church of Christ, a national religious organization.
- Major southeastern Florida office submarkets—with a focus on future prospects for office space in the Cypress Creek/Commercial Boulevard and Southwest Broward markets.
- Advice to the RREEF Fund on disposition of an office building in downtown Washington, D.C.
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