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| Site Analysis |
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Redevelopment of Historic Pullman Neighborhood – Chicago, IllinoisThe City of Chicago had been considering several different modernization options for the historic Pullman site on Chicago's South Side when a tragic accidental fire all but destroyed some of the key Pullman buildings.To honor the history of Pullman, the City launched an initiative to redevelop the site virtually in its entirety, preserving what was left of the original structures. AREA was hired to examine the financial feasibility of different commercial ventures that the City wished to attract to the neighborhood and to determine the potential economic impact of each type of business. Mixed-Use Development – Cleveland, OhioFor the pension fund of the United Church of Christ, a national religious organization, AREA analyzed the potential for developing a major mixed-use complex in downtown Cleveland that would include office, hotel, residential, retail, parking, and day-care uses. We documented demand for an economy-priced hotel, a small amount of retail space, support parking, and a child-care facility, in addition to the office space that was already committed. A development of the scope supportable by demand could not be justified because of the cost of site acquisition and clearance. Thus, the client decided not to proceed with the project. Gen. Mitchell International Airport Industrial Parks – Milwaukee, Wisconsin AREA was retained by Milwaukee County to analyze the market potential for industrial-park development in areas adjacent to Milwaukee's Mitchell International Airport.Our analysis involved projecting the future absorption of approximately 600 acres of land in scattered parcels around the airport, analyzing potential sales prices for land with infrastructure improvements, and assessing the importance of the airport as a marketing tool for the land. Near North Tax Increment Development Analysis – Chicago, IllinoisAREA was part of a team headed by Carmiros, Ltd., a land-use planning firm, that was retained by the City of Chicago to prepare the Near North Tax Increment Development (TID) Plan.The proposed TID area encompasses several public housing developments, including the Cabrini Homes, in which the Chicago Housing Authority will redevelop several buildings using HOPE VI funds. Hoping to stimulate private investment in this area, the City of Chicago plans to use the TID financing mechanism to fund public improvements. AREA's role was to assess private market development opportunities and forecast the potential enhancement in equalized assessed values (EAVs) and real estate tax revenues that could result from residential and commercial redevelopment and rehabilitation in the TID area. AREA also prepared the incremental real estate tax revenue projections used by the city in underwriting the initial two-series bond issuance for this TID, including two 23-year forecasts of incremental property tax revenues were prepared, based on anticipated enhancements of the EAV tax base for the project area. The development forecasting AREA performed was based on an analysis of recent development trands and demographic trends, coupled with discussions with developers that were active in the project area. Proposed Minor League Baseball Stadium – Round Lake Beach, IllinoisRound Lake Beach, a community north of Chicago, retained AREA to analyze the market potential for a new baseball stadium/civic arena. Our findings indicated that there is a market for a minor league baseball franchise in Lake County.Not only do demographics of the area compare favorably with those of successful stadiums around both Chicago and St. Louis, but Round Lake Beach is in a rapidly developing section of the greater Chicago area. The site's location relative to arterial roadways and Interstate 94 supported our conclusion. Downtown Office Space – Washington, D.C.For the RREEF Funds, AREA analyzed the Washington-area economy and the downtown office market to advise the Fund on disposition of an office building it owned at 1627 K Street, N.W.As part of this study, AREA looked at the District's current and projected leasing trends, rental rates, management costs, and related costs, as well as current and future local economic growth, and office demand and supply. Office Space in Two Broward County Submarkets – Fort Lauderdale, FloridaAlso for The RREEF Funds, AREA examined two of the seven major southeastern Florida office submarkets—with a focus on future prospects for office space in the Cypress Creek/Commercial Boulevard and Southwest Broward markets.Rental Housing Developments – Lake County, IllinoisAREA examined the economy and apartment market of Lake County, a suburban area north of Chicago, as part of its evaluation of two Lake Bluff apartment properties for the RREEF Funds. We focused on the performance of the local apartment submarket and a subset of five directly competitive apartment properties over the 1997-2007 forecast period.O'Hare International Airport Surplus Land – Chicago, IllinoisAREA was the subcontractor to Jones Lang LaSalle on an assignment to assist Chicago's Department of Aviation with the disposition of five large tracts of vacant land located on the periphery of O'Hare International Airport. AREA's role was to appraise the parcels and establish achievable price levels for use in sale negotiations.In previous work for the Department, AREA had organized over 200 tenant files and abstracted the associated lease agreements for Chicago's three airports—O'Hare, Midway, and Meigs Field. TIF Analysis for Proposed Downtown Commercial Atrium – Milwaukee, WisconsinAREA examined the potential for a mixed-use retail and office development that would be linked—via Milwaukee's skywalk system—to the Grand Avenue Mall, an existing atrium developed by The Rouse Company.Local property owners wanted to create a facility that would complement the Grand Avenue Mall and provide convenience retail for downtown office workers. The proposal involved adaptive use of historic properties as well as new construction. AREA staff assessed the demand for additional retail space, identified potential tenants, defined marketable lease rates and terms, prepared detailed financial analyses of alternative development sizes and characteristics, and evaluated the need for public-sector subsidies, especially tax increment financing. Episcopal Diocese – Chicago, IllinoisThis nonprofit organization retained AREA to analyze the sale and/or development potential of its prime Near North property, taking into consideration its relocation costs under several specific alternatives.We analyzed development scenarios based on the client's needs and market realities, prepared a financial analysis showing the upside and downside potentials of the most feasible strategy for the property, and provided the client with recommendations. We also retained an architect to prepare graphic representations of the most viable scenario. Other selected site analyses:
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