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Market Research and Real Estate Financial Feasibility Analysis and Marketing Disposition Strategy for Municipal-Owned Site
Client: City of Prospect Heights
dashed line separator The City of Prospect Heights engaged Gruen Gruen + Associates (GG+A) to conduct a market reconnaissance of industrial, retail, and office markets. The results of the market analysis included a screening or sorting out of land use options according to likely market potential for approximately 12 acres of City-owned property on the north and south sides of Piper Lane, east of Pinecrest Drive and west of Burning Bush Lane. The research and analysis included (a) meeting with City staff and tour of the property and surrounding area; (b) interviews with the Manager of the Chicago Executive Airport and real estate brokers, developers, and property owner; (c) analysis of real estate market data conditions and trends for industrial, retail, and office uses and identification of inventory of land supply in relevant geographic areas; and (d) analysis of employment data by economic sector.

Conclusions were drawn about the relevant market areas, sources of demand and supply completion, the relationships between supply and demand and the competitive advantages and disadvantages that applied to the site for industrial, retail, and office uses. Scales and types of developments supported by market were identified and policy actions recommended to position the site to capture obtainable demands.

Following a presentation to the City Council, GG+A completed a real estate financial feasibility and land value estimate of a development program identified for the site. GG+A identified a disposition marketing strategy and tested the market and real estate economic findings and conclusions with a sample of developers and brokers. This test marketing has elicited interested in the site by a developer seeking to build a project consistent with the program identified as the result of the real estate market and financial feasibility analysis described above.

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