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The Market for Retail/Commercial Space and Recommended Actions to Revitalize the East Algongquin Road Corridor
Client: Village of Algonquin, IL
dashed line separator Gruen Gruen + Associates (GG+A) was retained by the Village of Algonquin to conduct an overview of the market served or potentially-served by the East Algonquin Road Corridor in Algonquin. The market reconnaissance was directed towards identifying strategic actions to encourage beneficial redevelopment, remodeling and tenanting of the East Algonquin Road Corridor, an older commercial strip on Algonquin’s east side. GG+A's research and analysis identified the type and scale of land uses and activities that could be supported by market demands and the public or private actions or public policies that would facilitate the revitalization of the Corridor. GG+A conducted extensive interviews with property owners, developers, real estate brokers, and businesses. The interviews with property owners, developers, real estate brokers, and businesses were directed to obtaining information and insights about the supply of land uses and real estate in the study area; sources and types of users and customers; competing locations; locational advantages and disadvantages that apply; property and market data; and potential market opportunities and public or private actions or policies that could facilitate the revitalization and enhancement of the East Algonquin Road corridor. GG+A also identified and analyzed the supply of commercial building space within the trade area and land use and business characteristics of the study area and analyzed demographic, income, and retail expenditure data within the trade area and estimated potential current and future retail demand within the trade area. Strategic action recommendations related to facilitating: (1) reducing the amount of smaller, older, obsolete unanchored centers; (2) encouraging a smaller number of denser residential and mixed-use developments (while discouraging stand-alone retail locations); (3) attracting uses such as outdoor/recreation uses and industrial shopping center uses which have needs for showroom and outside storage and assembly space would benefit from the relatively low space and land costs available and high traffic counts in the study area; and (4) making medical uses permitted uses and otherwise reducing the regulatory uncertainty and costs of obtaining development and use approvals for such uses. Other recommendations related to signage, automobile related uses, and public recreation and educational uses. GG+A presented its findings and recommendations to the Village board and to the property owners and stakeholders in the corridor. The Village board accepted the findings and recommendations and staff have commenced implementation of the recommendations.



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