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Market Reconnaissance, Real Estate Economic Analysis, and Strategies for the Enhancement of Downtown Northfield, IL
Client: The Village of Northfield, IL
dashed line separator To develop a strategic framework for a downtown specific plan, the Village of Northfield retained Gruen Gruen + Associates (GG+A) to conduct an analysis of the market for retail/commercial space in the Downtown. GG+A's research and analysis identified Northfield's market niche and the factors that encourage demand or the locational strengths of Downtown Northfield. GG+A identified the primary competing supply alternatives and the constraints on better exploiting the identified market niche. GG+A prepared a quantitative assessment of the primary market area demand, both in terms of available dollars and supportable space and in terms of the present and anticipated future supply competition. GG+A identified the relationship between present and future demand and supply in the primary market area.

GG+A also conducted an analysis of the real estate economics of Downtown Northfield and the implications of the results of that analysis. This analysis included an assessment of the property value and feasibility effects of alternative regulations on prototypical types of investment and development decisions.

The information and insights gained from the market and real estate economic analysis were used to identify a set of prioritized set of policy and marketing actions to enhance the strength of the Downtown. GG+A presented the results of the study and recommendations to the Village Plan and Zoning Commission.

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