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Banking Demand & Land Use Policy Analysis, Retail & Office Market Analysis,
Real Estate Economic Analysis, & Identification of Economic Development Strategies + Action Plan for Downtown Enhancement

Client: The Village of Hinsdale, Illinois
dashed line separator A team of Planning Resources, Inc. and Gruen Gruen + Associates (GG+A) was engaged by the Village of Hinsdale to answer a variety of questions and provide an information and strategic framework for a newly formed Economic Development Committee (EDC).

The Hinsdale Board of Trustees approved “an ordinance establishing a temporary moratorium on establishment of non-retail tax generating businesses on the first story in any Business District” within the Village. The moratorium applied to banking institutions and beauty salons. GG+A conducted an analysis of the demand for and supply of banking or credit institutions based on review of FDIC data, interviews with banking institution representatives, and other secondary data. The purpose of this analysis was to identify whether the supply of credit institutions has sufficient capacity to competitively satisfy the demand from Hinsdale residents and businesses for banking services and to identify whether from an economic perspective a prohibition on new credit institutions is reasonable. GG+A also conducted interviews with downtown merchants and reviewed beauty salon inventory information furnished by Planning Resources to reach a judgment on the appropriateness of the ban on beauty salons. The Village Board accepted GG+’A’s policy recommendations drawn from the analysis.

GG+A also conducted an extensive analysis of Hinsdale’s retail base and downtown, Grant Square and Ogden/York corridor, including Gateway Square. The research included analysis of taxable sales by use and location, extensive interviews with real estate developers, brokers, property owners, and merchants and members of the Economic Development Committee and Village staff, assessment of supply competition and demand estimates of retail sales and space. GG+A synthesized the research and analysis to identify recommendations for subsequent planning, marketing and implementation of enhancement strategies and actions identified for the downtown and other commercial areas.

GG+A also performed an office market reconnaissance. This reconnaissance included: (a) an identification of the relevant geographic areas within which Hinsdale office space competes for office space users; (b) the locations from which office space users can be expected to be attracted; (c) an assessment of the competitive position of Hinsdale office space; (d) an assessment of employment growth and office space demand; and (e) an analysis of supply conditions. GG+A synthesized the analysis to identify marketing and economic development policy recommendations.

GG+A conducted a real estate economic analysis of prototypical development options identified by Planning Resources for under-utilized sites on Ogden Avenue in order to assess the likely feasibility and to reach judgments on how policy and infrastructure and parking options influence feasibility.

GG+A also consulted on organizational and staffing strategy and prepared an economic development strategy that includes: (a) an identification of the program goals and objectives for the EDC; (b) a summary of demand opportunities and businesses targets by use and area within Hinsdale; (c) a summary of constraints on capturing demand opportunities and business targets; (d) an identification of policy and marketing actions and organizational enhancements needed to accomplish the goals and objectives. GG+A principals met regularly with the EDC and Village staff to present findings, obtain consensus on policy decisions, and to structure research to answer specific questions as they arose.

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