Client: RDG Planning and Design

RDG Planning and Design retained GG+A to assess the potential cash flow generated for the adaptive re-use program for the 24,000-square-foot Armory Building in Downtown Park Rapids, Minnesota. GG+A was also asked to identify the nature of community benefits that may result from occupancy and operation of the project.

To complete this assignment, GG+A interviewed the developer-owner about the redevelopment, operating and leasing activities to date and anticipated future plans as well as the equity and debt capital structure for the project. In addition, GG+A staff spoke with representatives of local banking institutions, City and County assessors, and potential tenants. This research was directed toward obtaining information and insight about operating costs, property taxes and financing alternatives and terms, as well as market or demand conditions and the types of tenancies which could potentially be attracted, the markets they would serve, and the amount of rent they could afford to pay.