Client: Village of Wilmette (IL)
GG+A was retained to review and evaluate developer proposals for the 1.7-acre West Village Center. The developer evaluation was directed toward identifying a preferred developer who would have the capacity to select and implement a development program likely to be sustainable over the long run and create spill over benefits to adjoining properties.
To identify the selected developer, GG+A performed an evaluation of the proposals for : 1) the financial capability and related qualifications to undertake the property acquisition, development/redevelopment, leasing or sales of space, and operation of the project; 2)intended uses and market and other justification or rationale for the intended uses; 3) schedule of performance; 4) conformity with local planning criteria; 5)identifiable risks; 6) other conditions including profit participation. In addition, GG+A performed its own market and economic feasibility analysis to determine the residual land value generated by each development proposal and to evaluate the reasonableness of the assumptions pro forma projections, and proposed terms and potential returns to the developers and fiscal benefits to the Village. As part of its due diligence, GG+A prepared questions and information to be provided by the developers and conducted in-person interviews with the proposers. GG+A prepared a report summarizing its evaluation of the proposals/developers including a real estate economic analysis of two commercial and residential development alternatives. Based on GG+A’s evaluation, the Village entered into a $4.0 million purchase and sale agreement with the selected developer.