Challenge
Allegro has assisted Kent, Ohio, a college town and its public university, through several phases of planning, evaluating, and implementing a major community revitalization project initially centered on a hotel and conference center facility and later incorporating a mixed-use retail and residential complex.
Allegro facilitated services including market feasibility, benchmarking, and public and private financial structuring studies. Additionally, Allegro assisted the university and the city in selecting a developer for the project as well as structuring and negotiating the development agreement. On behalf of the city, Allegro designed a site assemblage and relocation assistance program cognizant of enabling legislation and regulations at the federal, state and municipal levels. Due to substantial shifts in the hospitality sector during these engagements, the university decided to locate the hotel and conference center facility at another nearby site. Meanwhile, the city had proceeded with site assemblage efforts on the initial site and desired to proceed with a revitalization effort.
Solution
Allegro facilitated the assemblage of the initial four-acre development site comprised of twelve property owners of commercial, residential, and parking lot properties. The development site is intended to revitalize the gateway to the downtown area and to provide a site for a mixed-use retail and residential complex. Additionally, the city engaged Allegro to conduct due diligence on various developers proposing to build the complex. Allegro assisted the city in negotiating a development agreement and in monitoring the developer’s progress.
