Challenge
An inner ring suburban city owned a prominent piece of land at an entrance of an active commercial district that was primarily being used as a surface parking lot. The City recognized the tremendous potential of the site and had entertained many development proposals over the years, but none of the projects had come to fruition. Allegro was engaged to provide the City with a detailed analysis of the surrounding market, the feasibility of alternative uses, and which uses were appropriate given the City’s and community’s primary objectives.
Solution
Allegro began the assessment of the Site’s “highest and most appropriate use” by conducting an assessment of the physical attributes of the Site and surrounding areas. Parking availability, infrastructure capacity, zoning, land restrictions, and other potential impediments to development were assessed. Allegro conducted a market assessment to understand the ability of the surrounding markets to sustain various types of development. Trade areas for residential, retail, office, and hotel were defined and the supply, demand and pricing for each was assessed. Finally, a community assessment was conducted by interviewing community stakeholders. The perceptions of business owners, community leaders, and residents and the objectives of the City were applied to the results of the market and assessments. Allegro created a feasibility matrix to objectively filter and prioritize potential land uses by using the information garnered in the asset, market, and community assessments. The deliverable incorporated land use recommendations and suggested next steps and the tools necessary to move forward with pursuing specific development opportunities for the site.
