SB Friedman is currently engaged as part of a team by Cook County to conduct a joint development analysis for a multi-modal ground transportation center adjacent to the CTA Blue Line station in Rosemont, Illinois. The project has required coordination among multiple public agencies including the Village of Rosemont, CTA, RTA, Pace, Illinois Tollway, IDOT and the County to identify potential development scenarios for an 11-acre site that currently functions as surface parking for the CTA station and a PACE bus terminal. The goal of the project is to develop a signature transit-oriented development hub that includes an improved intermodal transportation center and a mix of private uses.
Our scope of work includes two major phases: 1) completing a market analysis to develop plausible development scenarios for the site, and 2) assessing the extent of value capture financing that could be derived from the private development program outlined in these scenarios to be used towards construction of the transportation center.
During the first phase, we determined the market feasibility of specific uses on the site and the overall potential revenue generated by each land use. Based on stakeholder feedback, we refined the analysis and establish three preferred development scenarios. In the next phase, we will test each scenario to determine the highest and best use of the site, based on our value capture analysis. As part of the analysis, we will be assessing parking revenues, ground and air rights leasing, Tax Increment Financing (TIF), Special Service Area (SSA) and Business District (BD) taxes, and other local financing tools. We will also explore the ability to leverage local funds with grants and loans available through the Federal Transit Authority (FTA).
Results: SB Friedman presented the results of our market study to the stakeholder group, including Mayor Brad Stephens of Rosemont, in early April, and received approval to move forward with Phase 2, which involves a financial analysis of the three preferred development scenarios. The project is ongoing.