In 2013, Lewis University engaged SB Friedman to conduct an assesment of the market feasibility of development on approximately 80 acres of land on the southern edge of the University’s campus in Romeoville, Illinois.
SB Friedman evaluated market potential for residential, retail, hospitality, office and industrial uses. The firm analyzed competitive supply and demand, evaluated site conditions and location characteristics, conducted interviews with brokers and regional economic development professionals, and assessed proposed uses in regards to campus compatibility and alignment with University goals. The result of the analysis indicated that the greatest near-term market potential existed for a niche, mixed-use residential community, consisting of single-family, multi-family, and senior affinity housing with a limited amount of supportive retail that would build upon the high residential amenity value of adjacent land uses and complement the mission of the University.
Results: The study results were presented to the University’s Land Planning Committee. The committee is considering whether or not to pursue development and, if so, what steps to take to make the site more development-ready.