Through the Momentum Midland initiative, SB Friedman assisted the Michigan Baseball Foundation with preparing and implementing a strategic plan for investment in downtown Midland, Michigan.
Midland is home to Dow Chemical headquarters, as well as the headquarters of several regional companies and organizations. The client sought an actionable road map for the downtown area to leverage recent development to enhance the downtown environment, improve livability, and promote economic and cultural development. SB Friedman was engaged as part of a team led by Looney Ricks Kiss. Our initial work included:
- Assessing existing downtown conditions, land use patterns and ownership;
- Evaluating the market potential for residential, office, retail and hotel uses;
- Identifying a market-supportable private development program;
- Analyzing the market and financial feasibility of a proposed public indoor farmers’ market; and
- Identifying potential funding sources for public and private development.
Following completion of the plan, we assisted MBF with implementation by:
- Assessing the financial feasibility of new residential, hotel and office development;
- Evaluating a deal of behalf of MBF, who was considering an equity investment in one of the projects;
- Developing a disposition process for 15 acres of assembled, development-ready land;
- Preparing marketing materials used in support of land disposition efforts; and
- Conducting direct outreach to potential developers.
Results: As developers were selected for individual development sites, SB Friedman evaluated the financial feasibility of proposed projects and assisted in land disposition efforts. A new hotel, mixed-use residential/office project, and townhome project have been developed. Several other components of the strategic plan, including an updated downtown streetscape, road diet and active programming of downtown events, have also been implemented.
Image Source: Michigan Baseball Foundation