Downtown Revitalization Plan/Economic Feasibility Analysis

SB Friedman was engaged to head a multi-firm team in preparing a Downtown Revitalization Plan for the Village of Glenview, Illinois. The scope of the engagement was focused on creating a highly implementable plan and included market analysis for multiple land uses, alternate development concepts for key downtown sites, and economic feasibility analysis.

In order to assess the economic feasibility of various redevelopment concepts, SB Friedman researched key assumptions and constructed a block-by-block financial model for the downtown. The model was designed to accommodate a range of uses, building types and densities. Results were evaluated by comparing estimated residual land value generated by a given development concept with the estimated acquisition cost for the underlying site.

Residual land value estimates were based on such factors as rents, sale prices, construction costs, demolition/site preparation, soft costs, and developer overhead and profit. The firm used the model to help the Village’s staff and Downtown Planning Committee evaluate tradeoffs between project density levels/site configurations and feasibility for implementation by the private market. A preferred concept reflecting this economic feasibility analysis was developed and submitted to the Downtown Planning Committee and ultimately the Village Board of Trustees in May of 2006.

Results: The final Master Plan, which included revitalization priorities and a detailed implementation strategy, was reviewed by the Village Board of Trustees and formally adopted on August 15, 2006. The Village subsequently developed and adopted a form-based zoning code that closely matched the plan recommendations. The Village has also purchased a key site in the Downtown, and is currently working with prospective redevelopers.