SB Friedman was engaged by the Village of Roselle as part of a team, including Ginkgo and Christopher B. Burke Engineering, to conduct a market analysis for an updated Comprehensive Plan. The goal of our work was to:
- Evaluate market potentials for multiple real estate products in the downtown and Metra station area, as well as the North Roselle Road corridor; and
- Provide strategic advice regarding redevelopment feasibility for key sites identified and evaluated by the rest of the team.
We completed the following analyses and presented our findings at a community workshop:
- Analyzed current demographics and projected demographic growth in the Village over the next five years;
- Conducted a high-level market assessment and analyzed the competitive supply of rental apartments, retail, office, hotels and senior housing in and around the Village;
- Researched case studies of newer rental apartment options in comparable Chicago suburban communities; and
- Reviewed the impact of commercial property tax considerations on development potential within portions of Roselle located in Cook County and DuPage County.
These analyses informed the development of the overall plan.
Results: The updated comprehensive plan was approved by the Village Board in August of 2016.