SB Friedman is currently engaged as part of a team to prepare a market analysis for the Comprehensive Plan for the Village of New Lenox. We are also conducting a fiscal analysis of various development scenarios to inform the Village’s future land use decisions. The Plan will incorporate public feedback and our analyses to guide the location, scale and form of development.
As part of our market analysis, we completed the following tasks:
- Reviewed historic housing market trends and analyzed demographic changes;
- Prepared briefing materials on various housing types being considered within the Village, including single-family, multifamily rental and senior housing;
- Reviewed historical housing preferences by householder age for the region; and
- Forecasted the amount and mix of housing types likely to be demanded in the future.
- Analyzed the competitive supply and existing base of retail in the Village;
- Researched the Village’s retail position relative to regional competitors and analyzed market trends that may impact retail development in the future;
- Prepared briefing materials on different retail typologies, namely hybrid retail center and town center formats; and
- Estimated the future supportable square feet of retail and appropriate land area needs through 2030.
To help the Village ensure that its greenfield growth is fiscally sustainable, we created a fiscal model that projects municipal revenues and expenses by land use, and estimates realistic impacts on municipal finances. The model allows for easy input of land use programs to test the fiscal impact of different development scenarios.
Results: We presented our market findings and fiscal model to the Village. The Comprehensive Plan update is underway as of February 2018.