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Project Description: Revitalization of Downtown Business District

Service Provided: Market & Feasibility Study; Financial Analysis, Contract Negotiation

Client Since: 2010

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The Client

Municipal Government

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The Challenge

To provide advanced market analysis to guide the drafting of a redevelopment plan of a commuter parking lot located a couple of blocks from a commuter rail station for the purpose of activating the local downtown business district.

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The Solution

The Otteau Group provided advanced viability testing of potential development scenarios to identify an optimal use of the site while preserving parking capacity for local residents. A financial analysis was provided to assist the municipality in negotiating with redevelopers and structuring the terms of a public-private partnership to construct a parking garage. Otteau Group participated in public forums at every step of the process to facilitate public a better understanding of the project for municipal officials and the public.

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The Result

Once a surface parking lot, it is currently improved with a residential and retail mixed-use transit-oriented development with public space and a parking garage. The project has produced a fiscal benefit to the municipality by expanding the tax base, attracting new residents and increasing revenues for local retail merchants.