Synopsis:
Project Description: Revitalization of Downtown Business District
Service Provided: Market & Feasibility Study; Financial Analysis, Contract Negotiation
Client Since: 2010
The Client
Municipal Government
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.
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.
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.