Synopsis:
Project Description: Redevelopment of Obsolete Office Buildings
Service Provided: Market & Feasibility Study, Land Planning, Tax Abatement Negotiation
Client Since: 2014
The Client
National Developer with Extensive Experience in Lifestyle Retail Investment
The Challenge
Provide redevelopment strategies for an obsolete 300,000 sq ft. suburban office building with chronically high vacancy and declining revenues in a submarket with depressed rent levels, declining revenues and an 18-year supply of vacant office space.
The Solution
The Otteau Group provided advanced market analytics and viability testing to identify types and quantities of uses that could profitably be supported by local economics, demographics and market demand. Redevelopment mix strategies were created to create synergies between the uses and promote the long-term sustainability of the project. We also engaged with local government officials to promote an understanding of the long-term benefits of the project and to negotiate a long-term tax abatement (PILOT)
The Result
Despite claims of ‘the end of the suburbs’, this town-center style project proves that a carefully crafted redevelopment plan can create synergies for successful suburban redevelopment. Today, this site is being redeveloped with 100,000 sq ft. of retail, more than 400 rental apartments and attractive public spaces.