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Development Program & Market Strategy For a Potential Business Park
Client: The Village of Algonquin, Illinois
Gruen Gruen + Associates (GG+A) was retained by the Village of Algonquin to prepare a strategic plan for the development of an approximately 1,000-acre business park within the Randall Road Corridor in the Village of Algonquin. As part of the strategic plan, GG+A conducted market analysis of industrial, office and supportive retail uses to identify the amount of land that would be demanded and the appropriate mix of businesses that would find potential comparative advantages associated with an Algonquin location. GG+A also identified and evaluated the use of incentives by communities to attract and retain businesses as well as led a tour of area business parks with representatives of the Village of Algonquin.GG+A then met with the property owners that comprise the area planned for the business park to obtain their input and to begin to lay the foundation for implementation options likely to encourage ownership participation or cooperation for the development of the Algonquin Business Park. Alternative development scenarios or the physical parameters for development of the business park were identified by the Village's planner, Teska Associates, based on the results of the market analysis and interviews with property owners.
Based on the specification of development options provided Teska Associates, GG+A evaluated the real estate economics of the options to test for development feasibility. GG+A identified a development program by use and product likely to be market responsive and feasible for which Teska prepared design and development guidelines and zoning classifications. GG+A also estimated the fiscal benefits associated with implementation of the plan.
GG+A drew on the insights provided by the market and investment analyses, interviews with property owners and workshops and presentations to identify the elements of a strategic action plan for the implementation of the development of the Algonquin Business Park. To kick-off the marketing and implementation program while concurrently obtaining input on the concept plan and other recommendations, GG+A led a workshop with leading business park developers, real estate brokers and other knowledgeable real estate professionals. This workshop has led to an expression of interest by several of the developers who attended the workshop. The Village accepted GG+A's recommendations and has since retained GG+A to provide negotiation support and marketing assistance for the implementation of the business park plan.