A municipally owned airport was not operating on profitable basis and was deemed unsustainable by the city. The city offered to transfer the airport to county government, providing the county the opportunity to retain an airport within its boundaries. The county tasked the port authority to conduct a study to determine the highest and most appropriate use for the airport site. The port authority engaged a multi-faceted team, including Allegro Realty Advisors, to conduct an economic impact study, assess the physical conditions of the airport, assess alternative uses, and conduct stakeholder and public meetings. Allegro was engaged, as part of the broader team, to conduct a real estate market analysis of the airport site and surrounding areas to evaluate potential land use alternatives for development opportunities.
Allegro conducted primary and secondary research, analyzed and interpreted data, and applied market and transactional knowledge to assess the historical and current real estate market data. Allegro also assessed traffic counts, current business activities, transportation infrastructure, adjacent land uses, and zoning requirements. Allegro facilitated an exhaustive title search for the Site and summarized the restrictions. Allegro also performed an in-depth demographic analysis from a site-selector’s perspective. In a second phase, Allegro conducted economic and fiscal impact analysis to estimate real estate development, absorption rates and economic activity for potential development on the airport site.
The findings were used to identify location advantages and disadvantages, assess the feasibility of various land uses, and conduct a high level economic impact analysis of potential development scenarios. Allegro developed a land use alternatives analysis to help the client to understand how the location characteristics of the site can support broad types of development.