A U.S. federal agency owned a property comprised of 6,400 acres on which it maintained world-class research and development facilities. However, the site contained more than 1,000 acres of underutilized property contiguous with the agency’s core uses. The agency, the County government, a regional economic development organization and the surrounding rural community were focused on identifying the most appropriate development strategy to leverage the federal agency’s activities to the benefit of the local economy.
Allegro began the assessment of the site’s “highest and most appropriate use” by conducting an assessment of the physical attributes of the site and surrounding areas. Transportation corridors and nodes, infrastructure capacity, zoning, enhanced use leasing and land restrictions, and other potential impediments to development were assessed. Allegro conducted a market assessment to understand the ability of the surrounding markets to sustain various types of development. Trade areas for office, industrial, retail, hotel and residential were defined and the supply, demand and pricing for each was assessed. Finally, a community assessment was conducted by interviewing community stakeholders. The perceptions of business owners, community leaders, and residents and the objectives of the County were applied to the results of the market and assessments. Allegro created a feasibility matrix to objectively filter and prioritize potential land uses by using the information garnered in the asset, market, and community assessments. The deliverable incorporated land use recommendations and suggested next steps and the tools necessary to move forward with pursuing specific development opportunities for the site. Recommendations included guidance for developing a technology park, educational entertainment venue(s) and ancillary uses.
Allegro continues to assist the economic development organization with garnering public support for developing the underutilized land. The client is in the process of securing funding for Phase II of this project, during which Allegro will create a tactical business plan for the site.