Community leaders in a major U.S. city had sponsored several planning and economic development studies to assist with downtown and riverfront revitalization. However, the local economic development organization needed advice to prioritize its efforts through the application of market-based development expertise. To facilitate this effort, Allegro was engaged to review the planning initiatives from the perspective of the real estate development industry and to test the interest level and timing of the planning initiatives.
Allegro conducted a real estate market survey of existing conditions and current development projects. From the planning reports, Allegro extracted development opportunities and delineated each project into short- and long-term timeframes. Development challenges included a flood zone along the riverfront and arts community-based development projects which were too nascent to establish an attractive development environment for national developers. Allegro researched case studies and applied findings from smart growth trends and urban revitalization projects in comparable cities across the U.S.
Allegro provided the city with prioritized short-term tactical opportunities and long-term strategic initiatives. The results were summarized to show the gaps between public sector and developer perspectives. Allegro outlined development challenges and the action steps needed to overcome those challenges to attract national developers to the area. The City is successfully following Allegro’s guidelines on a project by project basis.