Challenge
Shaker Heights, an inner-ring suburban city, desired to encourage the revitalization of the area considered to be its downtown that was not functioning effectively as the center of the community. The area included an unattractive mix of housing, commercial, civic, and transportation structures which lacked a comfortable pedestrian environment. The city wanted to partner with private developers to enable the redevelopment of the district while creating long-term cash flow to maintain the civic goals of the community.
Solution
The City engaged Allegro to conduct a variety of development consulting services over a three-year period, including the following:
- Relocation Assistance — Allegro facilitated the development of a Relocation Assistance Program and delivered it in two phases to 60 tenants in six decaying buildings, enabling Shaker Heights to expedite a developer’s new multi-family housing complex, designed to complement the adjacent retail district;
- Transaction Assistance — Allegro provided analysis, evaluation and development strategies to facilitate acquisition discussions with a variety of under-utilized properties in the area, including maneuvering a commercial property through the foreclosure process and acquisition on behalf of the city through sheriff’s sale; and
- Retail Redevelopment — Allegro conducted a study of a series of decaying retail properties that Shaker Heights had acquired in the district to determine the market value and the city’s alternative exit strategies, ultimately, leading to the development of a Request for Proposal, solicitation of private developers/investors and resulting in a transfer of the properties to an investment entity aiming to meet the city's goals for the district.
