case study:
Rochester Hills Research Park
Role: Owner's Representative | Chief Development Officer
Status: Sold at a premium in Pre-Development
challenges
- Market disruption due to COVID-19 pandemic Property is situated in a noncore community, so incentives are limited
- One building is functionally obsolete
- The land is one contiguous parcel
- Contemplate reciprocal easements, shared parking, different ownership structures
solutions
- Establish the most viable approach to secure site plan approval under a Master Plan, catering to favorable asset-classes, etc.
- Engage appropriate studies and commission surveys to plan the most efficient site-layout based on location attributes and post-COVID-19 market conditions
- Negotiate agreements where shared access, parking, and shared common elements are divided among new parcels
project summary
- Master Plan a 25+-acre parcel into a high-tech research park designed to accommodate multiple users
- Demolish functionally unusable building
- Sell or lease existing 165,225 SF building
- Secure all entitlements and preliminary site plan approval for the remaining 20 acres
- Position site to cater to favored asset classes and ideal building sizes
