S. B. Friedman & Company has been engaged by the Village of Downers Grove to conduct various assignments to promote the redevelopment of the downtown area.

  Initially, S. B. Friedman & Company was engaged by the Village of Downers Grove Economic Development Commission to assist it in evaluating development options for a 1.2-acre site in the downtown. Working closely with a special citizen task force created to arrive at a consensus on use of the site, we prepared economic models of various development options. Using an architectural and planning firm to prepare site schematics and cost estimates, development schemes were created for varying combinations of uses and percentages of open space. Models were created which included open space and retail, office, and residential uses. In-building, underground parking was included, and varying parking requirements were tested.

The financial analysis included estimates of total development costs, returns on investment, probable financing gap/extraordinary costs, and estimates of public benefits. The analysis included cost/benefit evaluation of potential public financial assistance, which revealed that higher densities than desired for public policy reasons were necessary to create a positive cost/benefit relationship if 30 percent open space was required. The Village sought developers for a site concept including use, scale, and open space requirements tempered by the results of the economic models. The firm assisted in the review of a developer for that site, including a review of the developer’s financial and technical capacity and a financial analysis of the project to determine how much of the land value the Village may be able to capture. The Gammonley Group was selected as the developer for the site, and the project, designed by PPKS Architects, is now under construction.

The firm also helped the Village prepare a redevelopment program and developer solicitation for an entire block in the heart of the downtown area called the “Curtiss Block.” The scope included the preparation of a market assessment to establish a development program, preparation of financial projections of the project from both a developer and public perspective, assistance in recruitment of developers, and review of the qualifications of the development teams. 

Results: New England Builders was selected as developer of the block in December 2004, and the project is currently in its final phase.