JOHNS MANVILLE INTERNATIONAL, INC.
Assessment of Redevelopment Feasibility of Former Industrial Site

S. B. Friedman & Company was engaged by Johns Manville to evaluate the potential redevelopment feasibility of a former asbestos plant site located adjacent to Lake Michigan in Waukegan , Ill. The plant had been shut down and was scheduled for demolition. The total site comprises approximately 325 acres, 125 acres of which is occupied by an asbestos waste Superfund site. Johns Manville had already received several preliminary inquiries regarding potential redevelopment of portions of the site, and the company wished to explore its options in advance of selling the property.

Our scope of services was to systematically evaluate the competitive position of the site for a variety of different land uses, including residential, golf course (possibly with adjacent residential), industrial/warehouse, office, and marina.

Based on the factors analyzed in the study, we concluded that development on the site from the conventional pool of prospective users was unlikely. The Superfund site, lack of convenient highway access, and presence of more competitive locations in the market posed significant obstacles to most redevelopment options. We found that, if physically feasible, a golf course could have market potential on the site, and could be complemented by public recreation or open space use. A golf course-anchored lakefront office park also was identified as a possible option, if access and image issues were able to be overcome.