VILLAGE OF PALATINE, IL
Downtown Redevelopment

S. B. Friedman & Company is working with the Village of Palatine in its downtown revitalization efforts. The Lakota Group prepared a master plan, design guidelines, and a streetscape/signage design for Palatine’s downtown. Key components included redevelopment of huge commuter parking lots and a large deteriorated shopping center, consolidation of parking into two strategically located decks, improving the rail right of way with a railwalk, mixing housing product types, increasing shopping opportunities, and facilitating access to the Village’s new Metra station. The master plan defines one of the largest TOD projects in the Midwest, with potential for approximately 260,000 square feet of new retail space, 815 residential units, and 1,500 commuter parking spaces.

S. B. Friedman & Company was engaged by the Village of Palatine in 1999 to provide ongoing consultation and development advisory services for the redevelopment of downtown Palatine . The firm’s services have included projections of incremental property value and taxes for commercial, residential, restaurant, and mixed-use projects for use in negotiating with developers and structuring redevelopment agreements. These development projects are based on Lakota’s master plan. S. B. Friedman & Company also has reviewed the need for requested public assistance for several projects, including reviewing hard and soft costs, sales/operating assumptions, and developer returns against industry standards, and has provided negotiation support.