Garfield Ridge Economic Development Study
VSKA was retained by the City of Chicago Department of Planning and Development to prepare a retail market study for a 3-mile stretch of Archer Avenue, a major thoroughfare on the southwest side of Chicago. VSKA conducted a detailed analysis of the existing retail mix, the area's demographics, retail spending power and retail sales, as well as the availability of suitable sites and buildings for retail use.
VSKA made recommendations of target businesses and locations, public improvements and strategies to attract new businesses and enhance existing ones.
Results: A farmer’s market was started and several new businesses are planned.
Business District Market Study and Plan
VSKA was retained by the Village of Wilmette, an affluent North Shore suburb of Chicago, to prepare an analysis of its business districts and develop a plan for attracting new businesses.
VSKA analyzed the competitive position, tenant mix, market area, and suitability of potential sites for different uses for each district. In addition, we reviewed local ordinances affecting permitted uses and actions the Village could take to attract new business.
Results: The Village loosened restrictions on parking and liquor sales for restaurants, resulting in many new restaurants in the downtown district. Plans for a mixed-use residential and retail development on a prime downtown site that stalled during the recession are now moving forward.
Market Analysis for Comprehensive Plan
VSKA prepared market analyses for office, retail and industrial development for five districts within the village, a suburb 40 miles southwest of Chicago. This included analyzing the competitive position of each district, the suitability of available sites for different types of development, the area’s spending power and retail sales, and market conditions affecting the various real estate sectors.
Results: The market analyses were incorporated into the comprehensive plan's recommendations for the business districts and are being used to recruit business.
Market Analysis for Industrial Plan
Franklin Park, IL
VSKA prepared a market analysis of the older industrial area in Franklin Park, a near western suburb of Chicago. With its proximity to O'Hare International Airport, area expressways and an intermodal rail facility, the Village is looking for ways to improve its tax base, add jobs, and attract air cargo operations.
VSKA analyzed the village’s competitive position, potential for redeveloping obsolete properties, and future trends in the air cargo industry that will have an impact on the village's future industrial opportunities.
Results: The market analysis was incorporated into the village's industrial plan.
Industrial Market Analysis for the Galewood-Armitage Corridor
VSKA was retained by the City of Chicago Department of Planning and Development to prepare a market analysis for an older industrial area on the west side of the city. The area is home to several large companies including Mars Candy, as well as many small, locally owned companies.
VSKA met with business owners and industrial brokers, identified sites for redevelopment, and analyzed competitive forces affecting the demand for buildings and sites in the area. We made recommendations as to physical improvements, procedural and public service changes, as well as marketing strategies to retain existing businesses and attract new ones to the area.
Results: The study is being used to assist the local economic development corporation in attracting businesses to the area.
Market Analysis for the River Road Transit Station Plan
VSKA was part of a multi-disciplinary team led by the engineering firm T.Y. Lin International to develop a plan for improvements at one of the Chicago Transit Authority's busiest stations outside of downtown Chicago (average daily train and bus ridership of 17,600).
VSKA analyzed the potential to develop an office building and/or hotel on top of a new parking garage that will replace an existing surface parking lot. We held meetings with developers to gather feedback and generate interest in joint development opportunities. The analysis showed strong interest and market potential for both uses.
Results: Conceptual plans were prepared based on the results of the market analysis. The Regional Transportation Authority is proceeding with a follow-up financial feasibility study to determine the costs of improving the station and the best way to structure a development that will meet the needs of commuters, transit agencies, the village, and a developer.