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Village reviews SB Friedman market analysis for Triangle Business District and leans toward strategic assembly
Summary
Staff presented a draft market analysis showing multi-family housing as the strongest redevelopment opportunity in the Triangle Business District; the Economic Development Committee recommended a strategic assembly approach and asked for financial-feasibility modeling, guidance on housing type (senior, workforce, market-rate), and direction on the village's potential role in site assembly or incentives.
Village staff and commissioners reviewed a draft market analysis by SB Friedman that identifies redevelopment opportunities in the Triangle Business District and requested policy guidance before the consultant proceeds to financial feasibility modeling.
Gavin, the village administrator, summarized the consultant's findings: multi-family residential is the most viable redevelopment opportunity given current market conditions; retail is likely to play a supporting role; and the scale of redevelopment depends on parcel assembly. SB Friedman presented three approaches: incremental redevelopment (piecemeal, driven by existing ownership changes), strategic assembly (assemble key parcels for larger mixed-use while retaining some existing businesses), and comprehensive redevelopment (village- or developer-led assembly of most parcels into a unified mixed-use district).
The Economic Development Committee expressed a preference for the strategic-assembly approach as the most realistic path given ownership patterns and limited public resources. Committee members said strategic assembly would enable larger mixed-use projects where appropriate while allowing smaller, incremental improvements elsewhere to generate momentum. "If money was no object, the third option would be attractive," one committee member said, but the group concluded option two best balances costs and impact.
Commissioners raised practical questions for the financial model: what types of residential product the village should prioritize (downsizing residents/seniors, workforce housing, or broad market-rate rentals), acceptable density, building heights, parking levels, and whether the village should participate through infrastructure investment, acquisition, TIF assistance, business-district revenues, or public-private partnerships. Staff also explicitly framed eminent domain and village land acquisition as options to be considered and asked commissioners whether those tools were acceptable policy directions.
Residents suggested alternative uses. Tom Davis (6482 Apache) proposed an enclosed, year-round sports/entertainment complex (miniature golf, driving range, pickleball courts) with parking below to attract visitors and restaurants; staff agreed to relay that concept to SB Friedman for consideration in market scenarios.
Next steps: staff asked commissioners and trustees to submit preferences and feedback on the three redevelopment approaches and housing types by a near-term deadline (the meeting requested feedback within one week) so SB Friedman can begin financial feasibility modeling. The consultant estimated feasibility analysis and follow-up work would take several weeks once policy direction is provided.
