SB Friedman to help with airport land development


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Originally Posted Online: March 18, 2013, 8:13 pm
Last Updated: March 18, 2013, 11:30 pm
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By Dawn Neuses, dneuses@qconline.com

MOLINE -- The Metropolitan Airport Authority of Rock Island County voted Monday to pay Chicago-based development advisors SB Friedman up to $94,000 to help with land development.

Assistant director of aviation Bryan Johnson said the company will assist the airport with about 100 acres of land, which includes property along the Milan Beltway and the existing airport industrial park off Indian Bluff Road.

The airport paid SB Friedman $31,500 for a preliminary market analysis completed last summer that identified the best potential use of the Milan Beltway site as light industrial. The company also recommended further study be done before the airport proceeds with development.

According to airport authority documents, the further analysis and other work to be completed by SB Friedman includes:
-- Industrial/modern business park feasibility study to include identification of light industrial products lacking in the market, industrial products in demand, ground rent analysis, a land plan for future retail and hospitality development near the Milan Beltway, and gauging developer interest in speculative industrial buildings.
-- Development of, and issue an RFQ/RFP (request for qualifications and request for proposals).
-- Review of developerqualifications and determine short list
-- Review proposals andmake a developer recommendation
-- Assist in negotiations with selected developer
-- Once construction plans are developed in detail, monitor plan and economic term revisions

Mr. Johnson said the work by SB Friedman should take three to six months, and the company's focus will be on what can be accomplished on the property in the next three years.

He said the additional analysis by SB Friedman will identify specific opportunities that exist and help attract developers.

Mr. Johnson said he will work closely with SB Friedman throughout the RFQ/RFP process and when choosing a developer to recommend.

At one time, airport land along the Milan Beltway was proposed to become a nine-phase retail, hotel, office and light industrial development to be built by RDC Case Creek Trails LLC.

Early last year, the developer was terminated from the project by the airport and Moline -- all three of which were partners in the development agreement. According to Moline planning and development director Ray Forsythe, the city and airport continue to work together as partners in the future development.

The first report by SB Friedman cited an "unmet demand for new, high-quality, light industrial and flex space that could be provided at Case Creek Trails."

It further cited a need for speculative space, which is built by a developer or third party before a tenant is identified. The "spec" space is then available to be leased immediately by a tenant moving to the area or expanding.



















 




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