reci, real estate counselors international inc

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Valuation of 44 Acres of a Former Industrial Site

Location: Western Michigan

Client Needs:
In the mid-2000s, RECI was hired by a major national appliance manufacturer to determine the market value of five parcels of land totaling 44 acres on the former manufacturing facility site that the company operated between about 1940 and the mid-1980s. Several years after the plant closed, a partnership was formed between the manufacturer and public and private concerns which developed a comprehensive land use plan that was implemented in the early 2000s. The plan called for a 500+ acre residential, golf, recreational and waterfront community featuring a wide range of amenities, including a marina village and riverwalk, town center with restaurants and shops, health and fitness center, deep-water marina, with a four-star hotel and spa, miles of recreational trails and rivers, and acres of parks and green space. The manufacturer was to donate the five parcels to the host city as part of their contribution to the siteís redevelopment.

Why RECI:
RECI was engaged because of the experience of its principals and senior staff in analyzing and valuing raw land, mixed use developments and redevelopment projects on a nation-wide basis. In fact, RECIís principals have considerable experience performing acquisition, due diligence, and valuations on large residential, commercial and special purpose properties, including shopping centers, office, industrial, residential condominium projects, residential subdivisions, apartments, golf courses, hotels and other property types. RECI maintains an in-depth understanding of the market for these property types and drivers of demand.

Solution:
RECI worked with the manufacturer and the developer, preparing an appraisal on parcels of the land that was to be developed with a marina, commercial space and single family residential dwellings. RECI studied the market for retail, office, residential and recreational land uses to ascertain the parcelsí highest and best uses and integration into the master plan.