Silverlode provided an Ohio economic development organization with a data-driven highest and best use recommendation and marketing strategy for a critical site.
Economic Development Services
A private company owns an 11 acre site near downtown Troy, Ohio. The site was formerly used for manufacturing purposes and is one of the largest available sites in the area. The company has not been able to procure a buyer for the site and is working with the Troy Development Council (“TDC”) to understand optimal uses for the Site. The TDC engaged Silverlode to evaluate the Site and surrounding community from a site selection perspective and to recommend the highest and best redevelopment opportunities and associated marketing strategy.
Silverlode interviewed representatives from public and private interests to ensure coverage of all issues and relevant challenges related to development. We conducted an in-depth analysis of location factors including demographic, labor market, economic, real estate, utility, quality of life, tax, and transportation factors. Additionally, a site-specific environmental review of information provided by the TDC was conducted.
Silverlode provided a target industry analysis to identify sectors and clusters that could potentially be attracted to the site. The target industry study included location quotient, shift-share, employment multipliers, and private investment analyses. Silverlode used the data collected from the above steps to identify a list of appropriate potential general use categories for the site. Zoning requirements, economic analysis, and other tools were used to estimate the wages, income taxes, jobs, and construction impacts of these uses.
Silverlode recommended three general use categories for the site as well as development considerations and next steps. Silverlode also provided the TDC with a list of companies and contacts within the target industry sectors and within certain identified geographies, recommendations for engaging those companies, and a high level marketing plan.
Silverlode’s study recommended a medical and office use for the site. Construction recently began on a $60 million hospital and office building. Silverlode’s study was instrumental in getting support for the use and implementing the development project.