Select Properties, Inc. wanted to assess the potential feasible uses and tenants for three development sites in Montgomeryville, PA. The plans include:
- A 31,000 square foot commercial building
- A 10,000 square foot building
- A 6,000 square foot restaurant
They retained ESI to conduct a market analysis to determine potential uses and tenant types for proposed new commercial buildings based on demand and supply in the market place.
ESI found that the potential uses include commercial office space, retail, and restaurant, or, combining two of the sites to develop an assisted living facility. Additionally, the market study concluded that the area’s population consists of mainly older, wealthier individuals and that there is a high level of retail.
Based on this information, ESI provided recommendations for the development sites:
- Combine the 31,000 square foot site and the 6,000 square foot site to develop a dine-in movie theater;
- Develop a single tenant medical facility or a multitenant medical/wellness building in the 10,000 square foot site.
Key Technical Applications
- Market Analysis
- Land Development Evaluation
- Tenant Mix Recommendations
