West Lafayette, Indiana
Real estate market trends analysis
Highest and best use analysis
Recommended building program
Development of key financial metrics
Johnson Consulting was retained by a private developer to provide a highest and best use assessment of the existing Chauncey Hill Mall site, located at the eastern entrance to the Purdue University (PU) campus in West Lafayette, IN. The existing Mall is classified as a neighborhood center and comprises 60,400 SF (GLA) occupied by 25 retail and restaurant tenants. The retail space is supported by 100 parking spaces, which are used by retail shoppers as well as overflow parking for surrounding academic uses. The site presents a unique opportunity to further transform West Lafayette into a vibrant university town that reflects PU’s prestigious reputation as one of the leading public research institutions in the U.S.
The key objectives of our analysis were to address the following framework questions:
1. What is the most appropriate mix of uses for the subject site?
2. What are the phasing priorities, if any?
3. What are the economic metrics associated with each project element?
4. What incentives may be available to the redevelopment of the subject site?
Our analysis focused on the potential for market-rate and student housing, retail, office space, hotel and meeting space, University-related uses, and a variety of other potential recreational and entertainment uses.