CRESCENT INVESTMENT GROUP
Redevelopment Strategy, Feasibility, Pre-Development
CLIENT: CRESCENT INVESTMENT GROUP (CIG)
CITY: CEDAR RAPIDS, IA
SIZE: 196,616 SF
CHALLENGE:
Crescent Investment Group (CIG) acquired the US Bank office building together with an adjacent parking structure and separate surface parking lot in downtown Cedar Rapids. The building is very well-located within the market. It is partially leased to long-term tenants but also has substantial vacancy in a market with diminishing demand for office. The City of Cedar Rapids has seen a great deal of redevelopment in its downtown after severe flooding in 2008. The City and CIG want to explore redevelopment opportunities that would optimize the value of the site.
APPROACH:
• Evaluate the situation and define a bespoke approach to prepare the property for redevelopment.
• Evaluate the market for various potential reuses.
• Partner with design professionals, C&W's capital markets and office leasing teams to explore alternative building uses.
• Worked with contractors to estimate costs and viability of conversion/retrofitting under multiple scenarios and determine feasibility.
• Undertake pre-development work with the city staff and elected officials to secure their support.
• Develop offering material to engage developers and occupiers making it easy to evaluate the opportunity.
