Anderson Economic Group was retained to provide our professional opinion regarding the development potential of a proposed residential development along Lake Michigan, just west of the City of Holland, Michigan.
The client, Macatawa Development LLC, was in early planning phases, and requested a preliminary assessment of their plans. We completed this through a combination of research in the existing market, field visits to the site and competing sites, limited analysis of available data on comparable for-sale units in the market, and a review of the development plans.
We provided the developer with a preliminary recommendations memo, outlining the opportunities in the market, the strengths of their plans, and also the risks associated with the project. We highlighted the unique locational attributes of the project (waterfront), noted the potential for the project to succeed, and recommended they consider a full demand analysis to ensure the highest and best use of the property.