Transforming the campus edge equitably to support institutional growth.
North Carolina A&T’s Real Estate Foundation was interested in facilitating development near the NC A&T campus in East Greensboro, NC. The Foundation’s ultimate goal is to spur economic development activity in East Greensboro, and specifically to increase the jobs and amenities available in the area, as well as improve the quality of life for area residents. The development would also support NC A&T’s planned growth by creating areas near campus where residents can ‘live, work and play’. The Foundation believes that the creation of amenities will help to attract and retain new residents, students, faculty and staff. In support of this goal, the Foundation engaged the Hayat Brown team to help them understand the local real estate market and to complete a highest and best use analysis as a foundation for potential development.
Hayat Brown Role: Transaction Advisor
Initially, our team assisted the Foundation by performing a market analysis of four sites in East Greensboro, three on a major commercial corridor and another adjacent to a University research park. The scope of the market analysis included collecting general, specific and competitive supply and demand data that was relevant in assessing the highest and best use of the sites. The purpose of this analysis was to provide the Foundation with observations and findings on local market conditions and trends affecting the sites.
Highest and Best Use Analysis
Using the market analysis as a foundation, our team provided the Foundation with the highest and best use of each site and how the sites competed within their immediate market area in Greensboro. The analysis provided information and data used to craft development strategies for each site, to prioritize sites with the greatest immediate development potential, and to determine how much value the sites might command.
Procurement Development and Evaluation
Hayat Brown will next guide the NC A&T Real Estate Foundation through a streamlined partner selection process. This process will include prequalifying developers based on a specific set of criteria and inviting a small set of those developers to respond to a request for proposals. This customized solicitation process will reduce the project duration, facilitating an expedited delivery schedule.