Monetizing Institutional Real Property Assets in Nassau County, Long Island

JLP+D was contracted as part of an interdisciplinary team to assess potential development scenarios for a large institutional owner in Nassau County. The site, while located in close proximity to a Long Island Railroad station, featured significant challenges, including historic structures and a highly-restrictive regulatory and political environment. The firm conducted an audit of the surrounding village downtown district, identifying assets and other market attributes which influence real estate value and the site’s potential. The firm also performed a market scan to assess demand, competition, and other market indicators that would help determine the potential to utilize private development to meet the institution’s mission-oriented program needs.

The site additionally featured substantial open space; JLP+D advised on the creation of an overall site strategy, which would incorporate programming and placemaking elements to improve circulation, bolster the site’s public realm and better orient buildings to the street, and create real estate value. In addition to this programmatic analysis, the firm analyzed several development scenarios, including market-rate residential, mixed-income residential, commercial office, hotel and conferencing facilities, and light-industrial build outs. Based on this work and on stakeholder engagement, JLP+D analyzed the financial feasibility of these schemes to compare revenue generation potential and guide the selection of a preferred development program that best aligned with the institution’s mission and programmatic needs. The firm provided an implementation strategy including partnership recommendations.