The Concord-Painesville Joint Economic Development District (“JEDD”), in cooperation with Concord Township (“Township”), seeks to evaluate redevelopment opportunities for the now-closed Quail Hollow Resort (the “Resort,” “Site,” “Property,” or “Quail Hollow”).
The JEDD’s mission is to enhance development opportunities, create and preserve jobs, and improve the economic welfare of area residents. As such, the JEDD engaged Silverlode Consulting (“Silverlode”) to evaluate reuse alternatives for Quail Hollow.
Information used to evaluate the Property, surrounding market, and potential redevelopment opportunities was gathered from interviews, a review of building drawings and other background materials, a tour of the Resort, and extensive market research.
Silverlode spoke with members of the JEDD board, Township officials, representatives of the Resort’s owners, commercial real estate brokers and developers, construction company representatives, and others.
Silverlode conducted in-depth market analyses using publicly available and subscription data sources such as PwC Investor Reports, CoStar, Zillow, ListSource, Redfin, HVS U.S. Hotel Development Cost Survey, Newmark Hotel Market Nsights Reports, NIC Seniors Housing Survey, and other market reports and resources. Additionally, demographic and spending data from commercial data sources including ESRI and NextSite was reviewed.
To prepare the financial feasibility analyses for each potential use, Silverlode estimated construction and demolition costs using subscription data from Marshall & Swift and RSMeans and tested the accuracy of the estimates through conversations with local construction industry representatives.