CHICAGO – June 25, 2020 – Hunden Strategic Partners (HSP), a leading advisor in destination real estate development, is issuing a Request for Qualifications (RFQ) on behalf of the City of Farmer City (City) from developers and/or development teams regarding the ultimate development of all or part of a 20-acre parcel (Project) at Interstate 74 and IL-54 in Farmer City, Illinois. The site has a daily traffic count of 22,000 along I-74 and 4,000 along IL-54.
Located halfway between Champaign-Urbana and Bloomington-Normal, the development site sits approximately 1.5 miles from downtown Farmer City within a Business Improvement District, established by the city in 2016, and a Tax Incremental Financing district. Incentives are available.
The City is seeking a qualified Developer or Development Team to develop a single or mixed-use project on all or part of a 20-acre parcel located on the northwest corner of Interstate 74 and Illinois 54 interchange. The Client’s goal is to develop a mix of commercial amenities, including retail, restaurant, travel center, residential and/or hotel uses. The Client is looking for a Developer and/or Development Team who can bring one or more of these uses to fruition, but not necessarily all of them. All qualified developers are encouraged to respond.
In 2019, the Client engaged HSP to conduct a mixed-use market and financial feasibility analysis for the 20-acre, city-owned parcel. HSP completed the analysis in March of 2020. HSP’s study will be available to all interested and registered developers for download with the other RFQ documents.
The RFQ process will result in a short-list of 3 – 4 developers who will be invited to the Request for Proposals (RFP) stage. The City intends to move forward with a successful developer team this year. A pre-submittal Q&A Zoom meeting is scheduled for Friday, July 10, 2020 (Time TBD). All interested parties are encouraged to attend.
Firms are invited to submit their interest for developing mixed-use projects of this type. Submittals are due electronically no later than 4:00 p.m. CT on Friday, August 21, 2020.
For more information on the RFQ, to download the RFQ materials, and to register as a document holder to be included in future communications, please visit www.hundenpartners.com. Navigate to the “Downloads” tab on the website to register and download RFQ materials.
Proposers are to contact Rob Hunden, President of Hunden Strategic Partners, via email at [email protected] with questions concerning this RFQ on or before Thursday, July 30, 2020 at 4:00 p.m. CT. All questions will be responded to via an addendum that will be provided to all respondents registered prior to the due date.