This is a group assignment and should be submitted by one member of the team. Please include your group number, group name and list your team members on the title sheet.
You will need to start with some basic research about the property and the location. You will do more in-depth market research later when you have refined your concept.
The golden rule of real estate business i.e. ?location, location, location? should – for Capstone- be adapted to ?location and concept? because even the best possible location combined with the wrong concept could very well lead to an economic catastrophe. In order to find the right concept for a location, a thorough market and location analysis will need to be carried out. This will serve as the basis for establishing a location profile which will reveal possible market niches or opportunities and show the potential of the location.
The market and location analysis will also examine the specific characteristics of the surroundings in view of their present and future potential for generating demand for rooms, dining, and other offerings in your property.
My part is Section 2, the first and second bullet points.
2. General description of location and neighborhood
o General description and features of the neighborhood
o What type of businesses are mostly in the area
? Lake front
The location is 430 N Michigan Ave north loop or downtown in Chicago in general.