Economic Redevelopment Planning
The Lake George Forum is a 50,000 square foot facility in the heart of the Village of Lake George. The facility has the capacity to host a variety of events, trade shows, live concerts and festivals. Due to financial constraints, the Forum has a history of prolonged vacancy and instability. Although the site hosts some events throughout the year, such as the Lake George Elvis Festival, the space is largely unoccupied for the remainder of the year. The Village of Lake George expressed interest in expanding operations at the Forum and needed to first explore market-feasible uses for the site.
The Lake George Forum sought the expertise of MRB Group to evaluate redevelopment scenarios to revitalize to Forum and into economically viable space that will sustainably attract events throughout the year and retain them into the future. The project focused on three distinct uses for the space including a performing arts center, a convention center, and an indoor sports complex.
The MRB team conducted a market analysis to determine which scenario would best be supported by market conditions. A thorough examination of comparable spaces under the three distinct redevelopment uses for the Forum was completed to determine the financial feasibility of the site under differing redevelopment scenarios. The MRB team worked closely with the Village of Lake George and other community stakeholders to identify and understand local development priorities, ensuring that the proposed solutions are conducive to the needs of the community.
The ongoing market analysis continues to provide useful insight towards preferential redevelopment outcomes for the Forum. Performing arts and convention center uses were identified as most viable based on market conditions. At the conclusion of its engagement with MRB Group, the Village of Lake George can confidently pursue a viable redevelopment strategy to revitalize the Forum.