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Kickoff Meeting Presentation
1. Town of Reading
Strategic Economic Development Action Plan
Project Kickoff Meeting
September 23, 2014
2. Agenda
3:00 โ 3:10 pm: Welcome and Introductions
3:10 โ 3:50 pm: Overview of Project Scope and
Q&A
3:50 โ 4:20 pm: Priority Development Areas
Discussion
4:20 โ 4:25 pm : Data Collection Next Steps
4:25 โ 4:30 pm: Next Steps and Future Meetings
(December/January, March/April)
3. Project Goal
Produce a Strategic Economic Development Action Plan
for the Town, which will include a focus on how the four
regional PDAs can be built out to support local and
regional housing and economic development goals
โข Reading_1: Reading Downtown 40R District โ Potential
Expansion
โข Reading_2: South Main Street
โข Reading_3: New Crossing Road Redevelopment District
โข Reading_4: 1 General Way
4. Priority Development Areas
Site Site Name and Description Acres Development Types
1 Reading Downtown 40R District - Potential Expansion:
The Town would like to expand the 40R zoning to the
remainder of the downown. This area Is highly suitable for
mixed-use infill that would include housing and
commercial medical/office uses.
9.6 Mixed-use: Infill
2 South Main Street:
The Town wishes to change zoning to enable mixed use in
this 26-acre area and to include streetscape and road
reconfigurations to enhance the street for pedestrians and
bicyclists. This area is suitable for multifamily housing
development.
26.5 Multifamily
3 New Crossing Road Redevelopment District:
This 4-acre area, behind Reading Municipal Light District,
is characterized as misused and underutilized and includes
vacant lots, derelict buildings and sites with industrial
uses. The area is currently zoned for industrial use, and
the town is interested in pursuing a change in zoning. A
historic structure (an old power plant) could potentially be
a site for a future community facility. Consistent with the
town's interest in changing uses in this area, the area is
highly suitable for mixed use, master planned
development including medical/office, retail,
entertainment, and hospitality uses, and multifamily
housing.
4 Mixed Use Master
Planned
4 1 General Way
This 20-acre area is identified as being suitable for more
commercial development. This site could be suitable for
medical/office development.
20.4 Commercial:
Medical/Office
5. Scope and Deliverables
โข Market analysis identifying potential for housing, retail,
office, and mixed use at the regional PDAs
โข Alternative development scenarios analysis for each
regional PDA that will estimate potential additional
dwelling units, square feet of commercial floor area, etc.
โข Action Plan for the four regional PDAs that identifies
potential suitable development types, data emerging
from the two analyses, and policy and planning
recommendations to facilitate the redevelopment of the
regional PDAs
โข CD and hardbound copies of the Action Plan
6. Process to Develop the Plan
Three meetings with Town staff and Committee members
โข Project kick-off and preliminary discussion about scope
of work and regional PDAs (today)
โข Project deliverables check-in (December/January)
โข Prep for the second public meeting and discuss the draft
project deliverables (March/April)
7. Process to Develop the Plan
Visioning process (two public meetings)
โข Meeting #1: dialogue about preliminary findings from
the market analysis.
โข Meeting #2: Briefing of market analysis and alternative
development scenarios analysis findings; discuss
potential mixes of development that can be
accommodated at each site
Final Plan delivered by June 2015
9. If you build it, they
will may not come.
โข Many communities seek economic growth to
improve fiscal health of the municipality.
โ Market may or may not support desired types
โข Market analysis provides perspective so that
more specific, targeted, achievable
recommendations can be developed based on
real market trends of what is supportable.
โข Market analysis does not predict future
development/growth, it provides a snapshot of
what may be possible at a point in time.
10. What is a Market Analysis?
โข A market analysis combines quantitative and
qualitative data/info to identify the type and amount of
development that can be supported by the market.
โ Commercial (Retail and Office), Industrial, Residential,
Mixed-use
โข Based on local, regional and national conditions and
trends:
โ Socioeconomic conditions
โ Employment and wage trends
โ Development trends
โ Locational advantages/disadvantages
11. How can a market analysis help you?
Example: Downtown Reading 40R
โข Market analysis estimates the demand for the
following:
โ Number/type/mix of residential units
โ Retail sector opportunities / development (sf)
โ Type/amount of office space
โข Market analysis then informs:
โ Zoning needed to accommodate the growth
โ Strategies to attract right retail/industry sectors
12. Reading Market Analysis
Approach
โ Town wide market analysis
โข Residential
โข Retail
โข Office
โ Identify development potential by type for site
โข Do findings align with development types identified for each
site?
โ Estimate supportable development by type
โข Number of units/square footage
โข Number of retail establishments/square footage
โข Office square footage
13. Approach: Residential Analysis
โข Housing research similar to that done for
Housing Production Plans
โ Population and Household trends
โข Existing and projected
โข Household composition
โ Existing housing stock
โข Type of units
โข Price points
โข Vacancy rates
โข Sales activity
14. Residential Analysis
โข Residential Development Trends
โ Recent development
โข Unit types
โข What has or hasnโt been successful?
โข Price points?
โข Buyers and Renters: Whoโs moving in?
โ Proposed Development
โข Does it meet current or future demand?
โ Potential Development
โข What is missing? What needs more.
15. Retail: Establish Trade Area
โข Establish Trade Area: Depends on site
โ 5-minute drive time: Downtown
โข Walk or short drive
โ 10-minute drive time: Local Center
โข Short drive, local competition
โ 15-minute drive time: Regional Center
โข Impacted more by competing regional retail clusters
17. Office Market Analysis: Research
โข Existing Office Space
โ Total (occupied and vacant space)
โข Low vacancy may indicate need for additional space
โ Rents (psf)
โข Office Trends
โ Net absorption rates
โ Lease trends (up or down)
โ Planned or proposed development
โข Local and Regional employment trends
โ Existing and future โOffice Inclinedโ (information, financial services, real
estate, health care services, etc.)
โข Interviews
โ Property owners/managers, brokers, business owners
โข Sources
โ Assessors Data
โ Commercial real estate companies
โ EOLWD
18. What we needโฆ
Interviews:
โ Brokers โ residential and commercial
โ Residential/Mixed-use property managers (larger
projects)
โ Existing retail and services owners
โ Opportunity site property owners
โ Town officials โ Town Planner, Manager
19. Recent Market Studies
โข Needham Street in Newton
โ Residential: Up to 450 - 500 units
โ Retail: 60,000 โ 100,000sf
โ Office: 350,000 sf
โข Town of Scituate Market Analysis
โ Retail: 80,000 sf
โ Accommodations: 30,000 sf
โ Office: Less than 10,000sf
โ Residential: 700 units (mostly multi-family)
โข Downtown Gloucester
โ Residential: 250-530 multi-family units
โ Retail: 60,000sf
โ Office: 15,000sf flex office/retail/artist
21. Approach
โข Scenarios modeling approach that uses a Geographic
Information Systems (GIS) analysis/modeling tool
called CommunityViz to generates a wealth of
information about the development potential of sites
โข Allows for the application of attributes related to
existing developments (e.g., dwelling units per acre,
commercial square footage as % of total
development, etc.) to other parcels for modeling
purposes
22. Approach
To undertake the analysis, we will work with the Town
to identify developments in Reading and elsewhere
in the region that are exemplary of the density and
mix of uses weโd like to see at the regional PDAs
Once the model development types are identified, the
characteristics can be applied to the PDAs to
generate values on commercial, residential, and a
host of detail
23. Approach
Data on developments is collected from assessorโs data,
development websites, Zillow, and other sources
Data generated includes:
โ potential additional dwelling units
โ potential additional commercial square footage
โ potential changes in parcel value
โ potential additional tax revenue, and
โ a host of other data that could be valuable for
planning and marketing purposes
24. Next Steps
โข Contact information for brokers, property
managers, business owners
โข Scheduling interviews with Town staff
โข Reports, studies, and data to reference
โข Scheduling upcoming check-in meetings
(December/January, March/April)
โข Selecting dates for public meetings