The document summarizes a strategic economic development action plan project kickoff meeting for the Town of Reading. It discusses the project goal of producing an action plan focused on four priority development areas to support local housing and economic goals. An agenda, scope, process, and overview of upcoming market analyses were presented. The market analyses will estimate development potential for each site to inform zoning and strategies.

1. Town of Reading
Strategic Economic Development Action Plan
Project Kickoff Meeting
September 23, 2014

2. Agenda
3:00 – 3:10 pm: Welcome and Introductions
3:10 – 3:50 pm: Overview of Project Scope and
Q&A
3:50 – 4:20 pm: Priority Development Areas
Discussion
4:20 – 4:25 pm : Data Collection Next Steps
4:25 – 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
• Reading_1: Reading Downtown 40R District – Potential
Expansion
• Reading_2: South Main Street
• Reading_3: New Crossing Road Redevelopment District
• 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
• Market analysis identifying potential for housing, retail,
office, and mixed use at the regional PDAs
• Alternative development scenarios analysis for each
regional PDA that will estimate potential additional
dwelling units, square feet of commercial floor area, etc.
• 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
• CD and hardbound copies of the Action Plan

6. Process to Develop the Plan
Three meetings with Town staff and Committee members
• Project kick-off and preliminary discussion about scope
of work and regional PDAs (today)
• Project deliverables check-in (December/January)
• 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)
• Meeting #1: dialogue about preliminary findings from
the market analysis.
• 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

8. Reading Market Analysis:
Overview
September 23, 2014

9. If you build it, they
will may not come.
• Many communities seek economic growth to
improve fiscal health of the municipality.
– Market may or may not support desired types
• Market analysis provides perspective so that
more specific, targeted, achievable
recommendations can be developed based on
real market trends of what is supportable.
• 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?
• A market analysis combines quantitative and
qualitative data/info to identify the type and amount of
development that can be supported by the market.
– Commercial (Retail and Office), Industrial, Residential,
Mixed-use
• Based on local, regional and national conditions and
trends:
– Socioeconomic conditions
– Employment and wage trends
– Development trends
– Locational advantages/disadvantages

11. How can a market analysis help you?
Example: Downtown Reading 40R
• Market analysis estimates the demand for the
following:
– Number/type/mix of residential units
– Retail sector opportunities / development (sf)
– Type/amount of office space
• Market analysis then informs:
– Zoning needed to accommodate the growth
– Strategies to attract right retail/industry sectors

12. Reading Market Analysis
Approach
– Town wide market analysis
• Residential
• Retail
• Office
– Identify development potential by type for site
• Do findings align with development types identified for each
site?
– Estimate supportable development by type
• Number of units/square footage
• Number of retail establishments/square footage
• Office square footage

13. Approach: Residential Analysis
• Housing research similar to that done for
Housing Production Plans
– Population and Household trends
• Existing and projected
• Household composition
– Existing housing stock
• Type of units
• Price points
• Vacancy rates
• Sales activity

14. Residential Analysis
• Residential Development Trends
– Recent development
• Unit types
• What has or hasn’t been successful?
• Price points?
• Buyers and Renters: Who’s moving in?
– Proposed Development
• Does it meet current or future demand?
– Potential Development
• What is missing? What needs more.

15. Retail: Establish Trade Area
• Establish Trade Area: Depends on site
– 5-minute drive time: Downtown
• Walk or short drive
– 10-minute drive time: Local Center
• Short drive, local competition
– 15-minute drive time: Regional Center
• Impacted more by competing regional retail clusters

16. Retail: Gap Analysis

17. Office Market Analysis: Research
• Existing Office Space
– Total (occupied and vacant space)
• Low vacancy may indicate need for additional space
– Rents (psf)
• Office Trends
– Net absorption rates
– Lease trends (up or down)
– Planned or proposed development
• Local and Regional employment trends
– Existing and future “Office Inclined” (information, financial services, real
estate, health care services, etc.)
• Interviews
– Property owners/managers, brokers, business owners
• Sources
– Assessors Data
– Commercial real estate companies
– EOLWD

18. What we need…
Interviews:
– Brokers – residential and commercial
– Residential/Mixed-use property managers (larger
projects)
– Existing retail and services owners
– Opportunity site property owners
– Town officials – Town Planner, Manager

19. Recent Market Studies
• Needham Street in Newton
– Residential: Up to 450 - 500 units
– Retail: 60,000 – 100,000sf
– Office: 350,000 sf
• Town of Scituate Market Analysis
– Retail: 80,000 sf
– Accommodations: 30,000 sf
– Office: Less than 10,000sf
– Residential: 700 units (mostly multi-family)
• Downtown Gloucester
– Residential: 250-530 multi-family units
– Retail: 60,000sf
– Office: 15,000sf flex office/retail/artist

20. Alternative Development Scenarios Analysis:
Overview
September 23, 2014

21. Approach
• 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
• 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 we’d 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 assessor’s data,
development websites, Zillow, and other sources
Data generated includes:
– potential additional dwelling units
– potential additional commercial square footage
– potential changes in parcel value
– potential additional tax revenue, and
– a host of other data that could be valuable for
planning and marketing purposes

24. Next Steps
• Contact information for brokers, property
managers, business owners
• Scheduling interviews with Town staff
• Reports, studies, and data to reference
• Scheduling upcoming check-in meetings
(December/January, March/April)
• Selecting dates for public meetings