The document summarizes a public meeting held in Reading, MA on April 1, 2015 to discuss the town's strategic economic development action planning. The meeting covered market potential analyses for retail, office, and residential development, as well as design preferences. Key points included: - Retail market analyses found opportunities for filling vacancies downtown and adding restaurants, with potential for more retail with greater residential density. - Office market analyses indicated potential for small professional offices downtown and in other areas, with some opportunity for larger office buildings. - Residential analyses projected growing demand from seniors and young professionals, finding opportunities for over 400 new units within priority development areas over 5-10 years. - The four priority development areas identified were

1. Town of Reading
Strategic Economic Development Action Planning
Public Meeting
Wednesday, April 1, 2015, 6:30 – 9:00 pm
Sponsored by the Town of Reading and the Metropolitan Area Planning
Council (MAPC) with funding provided by the Massachusetts District Local
Technical Assistance Program and Town of Reading resources

3. Agenda
7:00 – 7:05 pm: Welcome and Introductions
7:05 – 7:20 pm: Goals for Tonight and Overview
7:20 – 7:50 pm: Retail, Office, and Residential
Market Potential in Reading
7:50 – 8:55 pm: Design and Density Preference
Discussion and Keypad Polling
8:55 pm: Next Steps and Next Meeting

4. Town of Reading
PROJECT GOALS AND
OVERVIEW

5. 5
MAPC and the MetroFuture Vision
5

6. Project Goal
Produce a Strategic Economic Development Action Plan
for the Town, which will include a focus on how four
regionally significant priority development areas (PDAs)
can be built out to support local and regional housing
and economic development goals
PDA_1: Downtown 40R District – Potential Expansion
PDA_2: South Main Street
PDA_3: New Crossing Road Redevelopment District
PDA_4: 1 General Way

7. • Market analysis identifying potential for retail,
office, housing, and mixed use at the regional PDAs
• Alternative development scenarios analysis for
each regional PDA that will estimate potential
additional square feet of commercial floor area,
dwelling units, etc.
• Action Plan for the four regional PDAs that identifies
potential suitable development types, findings from
the market analyses, and policy and planning
recommendations to facilitate redevelopment of the
PDAs – delivered by June 2015
Project Scope

8. Local Partners
Our local Advisory Committee, which is providing early
input on components informing the Action Plan, includes:
• Town Manager Bob LeLacheur, Assistant Town
Manager Jean Delios, and Community Development
Administrator Jessie Wilson
• Selectman John Halsey; Selectman Kevin Sexton,;
members of the Economic Development Committee
including Karl Weld, Meghan Young-Tafoya, and Jack
Russell; and Lisa Egan from the Reading-North
Reading Chamber of Commerce

9. • Town staff identified local priorities for development
and preservation. Town then identified the specific
development types they thought each priority
development area could be suitable to accommodate.
o Options: mixed-use: infill; mixed use: master
planned; multifamily; commercial: medical/office;
commercial: retail, entertainment, hospitality;
commercial: industrial
• MAPC assessed suitability of PDAs for accommodating
different development types using available data
Identifying Priority Development Areas: The North
Suburban Planning Council Priority Mapping Project

10. Data used to examine each PDA’s suitability to
accommodate different development types
1) Travel choices: proximity to CR, MBTA, and RTA bus
service; percent of non-auto commutes, interchange
proximity
2) Walkable communities: sidewalk availability,
walkscore, bike/ped lanes and paths, high traffic
roadway proximity, walkable schools, block size
3) Open spaces and 4) healthy watersheds: rare species
priority habitat, core habitat and critical landscapes,
agricultural land use, undeveloped land, developable
land, aquifer recharge areas, surface water supply, 100
and 500 year flood zones

11. Data used to examine each PDA’s suitability to
accommodate different development types
5) Current assets: number of businesses, population and
employment density, inverse population and employment
density, sewer service areas
6) Growth potential: recent and proposed developments,
additional housing units, additional employment, 40R
districts, 43D districts

12. 2

13. PDA #1: Proposed 40R Expansion Area
This nine-acre area consists of 46 parcels and is
adjacent to the current 40R District. The Town would like
to expand the 40R zoning to include these parcels.

14. PDA #2: South Main Street
This 26-acre area consists of 82 parcels
located south of the downtown. The Town
wishes to enable mixed use in this area to
allow for more retail and residential and
to facilitate streetscape and road
reconfigurations that will enhance the
street for pedestrians and bicyclists.

15. PDA #3: New Crossing Rd Redevelopment District
This 5-acre area consists of four parcels and includes
vacant lots, derelict buildings and sites with industrial uses.
The area is zoned for industrial use. The Town is interested
in pursuing a change in zoning to facilitate other uses.

16. PDA #4: 1 General Way
This 20-acre area is one large parcel with a mix of
single-story commercial uses and ample parking. The
Town is interested in facilitating a more vibrant mix of
uses and structures of different densities in this area.

17. Source: MassGIS, Reading Assessor’s data
Land Use by Type

18. Source: 2013 Reading Assessor’s data
Zoning

19. Transportation Assets
Source: MassGIS, Reading Assessor’s data

20. Floor Area Ratio
Source: 2013 Reading Assessor’s
data

21. Building Value per
Square Foot
Source: 2013 Reading Assessor’s
data

22. Tax Revenue Per Parcel
Source: 2013 Reading Assessor’s
data

23. Improvements to
Land Value Ratio
Source: 2013 Reading Assessor’s data

24. Questions?

25. Town of Reading
MARKET ANALYSIS FINDINGS

26. Interview Highlights
Retailers
• Most retail businesses were doing well.
• Not a lot of retail turnover & low vacancy in
downtown.
• Rents are competitive.
• Downtown parking is confusing.
• Town could be more business friendly and further
streamline business permitting process.
• Residential would be good for business.

27. Interview Highlights
Commercial Brokers
• Potential for additional small professional offices
downtown.
• Potential for limited new office development.
• Market for retail is mostly small local stores.
• Strong regional retail and office competition.
• Reading has strong community/demographics.
Residential Brokers
• Single Family (or alternatives) Market is strong
• Demand for well-located multi-family housing

28. Town of Reading
RETAIL ANALYSIS FINDINGS

29. Retail Trade Area
Primary Trade
Area
Ten Minutes
Secondary Trade
Area
Fifteen Minutes

30. Retail Gap Analysis
Downtown and Mixed-Use Oriented Industry
Groups NAICS
PRIMARY
TRADE
AREA
SECONDARY
TRADE
AREA
10-minute
drive time
15-minute
Drive Time
Furniture & Home Furnishings Stores 442 X X
Electronics & Appliance Stores 443 X X
Building Materials, Garden Equip. & Supply 444 X 1
Food & Beverage Stores 445 1 2
Health and Personal Care 446,
4461
2 1
Clothing & Clothing Accessories 448 X X
Sporting Goods, Hobby, Book and Music Stores 451 X X
Miscellaneous Store Retailers 453 2 3
Food Services & Drinking Places 722 1 11
Total N/A 6 18

31. Retail Market Opportunities
• Fill in downtown vacancies
(Quizno’s, Walgreens)
• Concentrate majority of new retail
in downtown and Northern end of
South Main Street corridor.
• Focus on restaurants in downtown
to elevate the area as a dining
destination.
• Opportunity for some additional
retail with greater residential
density.
Source: Reading Shop the Block

32. Town of Reading
OFFICE ANALYSIS FINDINGS

33. Office Outlook
North 128/Mass Pike Suburbs
Supply (million s.f.) 10.9 SF 20.1 SF 89.0 SF
% Class A 47.10% 58.20% 58.80%
Average Asking Rent $20.43 $28.99 $20.99
YoY Rent Growth 3.10% 3.20% 2.00%
Total Vacancy 15.60% 10.30% 18.80%
YoY Change (ppts) -2.1 -3.1 -2
Historical Average (%) 17.20% 14.60% 17.70%
Total Absorption 171,875 199,241 572,428
as % stock 1.60% 1.00% 0.60%
Historical Annual Average 136,819 326,246 770,050
Total Availability 18.70% 14.20% 21.60%
y/y Change (ppts) -0.73 -1.64 -1.12
Historical Average (%) 19.50% 16.80% 20.10%
Source: Jones Lang LaSalle, Office Outlook, Boston North Q3, 2014

34. NAICS Industry Projections
Industry
Employment
2012
Employment
2022
Change
Level
Change
Percent
Information 15,931 17,902 1,971 12.40%
Publishing Industries (except Internet) 8,648 10,402 1,754 20.30%
Telecommunications 3,289 3,176 -113 -3.40%
Data Processing, Hosting and Related Services 1,798 1,874 76 4.20%
Finance and Insurance 13,195 14,059 864 6.50%
Credit Intermediation and Related Activities 6,234 7,052 818 13.10%
Insurance Carriers and Related Activities 5,349 5,464 115 2.10%
Real Estate and Rental and Leasing 4,612 4,857 245 5.30%
Real Estate 2,927 3,272 345 11.80%
Professional, Scientific, and Technical Services 52,593 63,647 11,054 21.00%
Professional, Scientific, and Technical Services 52,593 63,647 11,054 21.00%
Management of Companies and Enterprises 5,924 6,577 653 11.00%
Management of Companies and Enterprises 5,924 6,577 653 11.00%
Administrative/Support/Waste Management/Remediation 23,499 24,872 1,373 5.80%
Administrative and Support Services 22,446 23,581 1,135 5.10%
Waste Management and Remediation Service 1,053 1,291 238 22.60%
Educational Services 46,877 51,021 4,144 8.80%
Health Care and Social Assistance 51,021 62,116 11,095 21.70%
Total 213,652 245,051 31,399 14.70%

35. Office Market Opportunities
• Small professional offices in
downtown and South Main Street
Area
• New office space as part of new
development on larger parcels at
One General Way or New
Crossing Road
• Build to suit would be greatest
potential at One General Way
• Large office tenant supported by
regional market but strong
competition.
Source: Loopnet.com

36. Town of Reading
RESIDENTIAL ANALYSIS FINDINGS

37. 0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
20-34 35-54 55-64 65+
Household Projections by Age of Householder
2010 - 2030
2010 HHs 2020 HHs 2030 HHs
Household growth will drive housing demand
• Over 1,900 additional households projected by 2030.
• Senior households will grow significantly (+75%)
• Young professional-aged households (+20%)
• Seniors and Millennial housing preferences align

38. Growing rental demand?
Reading is a majority ownership housing market.
2012: 81% owners, 19% renters
Since 2000, slight shift towards more renter households.
Driven primarily by younger households
2000 2013 Change
# % # % # %
Owner Occupied 7,165 83% 7,430 81% 265 4%
Rental Occupied 1,523 17% 1,734 19% 211 14%
Total 8,688 9,164 476 6%

39. Condominiums increasingly popular
Condominium development up.
Over 450 more (net) condos 2000-2015
Single family up, but down as total % of properties
Limited land available for development
Source: Mass DOR, Division of Local Services
*2009 latest year data is available
Single Family Multi Family Condos Apt
# % # % # % # %
2000 6,440 78.8% 395 4.8% 649 7.9% 29 0.4%
2015 6,528 76.7% 350 4.1% 1113 13.1% 36 0.4%
Change 88 -2.1% -45 -0.7% 464 5.2% 7 0.0%
Parcel Counts by Property Class

40. Home sales and prices at all time highs
 Condominiums
# of sales up 256% since 2008
prices up 33% since 2008
Single Family
• # of sales up 42% since 2008
• Prices up 21% since 2008
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
Sales Prices: 2000 to 2014
1-Fam Condo All
0
50
100
150
200
250
300
350
400
450
500
20002001200220032004200520062007200820092010201120122013
Number of Sales: 2000 to 2014
1-Fam Condo All

41. Broker Comments
• Single family is in highest demand
• Schools a big draw, but student population
projected to decline
• Condo market is strong and growing
• Upscale with 2 beds most in demand (small
households)
• People tend to move away once kids are out of school
• Some older people downsizing leave Reading
because don’t like location of condos in town
• Many feel existing condos on the outskirts

42. Broker Comments
• Commuter rail station a draw for those looking in
Reading
• Little new single family construction
• Anything affordable is highly desirable
• Rentals come and go quickly = demand for more
• Current inventory is older, with few exceptions
(Haven Street)

43. Residential Market Opportunities
• High Opportunity for residential town wide
– 950 potential total units (town wide) over next 5-10
years (based on MAPC household projections)
• Majority of new unit development will likely
continue to be ownership units
• Limited vacant land limits single family construction
• Most development will be infill/redevelopment
• Strong demand for housing in or near downtown
– Seniors not interested in downsizing to outskirts of town
– Younger HHs prefer walkable environments

44. Study Areas Residential Opportunity
Priority Development Areas: 5-10 years
• Up to 410 Units
- Multifamily: 300 units
- condominiums and rentals
- Single-Family (Alternatives): 110

45. Town of Reading
PRIORITY DEVELOPMENT AREAS

46. 1-B
1-A
Retail
• Concentrate first on filling vacancies
-Health & Personal Care/
Specialty Grocery/Used
Merchandise
Restaurants
• Potential to Draw In a More
Regional Customer Base on Main &
Haven Street.
Residential
• Multi-Family Development At Site
1-B & Multi-Family Infill throughout
1-A
Office
• Small Office Space for Professional
Services on Upper Floors of Mixed
Use Developments.
PDA#1: Downtown 40R
Potential Expansion
Market Opportunities

47. Retail
• Redevelop underutilized
retail parcels into mixed-use
with residential above.
• Phase new commercial as
more residential is added
over time.
Residential
• Focus new Multi-Family in
north end of corridor to
benefit from proximity to
train station.
Office
• Small professional office
spaces in north end of
corridor.
PDA #2: South Main Street
Market Opportunities

48. PDA #3: New Crossing Road
Redevelopment District
Market Opportunities
Residential
• Multi-family development
supportive of nearby
commercial.
• Single-family alternatives
(row houses) as part of a
larger project.
Office
• Industrial nature of site may
allow for more creative mix
of office flex space as part
of development

49. Office
• Build to suit office space
Residential
• Multi-Family & Single
Family Alternatives
Mixed-use area
• Live-Work-Play: today’s
workers prefer walkable,
mixed-use environments
PDA #4: 1 General Way
Market Opportunities

50. Questions?