Economic Development Strategy for Downtown New Bedford
City of New Bedford and the Commonwealth of Massachusetts Department of Housing and Community Development
FXM Associates was retained to prepare a full downtown economic development strategy for historic New Bedford. The final report identified downtown’s commercial and housing markets and opportunities as well as current barriers to downtown economic growth. The report targeted specific retail business and office use categories for expansion and recruitment and suggested potential incentives, changes to zoning and regulation, and new marketing efforts to enhance business recruitment and retention. FXM prepared development financial proformas and strategies for rehabilitation of 11 historic buildings, based upon market-driven revenue and use potential. Within six months of FXM’s report, eight of the targeted buildings were under development agreements for re-uses similar to those proposed.
Back to Top
Jones Block Marketing Plan, Adams, Massachusetts
MassDevelopment
MassDevelopment contracted with FXM Associates to prepare a marketing strategy for the Jones Block, a historic commercial building in downtown Adams, Massachusetts. FXM was to devise a strategy to capture certain niche markets, especially environmental enterprises and technology businesses. FXM identified the primary market for the Jones Block as individuals and small companies that were operating out of home offices and secondary space in Berkshire County. FXM also recommended changing the project name from "Center for Environmental Excellence" to "Center for Creative Excellence" to better appeal to the technological and artistic sectors that appeared to be the primary markets for this space. FXM estimated the type and number of jobs that the renovated building was likely to support and amount of spending that building tenants would be expected to do in support of existing businesses in Adams.
Back to Top
Comprehensive Market Analysis and Downtown Strategic Plan
Downtown Associates of North Attleboro, Massachusetts
As part of a consultant team that included Planners Collaborative, Inc., planners and urban designers, and Booth Associates, retail specialists, FXM Associates assessed the potential to expand commercial activities in downtown North Attleboro, Massachusetts. Existing establishments enjoyed a relatively affluent and growing trade area, but continued to lose market share to a major regional shopping center nearby. Specialty retailing niches, cultural events, showcase presentations linked to the area’s historical and current links to jewelry manufacture, urban design and landscaping improvements, and a weekend farmers’ market were among the initiatives recommended to attract more activity and shoppers to this older downtown.
Back to Top
Plymouth County Hospital Reuse Study, Phases I & II
Town of Hanson, MA
FXM Associates performed analyses of market and financial conditions for two reuse options selected by the Town of Hanson for the former Plymouth County Hospital site, including a commercial sports facility and senior housing. The primary focus of this evaluation was to assess whether the market and site could support tax-generating reuse options for a portion of the 45-acre site, with the vast majority of the site kept for passive recreational uses. Using both the market data and the cost figures relating to various reuse options for the facility, FXM decided to recommend reusing the hospital and part of the site for senior housing, but not to recommend any sports facility for the rest of the Plymouth County Hospital site. FXM work included a recommended unit mix and estimates of income and sales figures for the senior housing. Fiscal impacts on the town attributable to the proposed reuse were also assessed.
Back to Top
Onset Bay Village Market Analysis and Strategic Plan
Onset Bay Association
In the early 1900s, Onset Bay Village was the premier tourist destination in southeastern Massachusetts. This position eroded with the development of Cape Cod and the Islands and by the early ‘90s commercial vacancies, poorly maintained frontages, and deteriorating structures were prominent in the village.. But a spectacular natural harbor, large sandy beach, views of the Bay, ample public open spaces, diverse lodging opportunities, frequent summer concerts, and an active recreational waterfront continue to distinguish the Village area. FXM Associates, as part of a consultant team that included Planners Collaborative and Booth Associates, investigated opportunities for enriching and enhancing commercial sales and employment, and for developing additional residential and commercial uses in the village. Diverse ethnic and income groups within Onset warranted special community outreach efforts in the planning process, and sensitivity to the effects of potential new development on residential property values. The Onset Bay Association used FXMs market analysis to inform local business and property owners and to assist their redevelopment efforts. Today, Onset Village is virtually 100 percent occupied and is again a source of pride to the neighborhood and overall community.
Back to Top
Main Street Revitalization Strategy, Buzzards Bay, Massachusetts, Phase I
Cubellis & Associates, Town of Bourne
FXM Associates was retained by a private developer, with support from the Town of Bourne and the Cape Cod Canal Region Chamber of Commerce, to independently assess the financial implications of selected property acquisitions and rehabilitation under current and reasonably foreseeable market conditions, and to make suggestions for strategic initiatives to advance the broader community objectives for revitalization of Main Street, Buzzards Bay. FXM conducted research on local and regional market trends, evaluated the product mix and lease rates at competitive shopping centers, investigated business centers in comparable communities, and identified issues affecting the revitalization of this historical community center. FXM’s assessment, which included detailed financial pro forma for the rehabilitation of selected properties, concluded that residential apartment units on upper floors would be needed to subsidize the costs of ground floor commercial revitalization, in order to achieve competitive space at rents appropriate to the market. The target retail market would likely be small specialty stores that had established successful operations in other local communities, or new entrepreneurs with ties to the community.
Back to Top
Elisha Thornton House, New Bedford, Massachusetts
New Bedford Historical Society
FXM provided development consultant services to help the New Bedford Historical Society determine a cost-effective approach to redeveloping this vacant and vandalized city-owned historic property. FXM Associates assessed the market feasibility of different uses – office, retail, institutional, residential – as well as the rehabilitation costs and income potential associated with each reuse scenario. The assignment included projections of long-term property value, financial options, interviews with bank officials and contractors and technical assistance to help prepare the RFP submission. Using FXM’s analyses, the Historical Society won the city competition to redevelop the Thornton House.
Back to Top
The Corson Block
Waterfront Historic Area League (WHALE), New Bedford, Massachusetts
In 1977, the top two floors of the Corson Building were destroyed by fire. The building, along with the Hathaway House attached in the back, is in the center of the Historic District of downtown New Bedford and the Whaling National Historical Park. WHALE assumed ownership of, and responsibility for, the building and plans to restore it to its original condition. FXM provided different development options incorporating costs and income, each requiring varying levels of fundraising, for both non-profit and commercial users. Different ownership structures were suggested, including partnership with the National Park Service (NPS). FXM recommended keeping the upper floors non-profit in conjunction with the NPS, either as owners or on a long-term lease.
Back to Top
Cordage Park, Plymouth, Massachusetts
Textron Financial Services
FXM Associates analyzed market and economic conditions and reviewed several different options for the adaptive reuse of an abandoned rope factory located on the Plymouth coastline. Preliminary market studies were done to assess the supply and demand for elderly housing, hotel, office, marina, and retail development. Based on these studies, FXM developed pro formas and cash flow projections to determine feasibility based on cost of, and demand for, various mixed-use development options. In total approximately 1,000,000 square feet were analyzed along with the overall fiscal impact on the towns involved.
Back to Top
Greenfield Downtown Master Plan, Greenfield, MA
Planning Department, Town of Greenfield
FXM Associates performed a market assessment of current and proposed uses that were aimed at revitalizing the commercial district of downtown Greenfield. Specifically the study addressed the issues of lack of reinvestment in downtown property, the high level of vacant space, particularly the second and third floor levels of 100-year-old buildings, deteriorated buildings, and the high degree of sales and tenancy leakage. A formal market study was conducted and a specific level of "leakage" determined for retail and recreational uses. Individual buildings were selected that were currently vacant or seriously underutilized to provide concrete suggestions for relocation of some of the new and expanded uses in all of the commercial and residential categories. Costs for renovation, rents for new leasing and sources of funds were calculated to determine the feasibility of renovating and reusing these ten targeted buildings. FXM provided an overall assessment of available square footage and proposals for its use in the context of the market in order to bring renewed energy and life to the downtown.
Back to Top
