Bristol Industrial Park Planning Study
Town of Bristol, Rhode Island
The Bristol Industrial Park (BIP) is a privately-owned 15-acre site of predominantly single story, 19th century historic industrial buildings comprising the former Kaiser Aluminum plant in downtown Bristol. Current tenants are small boat building and other manufacturing and distribution industries, artisans, and other small businesses. Most of the people who work at BIP also live in Bristol. The property went into receivership and the town became concerned that the 200 jobs, $20 million in business sales, and $5 million in payroll represented at the park might be lost if the property were converted to other uses by a new owner. FXM was retained to develop a strategy for retaining and expanding the current uses and led a team that included Earth Tech, Inc. (environmental engineers), Urban Design Group (urban designers), as well as legal and financial specialists. The study assessed market conditions and prospects, building conditions, environmental remediation requirements, zoning and other regulatory mechanisms, brownfield and other potential funding to protect the existing uses and assure goals and objectives of the town for employment and increased taxes. The study also considered the feasibility of proposed construction of affordable housing on a portion of the BIP site. FXMís report recommended enhancing existing zoning, streetscape and landscape treatments to buffer surrounding residential uses, and a cooperative venture with potential new private or non-profit owners to secure tax credits and remediation funds to fix deteriorated buildings, clean up and market the site, and maintain low rents for current and prospective small business tenants.
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Strathmore Paper Mill Redevelopment Study
Village of Turners Falls, in the town of Montague, Massachusetts
FXM Associates prepared a market and economic assessment for reuses of 245,000 square feet of under-utilized space in the former Strathmore Mill. Located on an industrial island in the Connecticut River, the 11 multi-story brick buildings are within the downtown historic district via a footbridge across the hydroelectric power canal. This study informed town officials about issues affecting property acquisition and proposed reuse, and the feasibility of undertaking a public-private redevelopment effort. The market analysis included more than 40 interviews with mill owners/developers, real estate brokers, recent tenants, business owners and associations, public officials; review of reports, studies, and data pertaining to the Montague-Greenfield, Franklin County and Northern Tier economies, and information for 17 mill conversion projects. The market investigations included examination of the micro-manufacturing and creative arts economies, and ëHidden Techí (home-based businesses, self-employed workers) sectors. From this research, FXM created a market-driven redevelopment program that defined potential uses, space needs, and price points, and from which supportable debt for rehabilitation cost was derived. FXM assisted Feingold Alexander + Associates (architects) Tighe & Bond (engineers), and Ajax Partners International (development adviser) to formulate a phased redevelopment plan, determine infrastructure requirements, consider current and near-term demand, supply and absorption rates in local and regional markets, and evaluate prospects for private investment in future Strathmore Mill redevelopment.
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Hicks-Logan Area Redevelopment Plan
City of New Bedford, New Bedford Economic Development Council
FXM Associates is working with Goody Clancy Associates and city officials to prepare a comprehensive plan for long-term revitalization of the Hicks-Logan urban renewal area, a strategic site next to Interstate 195 and along the New Bedford waterfront that currently contains a mix of strong manufacturing and distributive industries, but also underutilized and vacant mills, vacant lots, and substandard multi-family housing. The challenge of the plan is to create consensus on short- and longer-term use potential of the mills and underutilized land (for industrial, residential, office, retail, and entertainment uses) and to develop a strategy for renewal that will enable funding of street, landscaping, and infrastructure improvements via new tax ratables and public finding, such as brownfields remediation and economic development assistance.
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Direct, Indirect, and Induced Effects of Chain Stores on the Cape Cod Regional Economy
Smart Planning & Growth Coalition
FXM assessed the effect that big box and other chain retailers could have on the overall economy of Cape Cod if growth in retail demand were largely captured by the chains by 2014. The study involved an analysis of secondary source data and case studies done in other communities; an independent baseline econometric forecast of population, employment, and income growth in the regional economy; and application of the R/Econ input output model to measure total direct, indirect, and induced effects on output, jobs, earned income, profits and other unearned income, and local, state, and federal taxes. The study concluded that if chain stores captured 50% of forecast growth in retail demand that by 2014 the Cape Cod region would lose over 9,000 jobs, $600 million per year in business output, over $200 million per year in household income, and over $10 million per year in local taxes.
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Plymouth Harbor Marina
Town of Plymouth, Massachusetts
FXM Associates provided a "sketch" assessment of potential operating revenues and costs for a proposed town-owned marina in Plymouth Harbor, Massachusetts, and estimates of whether sufficient net operating income could be generated to cover some or all of required dredging and facility construction costs. The goal of this limited assessment was to provide town officials with an early indication of whether such a facility could merit further development based on its ability to cover operating costs and some level of debt service for construction. FXM also reviewed with Vine Associates, Inc. (VAI) a conceptual multi-use facility layout that could maximize income potential. The assessment assumed a facility accommodating 270 seasonal slip rentals totaling 8,390 linear feet and accommodations for overnight and short stay transient vessels totaling 460 linear feet. The preliminary pro forma prepared by FXM included various financing scenarios.
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Salem City Pier Project
City of Salem, Masscachusetts
FXM Associates reviewed previous market and operating cost estimates for the Salem City Pier in Salem, Massachusetts. The uses included in the proposed program were whale watch, seasonal ferry (serving both commuters and tourists), head boats, transient dockage, lobster boats, and cruise ships. For the analysis, FXM assessed potential demand and updated rates, revenue, and expense estimates from prior reports and contacts with several other marinas in Massachusetts as well as similar research conducted for other recent marina projects. Utilizing these data, FXM prepared a pro forma and estimated the amount of debt that could be supported by the revenues.
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Revere Ocean Pier II
City of Revere, Masscachusetts
FXM Associates updated a market analysis performed for a multi-use Revere Ocean Pier in May 2000. The major change associated with this update was the change in location for the proposed Pier from Revere Beach itself to the Point of Pines area of Revere, Massachusetts. Estimates of revenues to be expected from a marina at this new location were more conservative than those for the Revere Beach site, and the marina as proposed appeared to be marginally feasible from a market perspective. FXM prepared a pro forma and estimated the amount of debt that could be supported by revenues from proposed uses.
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Review of Medfield State Hospital Redevelopment Proposals
Town of Medfield, Massachusetts
FXM Associates undertook a detailed review of state redevelopment plans for an 80-acre former mental hospital in order to examine the viability of reuse and environmental remediation assumptions, economic feasibility, and fiscal impacts on the town. Key elements of this research and analysis focused on economic issues related to the National Historic Landmark status of the Medfield State Hospital campus and buildings, and physical constraints influencing marketability of a proposed 300+ unit retirement community at the site. FXM and its subconsultant Earth Tech, Inc. analyzed financial data and pro formas prepared by the Department of Capital Asset Management for two redevelopment scenarios, and found significant additional costs that would have to be borne by potential developers. The fiscal impact of the reuse plans and alternative development scenarios formulated by FXM were found to be positive. FXMís report provided the town a blueprint for assessing future development options, including value and net fiscal impacts per unit for single family, condominium, assisted living, and skilled nursing facilities.
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