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HomeMy WebLinkAbout2015-04-01 Board of Selectmen HandoutREADING STRATEGIC ECONOMIC DEVELOPMENT ACTION PLAN Priority Development Area #1: Proposed 40R Expansion Area PDA #1 includes 46 parcels in the downtown that are adjacent to the current downtown 40R Smart Growth Overlay District. The Town would like to expand the 40R zoning to the remainder of the downtown to facilitate redevelopment of these parcels. Based on our analysis and its proximity to the commuter rail station, the market potential for this site is mixed - use infill. This could include multi - family housing, ground floor retail, and some smaller upper floor professional offices. PDA #1: Proposed 40R Expansion Area Parcel Characteristics Total acres: 8.59 Number of parcels: 46 Parcel size range: .06 acres to 1.21 acres (average .19) Age of Structures: 10 (21.7 %) built before 1900 27 (58.7 %) built 1900 -1950 7 (15.2 %) built after 1950 (missing data for two parcels). Stories: 24 (52.2 %) one -story 17 (37.0 %) two -story 2 (4.3 %) three -story 1 (2.2 %) four -story (missing data for two parcels). Building value per $57,700 to $2,598,100 parcel range: Average: $301,936 Improvements to land .02 to 1.82 value ratio range: Average: .9 Current Uses: Office, Residential, Commercial Current ownership: 39 different owners of 46 parcels, 36 owners from Massachusetts MAPCO www.mapc.org/ReadingEDActionPlan READING STRATEGIC ECONOMIC DEVELOPMENT ACTION PLAN Priority Development Area #2: South Main Street PDA #2: South Main Street is located in the southern portion of Reading. The northern end of the corridor is within walking distance of the downtown and commuter rail station. Based on our analysis, the market potential for the northern end of the corridor is for mixed use that can support and blend into the commercial already located in downtown Reading. The addition of some residential in the central and southern portions of the corridor holds some promise to support future retail growth as well. PDA #2: South Main Street Parcel Characteristics Total acres: 50.9 Number of 82 parcels: Parcel size .1 acres to 3.97 acres (average .62) range: Age of 9 (11.0%) built before 1900 Structures: 27 (32.9 %) built 1900 -1950 39 (47.6 %) built after 1950 (missing data for seven parcels). Stories: 33 (52.2 %) one -story 34 (37.0 %) two -story 8 (4.3 %) three -story 1 (2.2 %) five -story (missing data for seven parcels, two parcels have two buildings) Building $19,500 to $7,141,700 value per Seven parcels have missing data or no buildings parcel range: Average: $635,760 Improvements .02 to 1.82 to land value Average: .9 ratio range: Current Uses: Office, Residential, Commercial Current 69 different owners of 78 parcels, 63 owners from ownership: Massachusetts; 90 owners of condo units iK MAPC www .mapc.org /ReadingEDActionPlan READING STRATEGIC ECONOMIC DEVELOPMENT ACTION PLAN Priority Development Area #3: New Crossing Rd Redevelopment District PDA #3: New Crossing Road Redevelopment District currently includes 10mv,2w `. vacant lots, derelict buildings, and sites with industrial uses. Based on our analysis, the market potential at this site is for additional residential, multifamily development that would generate additional spending needed to support retail in close proximity. There may be some opportunities for creative flex /office space as well. The area is a half mile walk from the Commuter Rail. _ -T PDA #3: New Crossing Road Redevelopment District Parcel Characteristics Total acres: Number of parcels: Parcel size range: Age of Structures: Stories: Building value per parcel range: Improvements to land value ratio range: Current Uses: Current ownership: 3.94 Ell 0.34 acres to 2.49 acres (average .99) 2 built before 1950 1 built after 1950 (missing data for one parcel). 2 one -story 1 two -story (missing data for one parcel). $0 to $624,400 Average: $270,950 0 to 1.18 Average: .58 Industrial, Warehouse 4 different owners, all from Massachusetts MAP www.mapc.org/ReadingEDActionPlan READING STRATEGIC ECONOMIC DEVELOPMENT ACTION PLAN Priority Development Area #4: One General Way PDA #4: 1 General Way is one large parcel consisting of 20 acres. It consists of a mix of single story commercial uses with ample parking and a Market Basket. The area is about a half -mile walk from the Reading Commuter Rail station. This area is identified as suitable for office space with residential to blend the site in with surrounding residential uses. Build -to -suit office space could be successful in this location. \h 1K MAPC Z`:' PDA #4: One General Way Parcel Characteristics Total acres: 20 Number of parcels: 1 Parcel size range: n/a Age of Structures: Built in 1910 Stories: two - story building Building value per $8,436,800 parcel : Improvements to 0.87 land value ratio: Current Uses: Shopping Center Current ownership: 1 owner based in Massachusetts www.mapc.org/ReadingEDActionPlan