HomeMy WebLinkAbout2015-12-1 Board of Selectmen Handout - Economic Development Action PlanReading Economic Development Action Plan FFYs 2016 -2022
December 2015
Appendices
Appendix A: Retail and Office Market Analysis ........................................ ............................... 2
RetailMarket Analysis .................................................................................................. ...............................
2
ExistingRetail Inventory ............................................................................................ ..............................2
Interviews.................................................................................................................... ...............................
4
TradeArea ................................................................. ............................... ..... ..............................5
RetailOpportunity Gap Analysis .............. ............................... ..... ......... ...............................
6
PotentialSupportable Retail Square Footage ...................... ......... ................ ..............................7
WorkerRetail Potential ..........................................................:.......................... ...............................
8
OfficeMarket Analysis .................................. ............................... ......... ............ ...............................
9
ExistingInventory .............................. ............................... ......... ........ ........................9
EconomicTrends ........................... ............................... ........... ................ ...................
9
Jobs..................................... ............................... .................. ........ ............ ........ .....................
9
Wages............................... ............................... ....... ......... .............................. .....................14
LargestEmployers ......................................................... ........ ........................... .............................14
EmploymentProjections .................... ............................... ........ ........................... .............................14
OfficeMarket Conditions .............. ......................... .................. .............................16
ReadingOffice Market .......... ...... ............ ............ .............................17
OfficeDevelopment Potential .......................... ........ ......... ........s ................ .............................18
Retail and Office Market Analysis Recommendations by Priority Development Area .............18
Appendix B: Residential Market Analysis ..... ......... ................... ...............................................
20
HousingNeeds Analysis ...:........: ......... ....... .................................................. .............................20
Populationand Households ...: ......... ....... .................................................. .............................20
Family and Non - family Households ........... .................................................. .............................21
Income....................... ........ ....... .................... ............................................... ...............................
21
SchoolEnrollment.... .... .................................................. .............................22
Existing Housing Characteristics .. ................ .................................................. .............................22
HousingStock ....:......... ........ ......................................................................... .............................22
Ageof Structure ..... ........ ................................................................ .............................23
'Tenure ..................... ....... ....................................................................... ...............................
23
RentalMarket Characteristics ................................................................................. .............................24
RentalUnits .................. ..................................................................................... .............................24
OwnershipMarket Assessment ............................................................................... .............................25
SalesTrends. ......................................................................................... .............................25
RecentSales and Listings .................................................................................... .............................26
UnitProduction ..................................................................................................... .............................27
ResidentialMarket Conclusions ............................................................................... .............................28
Residential Market Potential ( 2020) ................................................................ .............................29
Residential Market Analysis Recommendations by Priority Development Area .........................30
Appendix C: Meeting Summary for April 1, 2015 Public Meeting ........... ...............................
31
Appendix Da Meeting Summary for June 3, 2015 Public Meeting ........... ...............................
36
Appendix Ee Meeting Summary for October 7, 2015 Public Meeting ....... ...............................
42
Appendix Fc North Suburban Planning Council Subregional Priority Mapping Project ...........
48
Appendix Ga Maps of Parcel Characteristics ® 2015 Reading Assessor's Data ......................
49
Page 1
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
s
Appendix Retail and Off Ice Market
In order to assess the current retail environment in Reading, MAPC conducted,- -a retail inventory to
understand what is currently in the downtown area (where the vast majority`of retail in Reading is currently
located). Through this inventory, staff learned that there are approximately 153 establishments in the
downtown area, including both retail and professional offices. Reading currently only has one retail
vacancies in the downtown area -- a former Walgreens on Harnden Street. A summary of the inventory is
included below in Table 1. Table 1 also shows how the types of "retail in downtown Reading compare with
a typical downtown.
Table 1 indicates that Reading has a low percentage of retail (shoppers and convenience goods) when
compared with a typical downtown mix. Conversely, downtown Reading has a high amount of professional
services. This trend is actually fairly common in downtowns of similar communities throughout the region and
is often the result of larger big box retail stores and online retail sales drawing sales away from more
traditional downtowns. Affected downtown retail establishments went out of business and professional
offices came in to fill the newly available space.
Downtown Reading also has a high percentage of persona [,service'ssuch as hair salons, nail salons, and
drycleaners. Personal and professional services are both.important components in a downtown as workers
and customers provide daytime 'activify and help to ,boost the customer base of retail establishments.
However, in order for a business district to thrive, it should contain a more balanced array of retail uses,
personal and professional services'.
Table 1. Summary of D
Shoppers Goods
16
Convenience Goods
24
Food Service
21
Personal Services
42
Professional Services
48
Vacant
2
Source: MAPC Analysis
ty
% Town Center % Typical? Mix
10% 30 -40%
16%
20 -30%
14%
10 -20%
27%
10 -20%
31%
10%
1%
5%
Another interesting finding from the retail inventory is that downtown Reading has a fair amount of food
services (i.e. restaurants). Around half of the restaurants downtown are full service and half are limited
service. Reading has a good base of restaurants on which to build and great potential to add additional
restaurants in order to elevate downtown Reading to a restaurant destination.
Downtown Reading is well designed with plentiful ground floor retail and few offices located in prime
ground floor retail space. On Haven Street in particular there is an ideal mix of uses with retail on the
' Personal services include uses such as hair salons, nail salons, and drycleaners, whereas professional services include
uses such as accountants, attorneys, or architects.
Page 2
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
ground floor and office and residential up above (Figure 1 below). This type of development helps to
create an inviting and pedestrian friendly environment as the retail uses generate a healthy amount of
activity on the street.
Figure 1. Examples of mixed -use development in Reading
The downtown in Reading is also unique in that it has two main
concentrations of retail that are not truly connected. There are sever
retail establishments near the MBTA commuter rail station on Haven
Street and then another set of retail establishments directly on Main
Street. Forging a connection between these two areas with addition
mixed use development would help to create a more cohesive and
connected downtown. Mixed use will be critical because in order to
Mixed use will be
al critical because in
order to support any
al additional retail, it
well- will be important to
also add residential
support any additional retail, it,will be important to also add residential
development to increase the local customer base.
development to
increase the local
customer base.
Or
Although most of the current retail is concentrated in the downtown, there I
are other retail establishments located throughout the priority development areas including South Main
Street and One General Way. The New Crossing Road PDA currently does not have any retail
establishments and is a highly industrial site.
Along South Main Street, establishments are more dispersed than in the downtown and include a variety of
convenience stores and fast food restaurants, such as coffee shops, pizza shops, and bagel stores.
Professional' and personal services also line South Main Street. Examples include insurance companies,
realtors, law offices, salons, and banks.
At the One General Way priority development area, 128 Marketplace is a shopping center with large
retail tenants including K &G Fashion Superstore, Creative Playthings, and Baby & Kids Furniture
Warehouse Store. In addition to the retail establishments, Reading Athletic Club, Market Basket and the
Reading Public Library are located within this PDA. As of March 2015, there was about 48,000 square
feet of commercial space available at 128 Marketplace (Figure 2 below).
Figure 2. Detailed plan of One General Way priority development area occupancy.
Page 3
Source: CBRE, March 2015
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
f 7iX
iii;l � k' AthleT�c <1ut
Et
riFdRHOUSF ,
S °l
AVAILABLE II AVAILABLE
1.700 SF j� 1 700 SF
Interviews
In addition to analyzing the current retail inventory, MAPCstaffE spoke with and interviewed business
owners, brokers, and property owners within the study area The interviews provide local context on the
challenges and opportunities of doing business in Reading and help to inform strategies that could be used
to bring additional retail to the town.
Many retailers noted that Reading's strengths in attracting retail include a strong community and local
loyal customer base. They said that Reading wa's well - located within the region with convenient access to
the highway and public transit into Boston. Retailers also noted that there are low retail vacancy rates and
competitive rents in Reading.
Some of the weaknesses that retailers pointed out in that parking downtown is confusing and can be
difficult for customers trying to frequent;downtown businesses. Regional retail competition was brought up
by many business owners who felt that large scale retail developments in nearby municipalities were
negatively affecting their businesses. -Many retailers recognized that the town has done a lot to support
businesses, but still felt that more could be done to create a streamlined permitting process. Many retailers
also felt that a more formal merchants association would be helpful so that businesses could support one
another and collectively address concerns.:,
Regarding the market for additional retail, developers noted that leasing out smaller retail spaces
downtown is not difficult and f & that there was demand for downtown retail space. Both retailers and
developers felt that the Haven,Street area near the Reading commuter rail station has a lot of potential to
further develop and thrive with the introduction of more mixed use and residential development. Brokers
also noted that the "existing market for retail seems to support small retail shops (2000 square feet and
under).
Attracting larger retailers to Reading however may be challenging however as is evidenced by the current
48,000 square feet of vacant commercial space at the One General Way priority development area.
Page 4
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
In order to estimate the amount of additional retail that Reading can support, it is important to first
identify a trade area. The trade area is the geographic area from which a retail establishment generates
sales. There are many factors to consider when determining a primary trade area including the distance
and time that people may be willing to travel in order to reach a destination, any physical or geographic
barriers as well as regional competition. For the Reading study area, the primary trade area would be a
ten minute drive time. It is reasonable to assume that people would be willing to travel this distance in
order to attain goods and services within the four priority development areas.
Downtown Reading in particular has a number of restaurants and some unique retail offerings that may
attract people from farther away. One General Way is also likely to draw customers from a farther
distance because the larger stores at 128 Marketplace target a more regional customer base. To account
for this regional draw, MAPC staff also considered a secondary trade area of a fifteen minute drive time.
The determination of trade areas also reinforces what we heard from retailers within the study area who
noted that the retail customer base on South Main Street and in the downtown was more local while the
larger stores at 1 General Way attracted a more regional customer base.
The drive times are displayed below in Figure 3. The ten minute drive time includes the entire local market
as well as portions of Lynnfield, North Reading, Wilmington, Burlington, Woburn, Stoneham, and
Wakefield and is outlined below in red. There are approximately 124,000 people living within a ten
minute drive time of our study area. Because of the Town's geography there are a number of commercial
areas nearby that will be direct competitors including Route 28 in Stoneham and Market Street at
Lynnfield. This will be a limiting factor that will influence how much retail the market in Reading will be
able to support.
Figure 3. Diagram of Drive Times and Primary
�V
lxA qa-
.A
Because of the Town's
geography there are
a number of
commercial areas
nearby that will be
direct competitors ...
This will be a limiting
factor that will
influence how much
retail the market in
Reading will be able
to support.
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
MAPC staff analyzed ESRI Business Analyst data within the defined trade areas in order to conduct a
retail gap analysis. A retail opportunity or gap analysis looks at the overall demand for retail goods and
services within a designated trade area based on the spending potential of the households (demand), and
the actual sales for those goods and services within the market area (supply). The difference between the
demand and supply is called the retail "gap." If the demand exceeds the supply, there is "leakage,"
meaning that residents must travel outside the area to purchase those goods. In such cases, there is an
opportunity to capture some of this spending within the market area to support new retail investment.
When there is greater supply than demand, there is a "surplus," meaning consumers from outside the
market area are coming in to purchase these goods and services. In such cases „there is limited or no
opportunity for additional retail development. Thus, the retail gap analysis provides a snapshot of
potential opportunities for retailers to locate within an area.
Below in Table 2 is a summary of the retail opportunity gap analysis by industry group and trade area. In
addition to information on the primary and secondary trade areas; data on the retail „gap for the local
trade area (or 5 minute drive time) is also included as a comparison.` Figures in parenthesis and red are
negative numbers that indicate there is a surplus of sales within the trade area. In other words, there are a
significant number of establishments in the trade area within that industry' group. Figures in green are
positive numbers that indicate a retail gap or leakage and represent potential opportunities for more
retail in the area.
Table 2. Retail opportunity gap analysis by industry group a
Industry Summary
NAICS
LOCAL TRADE
AREA
PRIMARY
TRADE AREA
SECONDARY
TRADE AREA
5 minute drive
time
10 minute drive
time
15 minute Drive
Time
Total Retail Trade and Food &
Drink
$100,331,012
($289,481,777)
($325,114,912)
Total Retail
$100,246,344
($293,744,406)
($474,253,589)
Total Food & Drink
$84,668
$4,262,629
$149,138,677
Downtown and Mixed -Use
Oriented Industry' Groups
Furniture & Home Furnishings
Stores
442
($7,927,176)
($14,945,208)
($14,029,975)
Electronics & Appliance Stores
443
$10,483,168
($14,071,935)
($86,312,909)
Building Materials, Garden
Equip. & Supply
444
($1,237,510)
($8,208,614)
$18,199,721
Food & Beverage Stores
445
($23,445,523)
$47,589,890
$30,887,527
Health and Personal Care
446,
4461
$19,607,358
$107,161,384
$77,542,512
Clothing & Clothing Accessories
448
$3,388,353
($76,740,131)
($103,975,884)
Sporting Goods, Hobby, Book
and Music Stores
451
$2,880,838
($2,710,613)
($11,583,291)
Miscellaneous Store Retailers
453
($280,943)
($5,365,346)
$5,512,878
Food Services & Drinking
Places
722
$84,668
$4,262,629
$149,138,677
Source: MAPC analysis based on ESRI Business Analyst data
Table 2 above indicates that the local trade area presents limited opportunity for downtown and mixed -
use oriented retail. However, when considering the primary trade area and secondary trade areas, there
are opportunities for additional retail establishments, especially restaurants.
Page 6
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
G3 {� •. " i f}. ! Ci° i.. z Vii. • �'
MAPC staff uses a conservative capture rate to analyze the retail gap and
Supportable
understand the potential for additional establishments. This capture rate
when considering
acknowledges that any single retail district will never be able to re- capture
the primary trade
the full amount of retail leakage. Competition from regional shopping areas
area and secondary
such as Market Street in Lynnfield and Route 28 in Stoneham, as well as other
trade areas, there
local districts and online shopping will always draw business away from the
are opportunities for
study area. When analyzing the market potential within the primary trade
additional retail
area, MAPC uses a 10% capture rate. When looking at market potential
establishments,
within the secondary trade area, MAPC uses a lower 5% capture rate. Using
especially
this methodology, the market within a ten minute drive time of the study area
restaurants.
could likely support the industries detailed below in Table 3.
ft
It is important to note that the data below is not a prediction for what will occur
in Reading, rather it is an
opportunity or estimate of retail space that could be supported based on the gap analysis figure,
average sales per square foot of different store types, average store sizes in downtown
areas, and an
estimated spending capture within each trade area.
Table 3. Market Potential Estimate
Source: ESRI BAO and MAPC
The market within the primary trade area can support up to 6 total establishments with the best
opportunities being a grocery /specialty food store, health & personal care stores (pharmacy, beauty
supply, cosmetics, sunglass` stores, health supplement stores, vitamin or nutrition stores), used merchandise,
and a limited service eating establishment. The majority of the retail opportunities supported by the
primary trade area would be most appropriate for a downtown setting.
The market within the secondary trade area could support additional opportunities including up to 9
restaurants2. Attracting additional restaurants particularly to the downtown area is a major opportunity for
2 Although the retail gap analysis uses a conservative capture rate, this opportunity may be slightly lower because
the retail surplus /leakage data does not yet take into account the recent opening of many restaurants at Market
Street at Lynnfield (e.g. Davio's, FuGaKyu, Legal C Bar, Wagamama, Yard House, Panera Bread, Temazcal, etc.),
which is located at the edge of the Primary Trade Area.
Page 7
Supportable
Total
Trade Area
Square
Establishments
Types
Footage
1 Home Furnishings Store, 1
Local Trade Area (5 minute
11,500 sq
4
Electronics or Appliance Store, 1 Used
drive time)
ft
Merchandise Store, 1 Limited Service
Eating Place
1 Grocery /Specialty Food Store, 2
Primary Trade Area (10
36,000 sq
6
Health & Personal Care Stores, 2
minute drive time)
ft
Used Merchandise Stores, 1 Limited
Service Eating Place
1 Lawn & Garden Equipment &
Supply Store, 2 Beer, Wine, or Liquor
Stores, 1 Health and Personal Care
Secondary Trade Area (15
51,000 sq
18
Store, 3 Used Merchandise Stores, 4
minute drive time)
ft
Full Service Restaurants, 5 Limited
Service Restaurants, 1 Special Food
Service, 1 Drinking Place- Alcoholic
Beverages
Source: ESRI BAO and MAPC
The market within the primary trade area can support up to 6 total establishments with the best
opportunities being a grocery /specialty food store, health & personal care stores (pharmacy, beauty
supply, cosmetics, sunglass` stores, health supplement stores, vitamin or nutrition stores), used merchandise,
and a limited service eating establishment. The majority of the retail opportunities supported by the
primary trade area would be most appropriate for a downtown setting.
The market within the secondary trade area could support additional opportunities including up to 9
restaurants2. Attracting additional restaurants particularly to the downtown area is a major opportunity for
2 Although the retail gap analysis uses a conservative capture rate, this opportunity may be slightly lower because
the retail surplus /leakage data does not yet take into account the recent opening of many restaurants at Market
Street at Lynnfield (e.g. Davio's, FuGaKyu, Legal C Bar, Wagamama, Yard House, Panera Bread, Temazcal, etc.),
which is located at the edge of the Primary Trade Area.
Page 7
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Reading. Downtown Reading already has just over 20 restaurants in close proximity that offer a diversity
of food types. This restaurant presence could be further enhanced as restaurants in particular often draw a
regional customer base and tend to do better when located near one another. They can be marketed
collectively as a dining destination and patrons travelling to the area know that they will have several
dining options. Multiple restaurants also increase the visibility and convenience of a location.
At this time there is not a significant market opportunity within the secondary trade area to support a full
new arts - related retail establishment. However if the town implements a cultural district downtown this
could potentially bolster the market if more people are willing to travel to the area to visit unique arts -
related retail establishments.
In general, retailers may be attracted to a higher income community such as
potential for significant spending. However, there are many factors that infl
store or restaurant may want to locate in a particular area. Some of the ad'
decision to locate a new retail establishment include:
Availability and quality of the retail space
Size of the spaces available
Location of the space- is this a place where many
Parking- is it available nearby or within a short wal
Product or service price points
Marketing
Business plan and acumen
Zoning and other regulatory obstacles
Permitting and inspection processes
Although the potential exist
dependent on the above fa
retail located near the co' mn
However, there is very little'
However the amount of foot
too large to accommodate tl
Reading. Continued efforts t
strategy
ail
ing because of the
whether or not a retail
31 factors that impact the
by?
iased numbers, the amount captured may be less,
visibility, in downtown Reading is good with the majority of
fen Street) or on a heavily traveled street (Main Street).
retail space. South Main Street is also heavily travelled.
he space that is available at One General Way may be
ores that would be successful from a market standpoint in
ng, business attraction initiatives, and a downtown parking
rsue more retail opportunities.
Because there are a number of professional services that exist within downtown Reading, there is already
a local base of workers who.gre also customers of stores and restaurants. In addition, there are close to
88,000 people employed within a ten minute drive time (ESRI). There is therefore potential to capture
business from these nearby employees as well. Office workers can spend a significant amount of money on
food and convenience items throughout the week. A successful marketing campaign could help to drive
additional business from the surrounding population of workers in addition to the residents that are living
within the trade area.
Page 8
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
In order to determine the potential office demand in Reading, MAPC staff analyzed existing office
inventory, economic trends in Reading, and regional trends in the office market.
According to Assessor's data, the Town of Reading has approximately 610,000;; square feet of office
space. The majority of office space in Reading is located within the study area or in close proximity to it,
either in the downtown, on South Main Street, or at Walkers Brook Drive. More specifically within our study
area, the Downtown 40R expansion has approximately 3,824 square feet of office3. South Main Street
has around 127,690 square feet of office. New Crossing Road and One General Way have no office
uses at this time. Through the recent EDSAT process, it was determined however that very little of this office
space is currently vacant or available for new tenants. Commercial brokers also cited that the lack of
available office space was a challenge for the town.
4
Reading had a total of 7,419 jobs in 2013 with ab
based (see Table 4 below). Job growth in Reading
with growth in the state. However from 2008 -2013
only 2% growth at the county and state level. Durin
the total number of jobs in Reading is now approac
the jobs that were added from,2008 -2013 are in t
industries rather than office -based industries that w
accommodate workers. Office -based industries are
it 1,800 people employed in jobs that are office -
�tween 2001 and 2013 has been tracking closely
eading saw a 17% growth in jobs compared with
this time period, Reading added over 1000 jobs and
ig 2001 pre- recession numbers. However many of
retail trade and accommodation and food services
Id indicate a need for new office space to
xtegorized at the top of Table 4 below.
Looking specifically at these office -based industries, there is a 6% growth overall (approximately 100
total jobs) between 2008 and 2013. This is consistent with growth seen at the
county and state level. During this time period, the town of Reading lost a
large employer with the re- location of Keurig to Burlington.
There are some individual office - based' industries that have seen growth in
Reading though and these include Information and Health Care and Social
Assistance. Although there has been tremendous growth (95 %) in the
Information' industry from 2008 -2013, the growth only represents about70
jobs since 2010; the number of jobs in the Information industry has remained
relatively stable. This growth may be due to the location of one or two larger
companies within the town. The Health Care and Social Assistance industry
though has continued to grow and may represent an opportunity for Reading
Overall, the relatively
low numbe of
based jobs added in
Reading over
time period suggests
that there may not be
ng demand
new office space at
this point.
as the town strategizes which industries to target. Overall, the relatively low
number of office -based jobs added in Reading over this time period suggests that there may not be a
strong demand for new office space at this point.
3 This PDA is adjacent to the current 40R district in Reading which has a much more significant amount of office space.
Page 9
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N.,
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Between 2001 and 2008, although the table above indicates that the town of Reading experienced an
overall decrease in their average weekly wage that is attributable to the Information sector. A number of
Information jobs with comparatively lower average weekly wages were added to this data in 2008. This
caused the overall average for all industries to decrease since none of the other individual industries saw a
significant decrease in wages. The overall wage decrease between 2001 and 2008 is therefore less
significant.
Further from 2008-2013, the wage growth in Reading was positive and has been on par with Middlesex
County and the state. Again, the Information industry in Reading is an outlier with 79% growth in average
weekly wages. As referenced above, because there are such a small number of Information jobs, this
change is likely due to one or two companies that came to Reading and offered higher wages. Wages in
professional and technical services in Reading continued to decline between 2008 and 2013 as they did
between 2001 and 2008. Administrative and Waste Services also saw a significant drop in wages at
around a 25% decline. Many individual office -based industries "did see wage growth however including
Finance and Insurance, Real Estate and Rental and Leasing, and Health Care and Social Assistance.
MAPC staff also analyzed data on the largest employers to det(
represented amongst this group. Below in Table 6 are the 1 1 em
100 people. As the table demonstrates, the majority of these em
establishments (Stop -n -Shop, Market Basket, Home Depot) or edt
High School, Austin Preparatory School). Only two of the below e
users (Massachusetts Bay Constables, East Middlesex Industries).
Table 6. Employers in Reading that employ more than 100 pe
Austin Preparatory School Willow St Rea
Fraen Corp New Crossing Rd
Home Depot Walkers Brook Dr
mine which industries are the most
layers in Reading that employ more than
loyers are either large retail
ational institutions (Reading Memorial
nployers are traditional office space
le.
MA 100 -249
MA 100 -249
6111
3335
Market Basket General Way Reading MA 100 -249 4451
Massachusetts Bay Constables Reading MA 100 -249 5616
Reading Memorial High
School Oakland Rd Reading MA 100 -249 6111
Wingate At Reading Main St Reading MA 100 -249 6231
Source: MA Dept of Labor and Workforce Development
Analyzing job projections at a more regional level demonstrates what industries are growing in and
around the Town of Reading and where there may be some potential for Reading to capture some of this
growth in their office market. The Massachusetts Department of Labor and Workforce Development
projects job growth between 2010 and 2020 ( +14.7% or 31,399 jobs for traditional office oriented
Page 14
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
industries) for the Metro North Workforce Investment Area. This area includes Arlington, Belmont,
Burlington, Cambridge, Chelsea, Everett, Malden, Medford, North Reading, Reading, Revere, Somerville,
Stoneham, Wakefield, Watertown, Wilmington, Winchester, Winthrop, and Woburn.
Below in Table 7 is projected job growth within the MetroNorth WIA
for industries that are more likely to locate in traditional office
buildings. It is projected that slightly more than 16,000 office - oriented
jobs will be added within the WIA. Businesses will require office space
to house their workers and it is likely that more will be needed than is
currently available. However there are a number of major competitors
within the MetroNorth WIA including Cambridge, Burlington, and
Woburn. These municipalities already have strong commercial bases
and a large number of office -based industries. As these markets
become saturated however, office -based industries will look to other
municipalities. This may present an opportunity, but Reading will need =!
to implement effective business attraction strategies in order to capture
a portion of this job growth.
Table 7. Projected job growth within the MetroNorth
Publishing Industries (except Internet) 8,648
Telecommunications 3,289
Data Processing, Hosting and Related Services 1.798
...there are a number of
major competitors within the
MetroNorth WIA including
Cambridge, Burlington, and
Woburn. These municipalities
already have strong
commercial bases....
Reading will need to
implement effective business
attraction strategies in order
to capture a portion of this
job growth
10,402
3,176
1,874
Credit Intermediation and Related Activities 6,234 7,052
1,754
20.30%
-113
-3.40%
76
4.20%
864
6.50%
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
41144
8.80%
Health Care and Social Assistance
51,021
62,116
11,095
21.70%
Total
213,652
245,051
31,399
14.70 %0
Source: MA Dept of Labor and Workforce Development
Page 15
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
MAPC staff also looked broadly at the Boston regional office market to identify the role of Reading within
the larger market. Overall the office market in the Boston region is doing very well with net absorption at
multi -year highs through the third quarter of 2014. Vacancies are near the ten year low and asking rents
are also at an all -time high-. Reading is part of the Jones Lang Lasalle Boston North submarket.5
Characteristics of the Boston North Market are compared with the 128 /Mass Pike market and the overall
suburb office market in Table 8 below.
Table 8. Comparative analysis of the Boston North Market and 128 /Mass Pike market and the overall
% 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%
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 (Yo) ;
19.50%
16.80%
Source: Jones Lang LaSalle, Office Outlook, Boston North Q3, 2014
As shown in Table 8 above, the suburban markets in the Boston region are seeing some variation. When
analyzing the suburban markets in Boston it is clear that the 1 28 /Mass Pike market is particularly strong,
although the Boston North market is doing well and improving. Positive indicators in the Boston North
market are that the vacancy rate is down 2.1, points year over year and below the historic average
(17.2 %). Boston North has also seen greater year over year rent growth and a greater percentage of
absorption than the overall suburban market.
Compared with the 128 /Mass Pike Market however, the vacancy rate in Boston North is still much higher.
The discrepancy between the two markets becomes more significant when looking at the vacancy rate for
Class A office space (7.1 % in 128 /Mass Pike and 14.7% in Boston North). Boston North also has a lower
percentage of Class A office space available when compared with the 128 Mass Pike and overall
suburban market. Asking rents in 128 /Mass Pike are also much higher at about $28.99 per square foot.
This compares with $20.43 per square foot in Boston North. JLL does indicate that the leverage in the
North market is shifting from a market that favors tenants to one that favors landlords which speaks to the
growing competitiveness of the market. Once again, if Reading is able to strategically attract office
tenants, the town stands to benefit from the growing office market in the Boston North subregion.
- Jones Lang Lasalle
5 Includes the communities of Arlington, Beverly, Chelsea, Danvers, Everett, Lynn, Lynnfield, Malden, Marblehead,
Medford, Melrose, Nahant, North Reading, Peabody, Reading, Revere, Salem, Saugus, Somerville, Stoneham,
Swampscott, Wakefield, Wilmington, Winchester, and Woburn
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Interviews with local commercial brokers suggest that there is a market for some small office space
especially in the downtown area. It was noted that even office space that has not yet come on the market
in the downtown already has interested tenants and will likely go for competitive rents.
Brokers felt that the town could likely support new office development that could accommodate medium
sized tenants if rents were in the low to mid 20s. A 15,000- 30,000 square foot office building would likely
attract several smaller tenants that do not want to locate in busier office markets such as Woburn or
Burlington. Demographics and accessibility from transit and highways are characteristics of the town that
would be appealing to these kinds of office tenants.
According to the recently undertaken Economic Development Self Assessment tool (EDSAT), Table 9 below
is a snapshot of the inventory and rents of the town's current office space-by office space type.
Table 9. Reading's inventory and rents of the current office space
Class B 60% $16
Class C 20% $11
Source: Economic Development Assessment Tool 'OSAT)
In order to get an understanding of what kind;c
recently leased, MAPC staff looked at local list
Mansard Commercial. Below in Table 10 is a su
office properties.
Table 10. Currentl
180 Haven Street 4800 SF
ce space is currentl
n. Loopnet.com and
Y of currently avai
the market or has been
I brokerage sites such as
listings and recently leased
sf 15,000 SF A
55 Walkers Brook Drive 60948 SF $28 /sf 140,000 SF A
�r-ce: yLoopnet.com, Mansard Commercial (January- February 2015)
There is potentially around 7000 square feet of office space slated to become available in the near
future at the MF Charles building,`at 600 -622 Main Street. This is a recently completed construction and
renovation project that has not yet opened up its second floor to tenants. There are currently no proposals
for new office development within town.
Reading's EDSAT reinforced that the Town does not have a lot of available office space for new tenants.
Commercial brokers also noted that the office space in Reading is
very well occupied. This shortage of supply may contribute to the Because 128 Marketplace is
higher office space rents in Reading for all asset types and classes currently an under - utilized
other than Class A office space when compared with the comparison shopping center, One
group municipalities ( EDSAT). Also, the smaller percentage of General Way may present
vacant /underutilized shopping centers than the EDSAT comparison
group limits opportunities for large commercial developments. some opportunity to
Because 128 Marketplace is currently an under - utilized shopping introduce office space
center, One General Way may present some opportunity to integrated with other uses.
introduce office space integrated with other uses. The town should
Page 17
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
also be strategic in attracting firms that are either looking for smaller space or that have a lot of workers
who work off site, in other offices, or at home6.
r
At this point in time, Reading has the potential to support some small office space downtown or along
South Main Street (PDA 1 & PDA 2). In the downtown it will be important to balance office development
with retail, restaurants, and residential. There is also some potential to work with property owners of
larger parcels (such as the One General Way parcel within our study area) in order to develop new office
space (likely 15,000- 30,000 square feet). The regional market supports a large office tenant, but there is
a significant amount of competition from nearby municipalities.
As noted above, the Boston North sub - market continues to improve and the sub- market is likely to see more
interested office tenants as market pressures in surrounding areas grow. There is significant job growth
projected within the MetroNorth WIA and Reading has seen job growth in office -based industries over the
past ten years.
The limited amount of office space currently on the market or sic
suggests that if the town is interested in increasing office space
options may hold the greatest potential. Build to suit refers to a
through which the developer builds to the specifications of a ten
larger office tenant. This strategy offers many advantages inclu
chance of project financing. The town can focus on attracting on e
has a competitive advantage in the town. Based on historical jo
b
come onto the market in Reading
rkers in the town. build to suit
way of leasing commercial properry
ant and would be ideal for attracting a
ding', a guaranteed tenant and a higher
or two key tenants within an industry that
growth in Reading, the health care and
social assistance industry may be an important opportunity to pursue.
PDA #1, Downtown 4011 Proposed Expansion
The proposed downtown 40R expansion holds potential for additional retail on Main Street although the
focus should be to first fill vacancies on Main Street just outside this PDA in the existing 40R district. The
Walgreens space and the vacant Quizno °s`on Main Street should be prioritized. Retail industries that could
potentially be supported by the primary market are health & personal care, specialty grocery, and used
merchandise. The market could also support a substantial amount of new restaurants that could help to
make Reading a dining destination with the potential to draw in a more regional customer base. Smaller
office spaces downtown are in demand and additional space could be added on the second and third
floors of mixed use buildings. It is important to balance small office use development in the downtown with
retail, residential and restaurants in order to ensure a good balance of uses. This is consistent with the
recommendation of the priority mapping project to build mixed use infill in this area. (See Residential
Market Analysis, later in this document for more information.)
PDA #2, South Main Street.
The priority mapping project identified multi - family as the most appropriate use for this PDA. Regarding
retail and office there may be some potential at the North end of this corridor, close to the existing
downtown. It would be important for the town to work with existing property owners and identify their
interest in potentially developing mixed use. These buildings could add residential and small office spaces
while maintaining existing retail. (See Residential Market Analysis later in this document for more
information.)
PDA #3, New Crossing Road Redevelopment District
As the priority mapping planning process indicated, PDA 3 (New Crossing Road) has some potential for a
mixed use development. This development could incorporate office space within a mixed use development.
Mixed use developments with office, retail, and residential are attractive to workers and interest in these
6 EDSAT
Page 18
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
types of environments is growing particularly among young professionals. In particular, residential & office
uses could work well here with a small amount of retail in the more visible area of the site to serve the
residents and workers. Because of the current industrial character of PDA 3 there may be an opportunity to
pursue a creative development that in addition to small office spaces also incorporates light industrial uses
such as a shared use commercial kitchen space. (See Residential Market Analysis later in this document for
more information.)
PDA #4, One General Way
PDA 4 is the most appropriate site for office development at this point. Within the context of the current
market the town may be able to support 15,000- 30,000 square feet at this site, potentially even through
a renovation of the existing space. Because this is a large parcel, this relatively modest amount of office
space could be integrated with other uses such as residential and existing retail. The other potential
opportunity for this site would be for the town to pursue a build to suit project for a more significant
amount of office space if they are able to incentivize a large tenant to' locate here. The Healthcare
industry for example may benefit from this location as there are already medical office tenants nearby
including Hallmark Health Medical Associates and Physician Interactive.' (See Residential Market Analysis
later in this document for more information.)
Page 19
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Housing Needs A a y
Population and Households
Reading's population is increasing and growing older. Based on MAPC's Stronger Region projections, the
town could see a 10% population increase between 2010 and 2030. In particular, the senior population
(over 66) is projected to increase by nearly 75 %, or over 2,500 residents. Meanwhile, younger adult
populations (20 -54) are projected to grow minimally, and the number of school aged children is projected
to decrease by nearly 10 %.
Fiaure 4. Population Chanqe by Age, 2000 -2030
9000
8000
7000
r.
6000
5000
4000
3000
2000
1000
0
19 and und(
Source: MAPC Stronger
Population Change 2000 4r" jections)
#REF! . 82000 2010 ® 2020 (SR) E 3030 (SR)
Significantly, households will grow by a higher percentage than population. When looking at household
projections by age; of householder, those headed by a person 65 or older will increase by 75 %. And while
all younger households are projected to increase as well, those headed by persons 20 to 34, "Millennials"
are projected to increase by 20% as well.
These projected changes will likely have a significant impact on the type of housing units needed in
Reading. Many senior and Millennial households prefer smaller housing units, often in multifamily layouts in
or close to amenity rich, walkable environments with alternatives to auto transportation, including transit,
bicycle, and pedestrian modes.
Table 11. Projected Households by Age of Householder, 2010 — 2030, Reading
Households Households Households Change Percent
AGE 2010 2020 2030 2010 to 2030 Change
15 -19 62 56 37 (25) -41 %
Page 20
r.
j
20 to 34
35 -54
55 -64 65+
#REF! . 82000 2010 ® 2020 (SR) E 3030 (SR)
Significantly, households will grow by a higher percentage than population. When looking at household
projections by age; of householder, those headed by a person 65 or older will increase by 75 %. And while
all younger households are projected to increase as well, those headed by persons 20 to 34, "Millennials"
are projected to increase by 20% as well.
These projected changes will likely have a significant impact on the type of housing units needed in
Reading. Many senior and Millennial households prefer smaller housing units, often in multifamily layouts in
or close to amenity rich, walkable environments with alternatives to auto transportation, including transit,
bicycle, and pedestrian modes.
Table 11. Projected Households by Age of Householder, 2010 — 2030, Reading
Households Households Households Change Percent
AGE 2010 2020 2030 2010 to 2030 Change
15 -19 62 56 37 (25) -41 %
Page 20
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Nearly 75% of households in Reading are family households and
Households
Households
Households
Change
Percent
AGE
2010
2020
2030
2010 to 2030
Change
20 -34
1,003
1,192
1,199
196
20 %°
35 -54
4,150
3,803
4,194
44
1 %
55 -64
1,880
2,308
1,938
58
3%
65+
2,210
2,893
3,853
1,643
74%
Source: MAPC Stronger Region Projections
Single parent HHs 257 3%
6%
Nonfamily Households 2,449 27%
36%
Nearly 75% of households in Reading are family households and
over a third have children 18 and under living at home - higher
Older populations, along
than percentages in surrounding Middlesex County. Couples with
with younger singles and
children often prefer larger housing units (i.e. single family homes).
However, although the percentage of families with children is
married couples without
higher, so is the percentage of married couples without children:
children, are more likely to
This may indicate younger couples move to Reading in anticipation
prefer smaller housing units,
of having children. Further, although there are a lower percentage
whether as starter units for
of nonfamily households, the percentage of households with people .r
younger couples, or
65 or older is higher. Older populations, along with younger
downsizing units for older
singles and married couples without children, are more likely to
couples.
prefer smaller housing units, whether as starter units for younger
couples, or downsizing units for older couples.
Table 12. Households by Type, 2012
Reading',
Middlesex County
Number Percent Percent
Family Households 6,661 73%
64%
Families with Children HHs 3,230 35%
29%
Married Couples /No Kids HHs 2,900 32%
28%
Single parent HHs 257 3%
6%
Nonfamily Households 2,449 27%
36%
Living alone 2,025 22%
28%
65 years and older 938 10%
10%
Households with one or more people 65+ 2,521 28%
24 %'
Source: ACS 2008- 2012
Incomes in Reading`are significantly higher than those in all of Middlesex County. At $102,000, they are
more than 25% higher. Family HHs also earn significantly more. Thus, households have significant resources
for housing, which as shown later in this analysis, is reflected in housing prices and rental rates.
Table 13. Household Incomes, 2012
Reading Middlesex County
Median HH Income $102,614 $81,420
Median Family Income $118,069 $102,480
Source: ACS 2008 -2012
Page 21
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Meanwhile, although Reading has seen an increase in its public school enrollment over the last decade, it
appears that it may have peaked, with enrollment down in the current year. Should this continue, and
should more seniors choose to downsize and sell their homes to families with younger children, the demand
for additional new construction single family units may ease to some extent.
Figure 5. School Enrollment Trends, 2004 -2014
School Enrollment
4600
4,459 4,477 4,483
4500 4,416 4,428 41432
4,392
4400 �43�32
4293 4282
4300
4200
4100
4000
3900
3800
3700
3600
2004 -2005 2005 -2006 2006 -2007 2007 -2008 2008 -2009 2009 -2010 2010 -2011 2011 -2012 2012 -2013 2013 -2014
B. Market Assessment
Existing Housing Ch rt cteristics;
Housing Stock
The vast majority of residential units in Reading are single family units, representing over 75% of total
stock. This ,islsignificantly higher than that of Middlesex County, where only 55% of total stock is comprised
of single-family homes. In fact, Reading has a lower percentage of all multifamily housing types than its
surrounding county. Most notably, only 7% of units are in smaller multi - family structures (2 -4 units),
compared to over 22% in Middlesex. Fewer units are also in larger multifamily arrangements as well,
however, units in larger 10+ unit structures are comparable. This may be a result of recent multifamily
developments over the last decade.
Table 14. Number of Units in Structure — Reading and Middlesex County, 2012
Reading
Middlesex County
Number
Percent
Percent
1 Family
7,302
76%
55%
2 Family
520
5%
13%
3 -4 Units
223
2%
9%
5 -9 Units
221
2%
5%
10 to 19
422
4%
5%
20 or more
896
9%
12%
Source: ACS 2008 -2012
Page 22
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
In general, the age of Reading's housing stock is typical of Middlesex County. Just under a third of existing
units were constructed before 1939 — most of which is located near the historic downtown center, where
homes in pre - automobile days were built within walkable distance to goods and services and the train
station. However, and to be expected, as a suburb of Boston, the majority of homes were constructed over
time post WWII, indicating the continued suburbanization of metropolitan areas. Approximately, 10% of
total housing stock was built in each decade from the 1950s to 1980s. Although this housing is not old by
historical standards, much of it is multi- story, and may not meet accessible needs for seniors as they age.
Nor is it likely to include amenities sought after by today's younger renters. Only 9% of units were built
since 2000.
Table 15. Age of Housing Stock — Reading and Middlesex County
Reading Middlesex County
Number Percent Percent
Built 2000 to 2012 893 9% 7%
Built 1990 to 1999
627
7%
7%
Built 1980 to 1989
853
9%
10%
Built 1970 to 1979
906
9%
10%
Built 1960 to 1969
898
9%
11 %
Built 1950 to 1959
11692
18%
12%
Built 1940 to 1949
664
7%
6%
Built 1939 or earlier
3,051
32%
37%
Source: ACS
As is common in primarily single family unit 'communities, Reading's housing stock has traditionally been,
and continues to be owner - occupied. However, although the percentage of owner - occupancy units has
hovered above 80% for over a decade, there appears to be a slight increase in renter demand. Thus,
even though more ownership units were added over the timeframe, the growth in rentals was higher by
percentage-( 14%) compared to singlefamily ( +4 %). Rental growth can be attributed to larger rental
complexes that'have opened since 2000 (e.g. Reading Commons, formerly Avalon, and most recently, 30
Table 16.
Owner Occupied
Rental Occupied
Tota I
Source: ACS
Over Time, 2000 -2013
2000 2013 Change
7,165 83% 7,430 81% 265 4%
1,523 17% 1,734 19% 211 14%
8,688 9,164 476 6%
Condominium ownership, particularly in multi - family structures, is also growing in Reading. According to
Massachusetts Department of Revenue Parcel Counts by Property Class data (Table 7), condominium
development has increased in town. Between 2000 and 2015, the overall percentage of condos increased
to 13.1 % of total Reading parcels ( +464 units), whereas single family units decreased 2.1 % (in
percentage of total units). This number reflects both new condominium development and condominium
conversions. Given the decrease in multifamily units (two- to 3- family), condo conversions are likely taking
place in old 2- and 3- family rental buildings. At the same time, the percentage of parcels with apartments
Page 23
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
(buildings with more than 4 units) increased by 7 over the timeframe, which would include larger
apartment structures like 30 Haven and Reading Commons. Essentially, the finding is that there is growing
interest and support for multifamily ownership and rental units.
Table 17. Parcel Counts by Property Class
Single Family
Multi Family
Condos
Apt
Renter - occupied
# %
#
%
#
%
#
%
2000 6,440 78.8%
395
4.8%
649
7.9%
29
0.4%
2015 6,528 76.7%
350
4.3%
841
13.1%
36
0.4%
Change 88 -2.1%
-45
-0.5%
464
5.2%
7
0.0%
Source: Mass Department of Revenue, 2013
55 to 64 1 1 1
161
50
45.0%
7.3%
Although the percentage of rental- occupied housing grew slightly over the last decade, tenant
characteristics — specifically, the age of renters in Reading'— has changed considerably. The most
significant changes have been the increase in rental units occupied by persons under 35 ( +27 %, or 109
housing units). This may reflect younger households looking for more affordable rental alternatives outside
of the increasingly expensive Boston and adjacent communities (e.g. Cambridge, Somerville, Brookline). At
the same time where there has been a decrease in rental units occupied by those 35 -44 and, more
significantly, those 65 and older. Whereas the 35 -44 drop may be attributed to a recovering housing
market and more single - family ownership units coming onto market, the decrease in 65 households may
reflect lack of accessible units in town. Given the aging rental stock, and lower percentage of multi - family
units in town, this may be the case. However, it may also be the result of a more competitive market given
the increase in increase in younger renters. More rental stock is likely needed.
Table 18. Renter - occupied Housing Units, Reading 2000 -2012
Renter - occupied
Change
% of Total
housing units 2000
2012
#
%
2000
2012
Under 35 410
519
109
26.6%
26.9%
32.0%
35 -44 341
316
-25
-7.3%
22.4%
19.5%
45 -54 218
232
14
6.4%
14.3%
14.3%
55 to 64 1 1 1
161
50
45.0%
7.3%
9.9%
65 and over 443
396
-47
-10.6%
29.1%
24.4%
TOTAL 1523
1624
101
6.6%
Source: ACS, 2009 -2012
There is a limited inventory of rental units within and nearby the priority redevelopment areas, particularly
in the downtown. Generally, newer units with amenities in the downtown command higher rents than older
product. For example, the new rental building at Haven Street, which has underground parking, elevator
access, a gym and community room receives $1,900 and up for 1 BR units, and over $2,500 for 2BR units.
Older rentals, with little or no amenities, like the Celeste Apartments on Washington Street receive far less
($1,200 for a 1- bedroom).
Page 24
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
These rents are comparable to larger units in highway - adjacent Reading complexes with greater amenities
like pools (i.e. Reading Commons, former Archstone property). Property management at the Haven Street
property noted that proximity to the commuter rail, and the retail and restaurants in the building and in
downtown, were main drivers.
Table 19. Rental Rates in Reading
Location
Type
Price
BR
Yr Built
Location
30 Haven Street
Apt
$1,995
1
2012
Downtown
30 Haven Street
Apt
$2,555
2
2012
Downtown
30 Haven Street
Apt
$1,900
1
2012
Downtown
Ash Street
Apt in house
$2,300
3
Downtown Adi
Celeste Apartments
Apt
$1,200
1
Pre 1980
Downtown
Gazebo Circle
Condo
$2,200
3
?
Near 93
Lakeview Avenue
Apt
$1,495
2
?
Near 128
Reading Commons 2BR
Apt
$2,200
2
2006
Near 93
Reading Commons 1 BR
Apt
$3,600
1
2006
Near 93
Reading Commons, 7 Archstone
Apt
$1,949
2
2006
Near 93
Summer Ave
Apt in house
$1,600
1.5
?
Neighborhood
Source: Zillow, Craigslist
Although these rents are relatively high, they are
units at Lynnfield's Market Street development ;,'w
appeal to these units is the amenities found at the
According to broker comments, there is need for c
and that when product comes to market, it goes q
particularly amenity rich complexes in the area.
rm a�
� i��
Demand for ownership housin(
recovered from the recession.
exceeded the 2005 height. In
increased by 42% since 2008
for condominiums — townhome
Further demonstrating the stre
recession lows (Figure 4). The;
the previous median price pec
homes ($250K vs. $485K, resl
family homes (21 %) since 20C
is strong in Reading: The housing market has picked up significantly as it
s highlighted in Figure 3, for the first time since the recession, total sales
Testingly; whereas the number of single family homes purchased has
the number`'of condominium sales has increased by over 250 %. The market
Lyle, and multifamily — has increased significantly.
1th in the Reading housing market is the increase in sales prices since the
edian sales price for all units in Reading was $445,000, nearly 5% above
in 2005. And although condos are more affordable than single family
actively), condo prices have increased at a higher rate (33 %) than single
Given the number of condominiums, this may indicate a change in housing preferences, particularly given
the recent construction of multi - family, age- restricted condominium development, most notably at Reading
Woods near Rte. 128.
Page 25
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Figure 6. Number of Home Sales 2000 — 2013
Number of Sales: 2000 to 2014
500
450
400 ~"
r E,
350
300'
250 •.
200
150 _
100
50
0
2000 2001 2002 2003 2004 2005 2006 2007 2008
1 -Fam Condo All
Source: The Warren Group
Figure 7. Home Prices: Single Family and Condominiums: 200 -201
5200,000
$100,000
014
2010 2011 2012 2013
$0
2000 2001 2002 2403 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1 -Fam Condo All
Source: The Warren Group
Recent Sales and Listings
Current listings and recent sales data indicate a considerable price difference exists for older and newer
units. New or newly rehabbed units coming onto market are priced at a premium, often upwards of $300
per square foot, whereas older units built prior to 1990 sell for less.
This was supported by broker comments. In general, given that there has been little new construction,
anything affordable (typically older) goes quickly. However, although single family units are most in
demand in Reading, the market for condos is strong and growing. Specifically, the market for "upscale, 2-
Page 26
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
bedroom" units is highly desirable, particularly in areas that have easy access, or short drives, to the
commuter rail station and downtown. In fact, access to the train station was cited as a very strong draw for
those looking in Reading — for all types of housing. Pricing for 2- bedroom units in the Old School House in
the downtown area indicate this to be true. All units sold, some close to or above $300 sf.
Table 20. Current Listings & Recent Sales
FOCI,? rtce
FOR SALE
104 Woburn St #1
Condo $
375,000
2
1
900
$417
Rehab
104 Woburn Street #2
Condo $
375,000
2
1
900
$417
Rehab
104 Woburn Street #3
Condo $
349,000
2
1
900
$388
Rehab
39 Taylor Drive, Unit 2007, Johnson Woods Condo $
499,000
2
2
1550
$322
2014
39 Taylor Drive, Unit 2005, Johnson Woods Condo $
479,000
2
2
1370
$350
2014
23 Augustus Court, #4008, Reading Woods Condo $
425,810
2
2
1312
$325
2014
Greenwood Plan, Reading Woods
Condo $
351,030
1
1
934
$376
2014
Dartmore Plan, Reading Woods
Condo $
405,145
2
2
1312
$309
2014
Enfield Plan, Reading Woods
Condo $
408,995
2
2
1495
$274
2014
Berkshire Plan, Reading Woods
Condo $
462,995
2
2
1720
$269
2014
7 Augustus Court, #1009, Reading Woods
Condo $
329,995
1
1
1 102
$299
2014
7 Augustus Court, #3009 Reading Woods
Condo $
408,995
2
2
1410
$290
2014
7 Augustus Court, #1006, Reading Woods
Condo $
441,995
2
2
1542
$287
2014
7 Augustus Court, #4001
Condo $
474,995
2
2
1542
$308
2014
4 Summit Drive #409
Condo $
249,900
2
3
1382
$181
1985
4 Summit Drive #404
Condo $
275,000
2
2
1040
$264
1985
5 Maple Street, Unit 5
Condo $
227,000
1
1
826
$243
1920
RECENT SALES
52 Sanborn St, Apt 3, Old School House
Condo $
319,000
2
2.5
1260
$253
Rehab
52 Sanborn St, Apt 4, Old School House
Condo $
365,000
3
2
1650
$221
Rehab
52 Sanborn St, Apt 302, Old School House
Condo $
309,900
2
2
1040
$298
Rehab
52 Sanborn St, Apt 308, Old School House
Condo $
265,000
1
1
780
$340
Rehab
22 Union St., Apt 1
Condo $
350,000
3
1.5
1228
$285
1861
30 John Street, Unit B
Condo $
286,000
3
2
2002
$143
1751
5 Washington St, Apt C8
Condo $
199,000
2
1
745
$267
1971
5 Washington St, Apt B7
Condo $
190,000
2
1
748
$254
1971
..................
Sources: Zillow, Craigslist, Padmapper.com
However, although there is a market for condos, the location of current multifamily condo development
(with the exception of the Old School House) may not meet market preferences. Broker comments suggest
that some households who choose to downsize when kids leave the Reading School District, move to other
communities. And it's riot because they want to leave Reading, it's because new condos have primarily
been located on the outskirts of town in relatively isolated locations.
.,
As highlighted earlier, the demand for additional single - family alternatives including multifamily — rental
and ownership — is growing locally and regionally based on changing housing preferences of younger and
older households. And the market for both is strong in Reading.
It appears the Town along with the development community is aware of and has responded to this
demand, particularly in recent years. As shown in building permit data, there have been 530 total units
Page 27
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
permitted in the last 10 years. And while the majority of permits have been for single family development
(Table 11), a larger number of total units have been built in larger multifamily developments (Table 12).
Table 21. Building Permits
Units 2004 200 200
200
200
200
201
201
201
301
Tota
5 6
7
$
9
0
1
2
3
1
Single Family 17 28 22
18
12
10
12
10
32
24
185
Two Family 1 1 3
2
1
0
3
0
0
0
11
Three and Four 0 0 0
0
0
0
0
3
0
0
3
Family
Five or More 7 20 1
1
0
1
0
1
3
3
37
Family
Total 25 49 26
22
13
11
15
12
35
27
235
Source: US Census and Town of Reading..
Table 22. Total Units Permitted
Units 2004 2005 2006
2007
2008
2009
2010
2011
2012
2013
Total
Single Family 17 28 22
18
12
10
12
10
32
24
185
Two Family 2 2 6
4
2
0
6
0
0
0
22
Three and Four 0 0 0
0
0
0
0
3
0
0
2
Family
Five or More Family* 0 0 0
0
0
0
0
53
144
123
320
Total 19 30 28
22
14
10
18
66
176
147
530
Source: US Census and Town of Reading
*Total unit data was not available 2004 -2009
Specifically, recent multifamily has included nearly 200 units at Reading Woods, including a mix of market
and 55+ multifamily condominiums and townhomes; and nearly 75 multifamily condo units in the Johnson
Woods development. Single family has been dispersed throughout town.
Notably, few permits have been issues for other single family alternatives like two - family buildings and
three- and four -unit structures. This type'of housing unit could prove popular within or adjacent to
downtown.
In summary, the housing market -'for sale and rental — is strong in Reading.
Demand for for -sale single - family and multifamily condominium units is
robust, and now exceeds pre- recession levels both in number of sales and
median unit prices. Given the expensive housing market, more affordable
options are needed, "and when they come to market, they go fast. This is
also true of rental units, particularly given the lack of new inventory in town.
Further, although recent permit data shows the market has responded by
building more multifamily, brokers as well as business owners in downtown
note that there is a growing need for more residential in or near downtown,
which command premium prices when in new or renovated formats.
Households are increasingly looking to be close to the commuter rail, and
the many retail, services and restaurants found in downtown.
Demand for for -sale
single- family and
multifamily
condominium units is
robust, and now
exceeds pre- recession
levels both in number
of sales and median
unit prices.
While the highest demand is likely to be for single - family homes in Reading, the demand for multi - family
units is likely to increase, particularly if developed in premium locations (e.g. downtown). Further, with
limited vacant land remaining in town for single - family residential construction, opportunities for multi-
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
family at different scales is likely more feasible, with downtown or downtown - adjacent areas holding the
greatest potential given the location of larger parcels with potential for redevelopment, and market
preferences for walkable, mixed -use areas — seniors and younger households don't want to be on the
outskirts.
Finally, with a limited supply of rental apartments, particularly in new buildings, there is demand for
additional units, particularly in and around downtown. This is supported by recent trends including the
success of the Haven Street project, the younger renter demand, and preference of seniors to live in
downtown environments.
To estimate potential new unit housing demand for the study areas (all
walking distance to downtown), MAPC's Stronger Region 2020 househ
analysis was analyzed for all of Reading. As noted earlier and as sho,
households in Reading will increase over the coming years, with the" gre
households headed by persons 55 and older. However, there wtll also
households (20 -34 years old; +20 %). Households headed by those 35
school aged children living at home and to reside in single family hous(
change in households will lead to smaller household sizes, and Iikely,.cl
size and location.
of which are within, or within
)Id and household preference
vn in Table 23 below, the number of
atest increase likely to be
be sizeable' increases in younger
-54 — those most likely to have
,s"- projected to decrease. This
anges in unit preferences, both in
Table 23. Projected Household Change, through 2020
Study Area Units
Households by Age of
Change 2010 to
Householder 2010
2020
2020
15_19 62
56
( -6)
20 -34 1,003
1,192
189
35 -54 4,150
3,803
( -347)
55 -64 1,880
2,308
428
Table 24. Unit Demand by Type and Tenure: 2010 -2020
Town Wide - Study Area
Study Area Units
Unit Capture
Demand Rate Total
Owner
Renter
Single Family 540 20% 110
83
27
Multifamily 400 75% 300
192
108
Total Units 940 n/a 410
275
135
Source: MAPC Stronger Region Projections
*Assumes 75% town -wide multifamily capture with higher rental percentage
(36% rental,
64% owner);
and town -wide 20% single family capture (25% rental, 75% owner)
Page 29
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
C:Fr?,.., a .ti ' i� rv� ;.„ d a` ;., : �.. ; ., . ff G +7 s �•i i1 t :� i+� ,�i'� r CAE
Given the location of the priority sites for analysis, and the housing preferences of those most likely to
reside in or adjacent to a downtown environment, a capture rate of total demand for the study areas was
calculated as follows: 75% of multifamily units would be captured in the study areas, and 20% of single -
family potential (in alternatives to single family like townhomes). This would result in a total of 300 new
multifamily units, and 1 10 single family (alternatives). Further, given increasing demand for rental and the
absence of new product, specifically in downtown and downtown adjacent areas, this analysis assumed a
higher percentage of new units would be rental than currently found town -wide.
Residential opportunity will differ by area:
PDA #1 — Downtown 4011 Potential Expansion: Downtown would be most attractive for multi - family and
mixed -use redevelopment - both ownership and rental - to take advantage of proximity to the train
station and retail /restaurant amenities most attractive to younger workers (without children) and
households looking to downsize. Site 1 -B would best hold multi - family', whereas Site 1 -A would be best
suited to multi - family infill or mixed use along major corridors. However, with few large parcels available
in 1 -B, parcel assembly would likely be needed to make redevelopment feasible.
PDA #2 — South Main Street: Northernmost areas of the corridor hold,the greatest potential for
multifamily residential and /or mixed use development, with a higher percentage of rental units. Units
would likely be most attractive to smaller households interested in the proximity to the train station and
existing retail amenities along Main Street in the downtown core: Redevelopment could also serve as a
new gateway opportunity to the larger downtown. Added residential densities would also further support
existing and future retail establishments.
PDA #3 — New Crossing Road Redevelopment, Dish
area remains within walking distance to the train stati4
likely be supported, perhaps through a combination o
alternatives such as townhouses. However, since it is al
limited potential for retail as part of a mixed -use dev
visibility to attract a larger customer base. Office spa
targeting creative industries attracted to former indus
ct and Ash Street Parcels: Given that this priority
n and downtown retail amenities, residential could
ownership multi - family and single - family
o somewhat removed from the downtown, there is
,I pment, as the retail components would lack
e would likely be a better fit, particularly spaces
ial areas.
PDA #4 — 1 General Way;_ Multifamily owner and rental units and single - family alternatives (e.g. town
homes) on areas of the parcel closest to downtown may be feasible, and attractive if developed as part
of a larger mixed -use complex. The area remains within walking distance to the train and downtown, and
with a mix of office and redeveloped retail, could attract residential interest from households looking for
higher density environments. However, as highlighted in the office analysis, should the Town prefer a mix
of retail and new office uses here, it could work with the property owner and other specialists to identify
an anchor office tenant interested in a build to suit property.
Page 30
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Appendix tip g Summary for April 1® 2015
Public tin
Strategic Economic Development Action Planning Public Meeting
Wednesday, April 1, 2015, 6:30 — 9:00 pm
Pleasant Street Senior Center
49 Pleasant Street, Reading
Small Group Discussion Notes
Over 60 people attended the April public meeting in Reading. MAPC
presentation of the Economic Development Action Plan and described
development potential. After the presentation, a visual preference sur
discussion and keypad polling. Feedback from the visual preference e
modeling of redevelopment potential and conceptual urban design w4
potential in one PDA. This document summarizes questions asked Burin
feedback from the visual preference survey.
an introductory
)As being studied for
face that consisted of
cercise directly informed subsequent
rk illustratin
the, public
Questions about introductory material, PDAs, and existing conditions:
well as the
• Does high -tech fall under industrial?
o MAPC - it would fall under office use.
• What about Server Farms?
o MAPC — it would likely fall under light industrial.
• Will the maps be posted?
o MAPC — yes everything will be made available after the meeting.
• MAPC clarified the 4 priority development areas nothing that these come from a larger list of
areas. The Priority Mapping report can be made available.
• Which areas were identified for residential?
o MAPD — Priority Area 1
• Is the goal to increase tax revenue?
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Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
o MAPC — the goal of this project is to look into the quality of life and the goals of the
community and to ensure appropriate planning is done to meet those goals. It is not solely
about increasing tax revenue, but meant to proactively guide development. MAPC strives
to meet the goals identified in their Master Plan, called Metro Future. This includes looking
at various opportunities for commercial offerings, creating access to those offerings and
addressing the housing needs of the region.
Summary of market analysis presentation from town:
Ms. Amanda Chisholm from MAPC presented the market analysis for Reading as it relates to Office and
Retail. She noted their initial work included interviewing local businesses. Most reported they are doing
well, but a few have noted they were struggled. Rents are competitive and Reading has a low vacancy
rate. However, some felt that the parking in the downtown is confusing and '`that the permitting process
could be more business friendly and more streamlined. Other business owner's felt that more residential in
the downtown would help boost their sales.
Interviews with commercial brokers revealed that there is a potential for small offices and small retail
stores downtown. There is strong office competition. Interviews with residential brokers revealed that the
single - family home market is strong and there is also a demand for well - located multi- family housing within
an amenity rich area.
MAPC also looked at the Retail Trade Area and performed a Retail Gap Analysis. Based on the analysis
there is a demand for 2 health and person care stores, 1 food & beverage store, 2 small retailers and 1
food services & drinking place. There is an opportunity to capture this gap by filling the existing vacancy
and concentrating the majority of new retail in downtown and the northern 'end of south Main Street.
Rents were for offices slightly below the 128 /MassPike region, but were on par with rents in the suburbs.
There is a 17% vacancy rate which is a decrease from previous areas. According to industry projections,
there is a 14% growth, but that is within the region, which Reading is certainly positioned to capture some
of that growth by leveraging some of the community's assets.
Mr. Matt Smith with MAPC "presented the Residential Market Analysis. Overall, household growth will drive
residential demand. An analysis of the population projections identifies 1900 additional households over
the next 10 -20 years and an increase of senior households by 75 %. There will also be an increase in the
20 -34 year olds also known as the millennial. Ms. Smith noted that the senior population and the millennial
have similar preferences on housing choices. They are both leaning towards smaller housing units which are
within walking distance to various, amenities.
The residential analysis also looked at recent trends. Traditionally, Reading has been an owner - occupied
community, but ' in the past 10 -15 years there has been an increase in rental housing. In addition, there has
been an increase in condo units. As for home sales, they are at an all -time high for Reading. Single - Family
homes are in the highest demand as the schools are a big draw. However, he noted that the student
population is projected to decline. The Condo market is also strong with a big desire in upscale two -
bedroom units. They are finding that people want to stay in Reading, but the options are limited for
empty- nesters. Many of the units are located on the outskirts of Town and are not walkable.
Other trends indicate that there is little new single - family home construction. This is likely due to the little
developable land in Reading. He also found that rentals come and go quickly. There is opportunity for
more residential as there is a demand for 950 potential units over the next 5 -10 years. Most of that
development will be infill /redevelopment, but that there is a strong demand for housing near the
downtown. Half of that demand could be supported by alternative housing units in the downtown with a
more modest amount of single - family home development.
MAPC review of PDAs in the market analysis:
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Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Area 1: Expansion of the Downtown 40R District
• Focus retail development by filling vacancies with a mix of restaurants and residential.
• This area could support small professional offices (lawyer or accountant).
Area 2 South Main Street
• Focus retail in the northern section of this area and phase in new commercial as residential units
are added.
• Residential opportunities in the northern section as infill development, which could also support the
downtown.
• There is opportunity for small professional offices.
Area 3 New Crossing Road Redevelopment District
• Due to its proximity to Downtown, additional residential opportunities may exist in this area.
• Office: creative mix space or flex space.
Area 4 1 General Way
• Best use for office or build to suit.
• Residential could be supported in this area to blend in/' ith the existing surrounding residential.
• Mixed Use: live- work -play to accommodate current workforce. _
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Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Questions from market analysis:
• Will this take into account impact on town services?
o MAPC — Yes, they will take into account relevant impacts such as stormwater and
wastewater.
• What is the impact on the schools and where did the data come from on the population
projections?
o MAPC — The data comes from MAPCs demographic projections for the region and very
detailed modeling. There is a slight increase in school -aged children, and then it begins to
decline.
• What is the market for 2- bedrooms and what demographic does that attract?
o MAPC — Two- bedroom units will likely not attract families with young children, but will
likely attract empty- nesters and young - professional.
• Assistant Town Manager Jean Delios — The data from the Smart Growth Districts has a total of 15
children residing in the two smart growth districts.
• What about the boundary of PDA 1?
o MAPC — It is based on the existing 40R district and expansion upon that.
• What about the impact of development on traffic from New Crossing Road and the south Main
Street area?
o MAPC — That would be considered when additional detail is developed around a
particular project.
• What about the empty buildings in the l B area? They would be great for mixed use.
o MAPC — This analysis is to see whether certain mix of uses could be supported in the area
and to identify those uses to bring in potential redevelopment.
• Some parcels in 1 A and some on South Main Street are small parcels and difficult to develop. It is
difficult to assemble parcels.
o MAPC — That is common in downtown environments and there are different strategies or
incentives a community could offer to encourage development and we will be looking at
strategies.,
Visual preference survey:
• Height:
o Anything over .3 stories, generally considered too tall (for PDS 2 and 3)
o Comments suggest higher could be acceptable for PDA #4 (no more than 4)
• Size:
o Nothing too vertical /flat or too massive looking
o Townhouses that'are too vertical /flat looking on the fagade are not appealing
• Fa5ade /windows:
• Like distinguished bottom floor (in terms of design)
• Avoid "sterile" fagade
• Variation in fagade and balconies is good
• Less concrete, more windows
• Void the look of different sidings slapped together on one building
• Like brick details
• Like bigger windows rather than too many windows (check window to wall ratio)
• Roof:
o Like articulated, pitched roofs — no flat roofs
• Style /aesthetic:
• Good signage important
• Contemporary design is good but nothing too sterile in terms of form and colors
• Designs that blend traditional and modern elements are good (including brick for
Page 34
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
example)
o Nothing too boxy looking or top heavy (referencing examples that had a fifth story in a
contrast design)
• Public realm /landscaping:
• Wide sidewalks, brick crosswalks to promote safety for pedestrians — good
• Parcels with more landscaping — good
• Want more green /gardens in public areas
• Like restaurants with windows opening out to street and outdoor seating, but with some
privacy border
• Like potential social areas /activities in public spaces
• Like public art
• Street trees, variation in facades, all good for public realm
• Parking:
rZ
o Dislike open parking; like hidden parking in back
• Use:
• Like multi -use (for PDA #1)
• Would like to see commercial on first floor of'18, like the inclusion of,reta,il (PDA #2)
• Like examples that included mixed uses including artist gallery space,
office /commercial /industrial (PDA #3)
• In general, would not picture residential in PDA #3
Page 35
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Appendix tip g Summary for June 3, 2015
Public tip
Planning for Reading's Economic Development Future Forum
Wednesday, June 3, 2015, 6:30 — 9:00 pm
Pleasant Street Senior Center
49 Pleasant Street, Reading
Small Group Discussion Notes
Over 50 people attended the June public meeting in Reading. After an introductory presentation, the
meeting was set up with "world- cafe" style discussion stations where participants could choose the order of
stations they attended and did not have to travel with the same group. Participants had the opportunity to
learn about the different elements feeding into the development of the Action Plan for Reading. This
document summarizes notes from the four different discussion stations.
Market potential,in Reading and the opportunities in the PDAs:
• Very important to develop commercial base, we have a limited opportunity to do so strategically
• We will never be a Burlington
• Largest single parcel area is near Keurig
• With offices, you get a lot of taxes and no services you have to worry about
• What strategies should town look at to make somebody want to come here?
• Do we find startups? Work with brokers?
• What is the transit improvement that would be needed to make 1 General Way into
office space?
• We have lower rents, why aren't people coming here?
• Is there a way to create a flag stop, similar to what they have in Winchester, when there is
somebody there?
• Create another stop, not a full stop
• That would support more retail on first floor and residential on top near rail line
Page 36
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
o Improve access by providing access on both sides (a mini station)
• Would help to draw workers, have to make sure employees can get there
• It's a seven minute walk, coming from Boston and moving to Reading, that's nothing
• Connection needs to be better
• Reading had two railroad stations, pendulum swings back and forth
• We don't need any more hair or nail salons
• What does it take to attract a variety of restaurants (like Woburn or Melrose)?
• Do they want more liquor licenses? Parking?
• Parking could be an income generator if there were more trains coming in and out, or if
there were a parking garage
• Schools are at capacity, what will happen if there is more residential - density?
• Any space that's available, developers are building single family,
• You talk about older people wanting to downsize, I think a lot df people would want to leave
because of the taxes
o People from places like Winchester could downsiz'e toReading ,
• How do you attract office development? We have a train
o Our town has the reputation of making it re, ally hard for people to come in and develop
offices
• Zoning dictates where development can happen
• When a lot of people see that 950 units, that's a really scary, number
o Based on where we are now, can the school system accommodate that?
• When you have units like apartments /condos, you get the people that can't afford to purchase a
home, you get those families with children
• There used to be no kids around (when Viboved herein the 80s, there'were just a few)
• 1 have a business in town, people are upset that Addison WesleyNis residential and not retail, which
it was originally slated for
• What is driving the 65 +,;growth 2 .
• Down at Greenhouse Acres there are no elevators
• Not good options for seniors in [current] multi - family housing (if not accessible)
• The publichousing in Reading is not handicap accessible
• Because of the recession, q lot of towns didn't put money into their school systems, this is especially
a problem,, now with the growing school system
• Turnover in 30 Haven is very quick even though it's been open only 2 years (according to woman
s on the second floor)
Younger people,actually'relocated to live closer to Boston because the commuter rail
didn't provide ;enough of a transportation option
Those who have,stayed in the building are the seniors
Some maintenance issues and there have been many property management companies
coming in and out
• What do people want?
• Trader'Joe's (in the Walgreens building)
• Seniors in 30 Haven were promised a grocery store right in town
• Restaurants
Alternative development potential estimates:
• What is the breakdown for development potential?
o Someone wanted to know how many single - family homes, etc. makeup the 910 units for
the community potential
• Like the 40R Regulations and Design Guidelines
• Likes the idea of infill
• Concern with school children & land available for schools.
Page 37
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
• Concerned about the potential for tear downs with promoted economic development and growth
and how that could change the character of the Town
• Downtown is more active from 30 years ago.
• Loves the idea of new restaurants
• Wants to see more unique businesses.
• Wanted to know more about the potential zoning changes and how the development potential
could be accommodated
• PDA 1 B is showing potential for 80 units - how was that modeled?
o This is a concern because that is what the proposed 40B is showing and it appears much
too dense
• Would like to see 40R expanded at November Town Meeting
• How to we market Reading?
• Still not sure what the plan is telling us in terms of what type of housing, commercial
o Someone feels unsure of what is best for Reading - how do we know what is `right ?'
• Someone wanted to understand the Town's priority
• There were concerns about traffic with increase development along Ash Street especially, also in
the downtown
• Consider buffer zones to help transition districts from;`' commercial to residential
Transportation and connectivity:
• Road diet necessary on Main Street
•
Sidewalk
•
Signage: stop signs, yield
•
Slow traffic down
•
40 mph speed deterrent
•
Bike path use
•
State controls speed limit
•
Trees and streetscaping: rei
•
Poor condition of sidewalks
•
Wider sidewalks
•
More than two crosswalks v
•
Center lane to make turns
•
Transfer; maintenance from
o uangerous crossings nui
• New connection between Main
• Municipal area uses in,PDA3
o , Not residential
-
'o. Commercial /office uses
of High Street
evelopment as condition of approval
lights
Mare ro i own
sinesses
�t and Ash Street?
o Access roam
• Widen General Street
• Access between PDA4 and across New Crossing Road
o Make connection
• Remove parking along side of PDA4
• Make left possible coming out of PDA4 at General Way
o Another left turn suggestion
• Eliminate rail crossing for industrial uses in PDA3
• Most dangerous intersection is at High Street and Main Street
• Big conflict
• Regional cut through 93/95
• Horrible walkability and bicycling
• Pedestrian /bike bridges over rail line
Page 38
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
• Tunnel under rail line into PDA3?
• Bridge over rail line to Ash Street
• Vehicular cut through issue between Pine Avenue and Warren Avenue?
• Mixed -use development in triangle between rail line, Washington Street, and Main Street
• Need a pedestrian crosswalk light at Village Street and Washington Street
• Two lanes merging to one for right turn only southbound at Haven Street and Main Street
• Medians and islands along Ash Street
• Auxiliary T stop commitment
• Buses 136/137 rerouted to /through downtown
• Walking path along High Street /adjacent to rail line
• Need trees on Ash, High, and Lincoln
• Better bike access to T at Haven Street
• Extend Ash Street
• Wetlands in PDA2
• Extend Elliot with bridge over brook
o Path along brook
• PDA1 B has too much lot coverage and building setback
• Need overpass over rail line at train station
o Unsafe connection at rush hour
• Decent connection and lights along North Main Street
• Lights not synchronized
• Disregard of lights
Urban design:
Existing conditions:
• The roughly 9 acre sit(
• The most visited site is
• Uses 446qu<
• Main building'
• Back of credit
•
zed potential
.ight Industrial (largely single story buildings)
lace (northeast building)
lensed a bit
ed to house trucks
building (former power substation, RMLD Station 1)
u. Keep nisronc puilaing
o Jean mentioned that RMLD has interest in moving to the historic building next door
• Lack of connection with PDA 4 - want to improve pedestrian and vehicular access and create
connection with road by medical facility
o Several "people suggested increasing connectivity between PDA #3 and PDA #4; several
specifically suggested an air bridge across the tracks
• PDA 4: no housing (!)
• Strong consensus among all that the intersection to the northeast of PDA #3 is a mess and concern
that it will cause traffic flow and circulation issues along Ash Street, making access to the site
difficult
Comments about urban design:
• This site would be effective as a transition area between commercial uses and residential
neighborhoods
Page 39
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
• It is desirable to see this area activated at different times of the day for multiple uses including
live, work and play
• Needs an improved site circulation system, traffic calming could be used to reduce conflicts
• The concept envisioned would be for a heavier emphasis on open space with much more
landscaping, designed to attract bicyclists, and passive recreation
• Prefer traditional type of green open space
• Like having a plaza and green parts
• Interactive programming is great for open space
• Ice skating rink
• Water element of some sort (fountain)
• Farmers market
• Love the idea of furniture
• The "park once" concept is included so that visitors could visit multiple aspects of the site without
using a motor vehicle
• Many expressed interest in making circulation around and within the site multi -modal
• Future tenants could be flexible office, commercial, tech startups as well as a fitness center,
daycare center, etc.
• No more gyms; a day care would be good
• Daycare would be good; there's nothing on this side of town
• Someone noted that the Reading Athletic Club near Market Basket just closed, so having a
gym on site is a good idea
• Adaptive reuse of historic substation building, possibly fora community based use (e.g., youth
center, parks and recreation users, senior I center)
o Need for a youth center and that the site would be a good spot for one, possibly in
historic building
• Sufficient parking can be provided within the envisioned site plan
• Green elements for parking are great
• Pedestrian safety
• Lower parking ratios
• Need to identify a, solution to feed Ash Street'traffic to Main Street and improve upon the
hazardous intersection where they meet
• Many were interested in adding an access point to the site along Pondmeadow Drive
• Looked at subterranean parking on site — didn't think the market could support it
• Recommend reducing the building footprints
• Orient the focus to Ash Street
o Bike lane along Ash Street
• Cluster buildings together for synergy
• Plan for the possibility of food trucks for workers at lunch time
• Scale and heights are good; like the open space, which is important for the new housing
• Like the mix, of design types (based on drawing)
o Overall like the various urban design elements
• Need access to the site; don't make it like a separate campus
o Connect to medical center site
• Keep it 100% commercial /industrial
• Build much higher: big office buildings, reduce parking or build structured if need be
• One person expressed concern about building height and shadows; most were
comfortable with the proposed scale; a couple of people suggested going higher along
the rear of the site
• Denser /taller adjacent to the railroad tracks is workable /okay
• One or two people suggested adding an MBTA stop at PDA #3; others questioned whether there
was demand for a stop there
Page 40
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
• Remediation prior to development?
• Most people liked the mix of uses, including a restaurant /cafe along Ash Street; the green space;
tightening the building configuration; and mix of building typologies
• Close proximity to downtown makes this location very desirable
• A flyover bridge was suggested to gain access to the commercial area housing Market Basket
Page 41
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Appendix tip r r 7, 2015
Public tip
Reading Strategic Economic Development Action Plan Public Meeting #3 - Open House
Wednesday, October 7, 2015, 6:30 - 9pm
Reading Municipal Light Department Cafeteria
230 Ash Street, Reading
Approximately 60 people attended the third public meeting in Reading. Participants heard about the
event in a variety of ways, including social media, email groups, and the newspaper. The meeting was
structured in an Open House format; attendees could circulate around six stations to speak with MAPC or
Reading staff about proposed Action Plan goals and strategies, to provide feedback on the conceptual
urban design work illustrating development potential in one priority development area (PDA), and provide
feedback on the draft Economic Development Vision. This document summarizes public comments given at
the meeting.
Attendees
Vision Statement Comments
g additions to the vision statement:
• Commuter options should extend access to the T, bike lanes, and parking
• Municipal Light Department with low rates
• Potential for fiber -optic connectivity for businesses
• Create economic opportunities to put town on firm financial footing for generations
• Enable seniors to age in our communities with accessible homes /housing and services
• Need to mention efforts to minimize our footprint and go green
• Reading is far more than the sum of its pieces. The spirit and caring nature of residents and
businesses feed the community and hold it together, enabling positive change and providing
support when needed.
Page 42
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Draft Strategies Comments
Note: Text in brackets has been added in order to clarify original comments provided.
STRATEGY 1: Adopt local policies and practices that will facilitate compact development and mixed
use in the transit - accessible PDAs.
ACTION 1 A: Expand Downtown 40R Smart Growth Overlay District (SGOD) to PDAs # 1 A and
#1 B to continue fostering mixed use development in the Commuter Rail station area.
• Accessibility is an issue for the aging population. Universal design for residential buildings
is needed, as well as more handicap parking and better placement near store entrances
• Convert Giant Storage building into office space or tear it down and build condos
• We need some open space in YOR- not 100% lot coverage
• Expand YOR zoning needs to incorporate commercial- space, not just residential units.
Promote small, local businesses or local chains. Examples: follain,'shellabella, Henry Bear
Toys, a bike shop, Florish, Charles St, Harvard Sq; Black Inc., Roost (Salem)
• More restaurant variety. No more pizza! Desperately need a good coffee /sandwich shop
and more family friendly restaurants, places that serve brunch, etc.
• Promote universal design, town develop design, best practices
• Keep cute storefronts with windows, they give .a charming small town feel
• Super Market - small but essential in a walkable c6ontown
ACTION 1 B. Facilitate more compact, mixed -use development in PDAs #2, #3 and #4.
• Pay attention to gateway to downtown Main St. -- needs improvement south of tracks
along Route 28. Replace gas stations and McDonalds:.,
• [Promote] high density mixed used away from easily accessible transportation HUBS (i.e.,
Commuter Rail) -- will struggle to mainta
shops that can attract new, young,reside
from the commuter rail- Like south "PDA 4
o Maintain reputation as a great place to
restaurants, ai
Reading.
ACTION 1 C: Develop
o Parking along
assumption '#
good traffic
o Concern shou
"reuters" can
o Roadway iml
o New, Idea: T
layout that are
centrate on small, locally owned
y from the city) in areas away
and PDA #4
e with children - focus on high quality retail,
to young families who want to move to
I implement a comprehensive parking strategy.
near Rite Aide-could be longer term parking for employees so other
w!II be more available. These are full of RR commuters during the day
mixed use and walkable Reading but am concerned about the
olks will walk between north and south Main Street. We need to keep a
and not hinder access to the town
Dt be to attract more housing - the schools are already overwhelmed.
e additional stress
ements on Ash /Main to link there parcels
age over tracks for commuters and businesses — would free up other land
for' parking for downtown
• Safe walking, biking and bike parking
• Walkability and safe biking should be a priority for a vibrant downtown. Certain areas
are currently dangerous
• Re: graph of Household projections by age of Householder- 65+ is getting too high
• Focus on retail to attract new, young families. No more condos!
• Park and walk. Use areas surrounding downtown for lots with encouragement to walk the
block, two, or three. Get Reading fit! Available spaces only for handicapped
• Better sidewalks so people will walk- Ash - Boston -Main + RR in particular
• Walkability- children's play area location causes the need to walk in driveways
• Clearer signage and walkable access to train
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Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
STRATEGY 2: Enhance walkability and connectivity within and between the priority redevelopment
a rea s.
ACTION 2A: Make infrastructure investments that will create a safe and welcoming pedestrian
environment between the PDAs and between the PDAs and the Commuter Rail station.
• I am very interested in walkability and green alternatives for transportation in Reading
• Better walking access to Market Basket and Home Depot
• You can't make YOR projects walkable unless you scale back 100% lot coverage
• Look at traffic patterns to clear up intersections and eliminate some restricted turns
• This is #1 priority
• Need enhanced crosswalks or bridges over route 28 for pedestrians; bike lanes needed
• Sidewalks needed on Indiana Ave. and other streets with grammar schools on them
ACTION 2B: Prioritize improving connections around PDA #3 —
Redevelopment District and Ash Street parcels — to enhance the
and walkability to and from the Commuter Rail station.
• Connect upper Main St. Route 28 to downtown = bette
to downtown
• Second exit out of Market Basket can only take a right
• Am still reticent to add barriers on Main St - 'traffic flo,
just want through traffic - what we want is for commute
town and come back to visit, enjoy, and spend their me
• Make trip to MB "walkable " - sidewalk /bike path
• More aggressive snow removal at snow banks by cross
• New Idea: Intersection of Ash and Main St- stop sign, s
• Bike racks
• Put parking in rear of buildings
• Make PDA 2 like downtown- tree lined /sidewalks /mor
effective /walkable
ng Road
essibility from PDA #2
r, tree -lined sidewalks that extend
)o vital to access. We don't
fall in love with our great
Iks
1- traffic is a mess!
/simple/ cost
• Use the walk first drive /parking second development attitude
• Walkabilify improvements should include Lincoln and Prescott Sts, which is a busy
pedestrian entrance tocommuter rail and downtown for residents from west of tracks
• Hard to look at options' without addressing the TRAFFIC
• Improved walking for the intersection of Main- Ash - Bolton -RR
o More streets like Haven- walkable, compact
o More multi - family housing to create a vibrant community
o I need a new two bus shelters: 1) at Lincoln St 2) at Lowell St and main (see map)
STRATEGY 3: Brand and market priority development areas to attract interest from the developers,
commercial establishments, and potential customers.
ACTION 3A: Convene a' working group of stakeholders in and around downtown Reading that can
develop a brand identity for priority development areas in Reading.
• Create,a new and rebranded Economic Development Committee
• Create a' public - private partnership along the lines of partnerships and advocates in
Stamford, CT and Portland, ME
• Ask businesses what they pay for high speed Internet and what they need in this area
• Advertise small business Saturday by American Express- maybe another credit card would
consider something similar /statement credits for shopping at registered local small
businesses
• ACTION 3B: Establish an online presence to market and promote Downtown Reading.
• Improve town website
• Work with AmEx, Visa, MC to sponsor local events
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Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
.o Get someone on the Reading parents network Facebook group to help promote (in a non
promotional and highly interactive way)
• ACTION 3C: Consolidate economic development resources in a new section of the Town of
Reading website.
• ACTION 3D: Hold networking events for existing and prospective downtown Reading business
owners.
o Work with non - profit and school organizations to facilitate and streamline [relationships
with] downtown businesses to ensure there is a complementary relationship that works for
the benefit of all
• ACTION 3E: Maintain a database of prospective retail and office tenants.
• Shared office space opportunities would be great!
• Shared office space example - Common cove in Chelsea (Encourages those who work
from home to collaborate and not "squat"
• ACTION 3F: Implement a phased approach to marketing redevelopment in PDAs.
• Focused efforts to actively recruit, target, and prioritize businesses- let's get the retail and
restaurants we really want
• New Idea: Find ways to make it affordable; to buy a house in Reading before age 40.
■ More use of local culture and businesses by thistage group will'happen if we
actually live here!
STRATEGY 4: Support existing local businesses.
■ ACTION 4A: Work with the existing local'
to support the local business community'.
o Currently, the new restaurant Fusi
vote yes- I want to help this new'
o We need more events to bring in
towns like the street faire - more
o Make Haven St'restaurant row. (I
• Town supports local business- tough
• More weekend activities such as Fa
group to plan activities and events that will help
offering dinner and trying to get a liquor license- I
different restaurant thrive in Reading
le groups of people from Reading and surrounding
ertising outside of just Reading
ly St- Waltham outdoor dining walkable)
art is walking /parking near them
er's Market in a parking lot, encourage local
growers to come here
■ ACTION 413: Connect local business owners with programs that can help them to strengthen and
expand their businesses.
0 Ensure adequate residential internet bandwidth for work from home (Work from home lets
people do more daily business in Reading instead of along their commute)
o Work to provide more office space, which promotes more patrons for local businesses
■ ACTION 4C: Dedicate town funding towards a full - or part -time - staff person who can serve as
liaison to the small business community.
o Use more internsl'Take advantage of the wealth of colleges in the area for new insights
• A liaison could also work to help fill empty commercial space and attract new businesses
that' _er appropriate and will thrive. Help manage the mix, i.e. how many salons, fitness
places;fast food, can the area sustain?
• This person can liaison between businesses and not for profits to work out programs that
support all town stakeholders
• New Idea: Streamline permitting process
• Need more involvement with Chamber of Commerce
• Encourage and facilitate larger scale and reliable collaboration between Reading
businesses and nonprofit organizations - Reading citizens support charitable businesses
(remember Atlantic ?)
STRATEGY 5: Promote public /private partnerships and collaboration to maximize redevelopment
potential.
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Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
• ACTION 5A: Consider public /private partnerships with developers to help address gaps in
financing redevelopment projects.
• Sidewalks to promote connectivity and safety
• Come up with transportation alternatives that do not require as much parking
• Business improvement district [implemented in collaboration with] the chamber of
commerce
• ACTION 5B: Engage with local and regional entities and groups with access to businesses,
developers, and investors to market redevelopment potential in Reading.
• ACTION 5C: Facilitate redevelopment opportunities that require parcel consolidation with multiple
owners.
• Communication and relationship building in the community will build trust and open doors
to discussion
• Town could sponsor meetings of smaller holders to asses interest in pooling to create a
larger developable parcel
• New Idea: All #5 can be done with newly creating non - profit to flake up from Economic
development Committee
STRATEGY 6: Build community and activate the public realm in Downtown Reading through cultural
economic development and placemaking initiatives.
ACTION 6A: Implement public space activities, programs, and events that can facilitate creative
placemaking.
• Love the idea of bringing the community together to build connections, celebrate diversity,
and raise morale in a challenging world. Encourage collaboration between groups and
outreach to places of residence, including apartments
• Art and musical events. Downtown"-,and park 'areas.`
• Great idea- focus on building community. I feel more programming would be wonderful
• Move gazebo from Memorial Park to the square
• Advertise more to bring in larger c
• Absolutely more programming and
Seasonal activities- look to Market
events. sidewalk art sale. outdoor K
Expand advertising to other local towns
friendly events in more attractive spaces.
as examples for events- music, yoga, kids
• ACTION 6B: Promote Reading as a creative' community.
o Schools have strong art programs, as does the town- these are a great asset and can
provide the glue that holds public events and communities together.
o Town clean up day
o Art installation.(Stamford CT did this)
o Walgreens site for live /work arts space
o Reading has a wealth of open space, trails and parks spread throughout the town. Try to
harness the feel'of those spaces in the heart of the town to create a furthered sense of
community rather than separated neighborhoods.
ACTION 6C: Program engaging activities that transform main streets within and between the
PDAs.
• Downtown is a very dark yellow - Need bright white LED lights for all downtown street
lights
• Annual Town Volunteer Day
• Combine all private performance arts groups plus town support to create a Reading
community Arts building: Community arts building at Old Reading at Gymnastics Academy.
Bring in all theatre, dance, etc from town.
■ 15t and 2nd floor can be for seating and concert.
■ 3rd floor can be split between groups for classes, lectures, rehearsals
Page 46
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
• Increasing foot traffic will increase business, but for good public events, the public space
needs to be bigger and more accommodating
• More retail- no more housing!
• Use public parks during town days
• Flag football, Frisbee, concerts, comedy shows, etc.
• Woburn street lights are very bright white led - better than Reading downtown.
• Neighborhood specific events at parks (not town wide)
Urban Design Board Comments
• Reading PDA #3 Rendering and Precedents
o This is too much concrete. Facades need to be interesting, v,,arm
escape and relax
• Priority development areas
o PDA 1B
■ The town should know /investigate the
backs up in major storms - Big problei
■ What about Lowell St. And Main Sfre
St
• Reading PDA # 3: Existing conditions and future co
o Love the idea of open sites and green areas
site - Handicapped parking accessible
at inte
inviting a place to
Street sometimes
NEED SHELTER at Lincoln
bike racks and parking off
o Urban design - Bottle neck; [concern] about 2 -way traffic,
• Reading PDA #3: Site Plan
• Urban design -- still very concerned about traffic problem='
• Track circulation exclusively in bottom east corner
• Tie together PDA 3 +4 for people and cars
• [like /want] Community arts center; contolidated individual entities
Page 47
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Appendix F.- North Suburban Planning
Subregillonal Priority Prolect
Reading is one of eight municipalities in the North Suburban Planning Council (NSPC) subregion, a
voluntary association to facilitate cooperative regional planning. In January 2014, MAPC completed the
North Suburban Planning Council Subregional Priority Mapping Project, a 1.5 -year initiative that
implemented a robust community engagement process to identify and map locally and regionally
significant priorities for development, preservation, and infrastructure investments in the subregion. The
project resulted in the identification of regionally significant planning priorities in the NSPC subregion:
Priority Development Areas (PDAs), Priority Preservation Areas (PPAs), Significant Transportation
Investments (STIs), and Significant Infrastructure Investments (Slls).
The prioritization process involved developing a preliminary list of local priorities <through public
presentations with municipal staff and local boards, followed by a series of regional forums and data
analysis from MAPC. Through this process, a targeted list of regionally significant development and
preservation priorities in the NSPC subregion emerged. In Reading, four regionally - significant priority
redevelopment areas (PDAs) were identified through dialogue with Reading Town staff, members of the
Board of Selectmen, and members of the Community Planning Commission.
In Reading, Town staff was asked to consider the development types that each PDA could suitably
accommodate, e.g., mixed -use infill; mixed use master planned; multifamily; commercial medical and
office; commercial retail, entertainment, hospitality; and commercial industrial. MAPC then used available
data to assess the ability of PDAs to accommodate different development types . Data used to screen
PDAs for suitability included:
• Travel choices: proximity to Massachusetts Bay Transit Authority (META) and Regional Transit
Authority (RTA) bus service, percent of non -auto commutes, and interchangeable proximity.
• Walkable communities: sidewalk availability, Walk Score, bike and pedestrian lanes and paths,
high traffic roadway proximity; walkable schools, and block size.
• Open spaces: rare species priority habitat, core habitat and critical landscapes, agricultural land
use, undeveloped land, and developable land.
• Healthy watersheds: aquifer recharge areas, surface water supply, and 100 and 500 year flood
• Current assets: number of businesses, population and employment density, inverse population and
employment density, and sewer service areas.
• Growth potential: recent and proposed developments, additional housing units, additional
employment, 40R districts, and 43D districts.
The Town originally identified eight locally significant PDAs encompassing 494 acres and two locally
significant PDAs /PPAs (priority areas suitable for a combination of development and preservation)
encompassing 27.8 acres. Through the screening and public process, four development priorities were
elevated as regionally significant.
�
Reading Economic Development Action Plan FFYs 2016 -2022
December 2015
Appendix Parcel Characteristics 1
Reading Assessor's
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Reading Economic Development Action Plan FFYs 2016 -2022
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Reading Economic Development Action Plan FFYs 2016 -2022
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Reading Economic Development Action Plan FFYs 2016 -2022
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Reading Economic Development Action Plan FFYs 2016-2022
December 2015
Appendix H: CommunityViz Modeling Overview
floor floor
area I area 2
)t floor floor floor
rea area area I + area 2
ratio --
(FAR) lot
area
"Why bylaw
regulates AW
—PD—A-1'8
PDA2 PDA3
ow ofto*vd
OW014""
M&XSfi0W*4
MAN 080wod
FAR, 75
PAR 2
PAR .75
MR. 75
existing developable
structure land
footprint wet lands
'n, river fronts
*buffers
protected
open space
conservation
land
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Reading Economic Development Action Plan FFYs 2016-2022
December 2015
BU4dir, I
,q tYOf0S:,)rO blueprints, 0"
devubarrwrit buddiog,�, too(i6od
throuqh assessing, an existing
dow.,kopment it) Me region, Each bodd,,n�g
�yoa ha so Sot Ofattfibutes, that are
notma,fix,ci to units 9s poi, squore-
fbot of f,'c)orwva vvlue, The qttnj;,ut,-s
'gre cjy'),vfi cd to a pmpenry iAvhc,") pface'al
do"'wi O"V, we USO "'0
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buUMng typos
based
on
eXiSting
EJ&SAJJWAmA
set of
normalized
attributes
requkod t► reWdentiat MsidentAO
10tonm denser densl4e-
fSr units per &ere
per COMMOMMI h"Sing unit
floor aroo floorame Si"-
value floarar"
total floor
vu
%;
btdtdhv vohte "OOS"'d *SSO""hod
of tho Modwod kmwvvwmwt + Vahm rowns
dovomvm"t a V*"
Page 55
MM