FXM In The News
FXM Associates is currently working with a varied client list on numerous high-profile projects, including the following:
RECENT PROJECT HIGHLIGHTS
- For the Town of Wareham (MA) and Wareham Redevelopment Authority, FXM recently completed (March 2019) an Economic Development Planthat included a comprehensive assessment of potential market support for industrial, distribution, office, health care, retail and market-rate rental housing development. FXM also assessed Wareham’s competitive position on tax rates and fiscal productivity compared to surrounding communities.
This Plan focuses on short- and intermediate-term initiatives that can advance the Town and WRA’s objectives to expand the tax base and employment opportunities generally, and to address deficiencies requiring urban renewal and other public/private investment initiatives. An important part of meeting these objectives was for FXM to provide data and analyses that could not only inform Town officials but also assist current and prospective private businesses and developers in better understanding market opportunities for expanded commercial and residential development.
FXM’s work included:
- two focus group sessions;
- interviews with key social and economic leaders;
- analyses of historical employment trends and five-year projections of potential demand for space commercial by industry and type of space;
- analyses of historical real estate supply trends and five-year projections of demand;
- a retail opportunity gap/surplus analysis to identify opportunities for expanded retail stores and restaurants in the targeted downtown/village area; and
- application of FXM’s proprietary Housing Demand Model to assess opportunities for rental housing.
FXM also helped town and WRA officials craft specific strategies for revitalizing the downtown area; expanding development in an aging industrial park; increasing values in strip commercial areas; and selective blight removal in the town’s signature seasonal home and recreation destinations.
- For the Town of Hull (MA) FXM recently (2019) completed assessments of economic and real estate development potential at two strategic areas along the coast: Pemberton Point and Nantasket Beach. Pemberton Point hosts commute ferry service and is a recreation destination primarily for local residents, at the far eastern point of the Hull peninsula. Additional real estate development is not feasible nor desired in the Pemberton Point area, so FXM focused on opportunities for the town to enhance revenue from parking, a turf field next to the High School, expanded restaurant services, small boat and bicycle rentals, and leasing an historic lifesaving museum for public and private functions. Nantasket Beach is a regional resident and tourist destination looking to expand its year-round appeal with additional high density rental housing, retail, hotel and office uses, for which FXM prepared conceptual development proforma.
- For the City of Beverly (MA) FXM is completing (2019) the economic development assessment for a Municipal Harbor Plan. FXM’s work focused on demand for mixed-use development along the Bass River near an existing commuter rail station, emphasizing the contribution of a public walkway along the river and water dependent uses to potential values and absorption. FXM also examined additional development potential within the main Beverly Harbor area that serves commercial fishing and recreational boating interests, focusing on maritime -related industries, as well as the contribution of water dependent uses to the local economy and tax base.
- For the Town of Cohasset (MA) FXM is completing (2019) the economic development assessmentfor a Municipal Harbor Plan. The key issue of concern to the town and local stakeholders is potential investments in infrastructure to support the remaining commercial lobstermen in town. FXM assessed the direct and indirect contribution to the local economy and tax base of current and projected commercial lobstering operations, including the cost of losing this economic activity if selective infrastructure investments (such as a small crane for loading ice and hauling the catch and a lighted laydown area for storage and repairs) are not made. FXM also examined market driven development potential throughout the waterfront area.
- For the Town of Fairhaven (MA) FXM recently completed an Economic Development Strategy. Working closely with an Economic Development Committee comprised of local businesspeople and town officials, FXM’s work addressed, among other considerations, potential market opportunities for private commercial development to re-use abandoned shopping center buildings as well as other designated sites; the town’s competitive position compared to surrounding communities on housing and land costs, permitting processes, zoning, tax rates and taxing policies; marketing and other outreach content and resources for implementation; and specifically the role of zoning and other policies to encourage mixed-use residential and commercial development where it is not now permitted. The Town Planner, Town Manager, and Economic Development Committee members are actively engaged in implementing FXM’s recommendations, including an updated web site, developers kit, and zoning changes. (2018)
- For the Connecticut Department of Transportation, as part of a consultant team headed by AECOM, FXM is preparing the social and economic impacts assessments for the $3.5 billion I-84 Viaduct Reconstruction Project EIS in Hartford. Draft products have been produced (end of 2018) by FXM for the baseline socioeconomic conditions assessment, the direct social and economic impact assessments, and the indirect & cumulative impacts assessment. Work continues toward draft and final EISs and a Record of Decision by FHWA in early 2020.
- For the Massachusetts Department of Transportation, on a consultant team headed by Stantec, FXM recently completed an economic benefit/cost analysis of alternatives to improve traffic congestion in the vicinity of the Bourne and Sagamore Bridges crossing the Cape Cod Canal. The project involved an extensive participation program, including frequent meetings with an advisory working group comprised of local and regional public and private sector officials, as well as general public meetings. The feasibility study has been completed (April 2019). The US Army Corps of Engineers is conducting its own studies to replace or continue maintaining the two roadway bridges, each of which was built in 1930s.
- For the Massachusetts Department of Transportation, as part of a consultant team headed by Tetra Tech, FXM continues its work as the economic consultant for the proposed $1.7 billion Mass Pike I-90 Interchange Reconstruction and West Station transit project in Allston (Boston) MA. The immediate project area features an ambitious long-term development strategy by Harvard. The project will also affect major development initiatives at Boston Landing, BU, and elsewhere in the Brighton/Allston communities and will have regional impacts on the area served by the Massachusetts Turnpike. The planning process includes a broad based public participation program including local community and city/region-wide pedestrian/bicycle, transit, urban design, and parks preservation constituencies. FXM is responsible for assessing the project’s potential effects on land use, jobs, household income, business sales, and taxes, and environmental justice effects. The study team has completed draft EIR products and is revising preliminary engineering, traffic, and impact assessments for a new hybrid alternative introduced late in 2018.
OTHER RECENT PROJECTS (examples from 2016-2018)
- For the City of New Bedford, Redevelopment Authority, Harbor Development Commission and Economic Development Corporation, FXM completed (2017-18) assessments of market-driven development opportunities and potential job creation linked to waterfront urban renewal plans in the North and South focus areas of this dynamic working waterfront. FXM’s analyses found support for residential, office, and retail/restaurant uses in the North Focus Area, outside the regulatory limited Designated Port Area (DPA), and for expanded ship building and repair, seafood processing, marine sciences incubator space, and offshore-wind related industrial uses in the South Focus Area, entirely within the DPA. In 2016, as part of a team headed by Sasaki Associates, FXM provided market and economic impact advisory services for a Vision/Development Program Framework for the City’s working waterfront. That study served as a precursor to the detailed urban renewal plan preparation led by Harriman. FXM has previously been involved in a number of projects on the New Bedford waterfront, ranging from the initial municipal harbor development master plan in 1999 to the market, economic impact, financial feasibility, and business plan for the Marine Commerce Terminal. That $120 million multi-purpose port facility project was completed in the spring of 2015 and is expected to be the staging port for multiple offshore wind development projects.
- For the City of Fall River Redevelopment Authority and Economic Development Corporation FXM completed (2017-2018) assessments of potential market support for residential, office, and retail/restaurant development in the downtown and waterfront areas, as part of downtownand waterfront urban renewal plans. The project team is led by Harriman. FXM’s analyses found demand for market rate rental housing, office space (primarily medical), retail and restaurant use in both areas. FXM assisted the team in formulating development strategy and implementation mechanisms, and also provided estimates of job creation potential associated with the urban renewal initiatives. In 2015, also for the Fall River Economic Development Corporation, FXM analyzed market support, projected ridership and parking requirements, and recommended marketing initiatives for a proposed seasonal ferry service between Fall River, Newport and Block Island, RI. Interstate Navigation now reports three successful operating seasons and has achieved FXM’s ridership projections.
- For the Town of Saugus, MA, FXM completed (2017) an analysis of potential economic benefits associated with a proposed river walk along the Saugus River. FXM’s evaluation showed the amenity created by the new access along the river would contribute positively to the sales of function and restaurant space in a local yacht club/marina, increase sales at a seafood landing/wholesale operation, and create new development opportunities to capture leaked retail and restaurant sales as well as spending of new visitors. FXM’s assessment is helping to advance a proposed $3 million capital project that includes the river walk and bulkhead improvements.
- For the City of Lawrence, MA FXM prepared forecasts of city and regional demand for selected commercial uses, forecasts of average annual demand for rental housing, and an analysis of retail market potential as part of an urban renewal plan. FXM also performed a shift-share analysis for industries targeted by the client to determine the industries for which the local area had demonstrated a competitive advantage. Advanced textile manufacturing and food processing and distribution emerged as strong target industries, with local businesses having significantly outperformed their national counterparts in recent years in both job and wage growth. Interviews with people knowledgeable of the local economy rounded out the analysis and revealed a high degree of enthusiasm and willingness to help towards positive changes. Subsequent to this study (2019) FXM has been retained by the Merrimack Valley Planning Commission to further explore in detail opportunities to attract advanced textile manufacturers to target underutilized mill properties in Lawrence.
This project won a 2017 Presidential Award Citation as outstanding project by the Massachusetts Chapter of the American Planning Association.
- For the City of Brockton, MA FXM completed the economic development components of a comprehensive plan update. Working with Harriman, prime contractor, FXM prepared baseline demographic and economic comparisons between the City, selected subareas, and surrounding counties and the state overall; assessed market conditions and trends city-wide and in 5 selected subareas to determine potential development of residential, office, industrial, flex, and retail space; and analyzed employment trends by detailed NACIS industry to identify vocational skills needs and opportunities for Brockton residents. FXM applied its proprietary Housing Demand Model to identify opportunities for market-rate rental housing, identified as a need for young professional and empty nester households in the city as well as an opportunity to enhance mixed-use commercial developments. Retail opportunity/gap analyses were done for each of the selected subareas and FXM identified potentially capturable demand by store type, square footage of each, and number of stores. FXM presented its work and facilitated public involvement in economic development planning, assisted preparation of economic development goals and objectives, and working closely with the client helped prepared strategies and mechanisms for implementation.
This project won a 2017 Best Comprehensive Planning Project award from the Massachusetts Chapter of the American Planning Association.
ADDITIONAL SELECTED PROJECTS (past 5 years)
- FXM provided economic and fiscal impact assessments that assisted Boston Properties in advancing its proposed $1 billion-plus North Stationresidential, office, retail and public facilities development project, including negotiated real estate taxes with the City of Boston and I-Cubed financing from the State of Massachusetts.
- For the City of Somerville, MA, FXM critically reviewed the market and economic impact assessments prepared by Wynn Resorts for their proposed casino in Everett and prepared an independent analysis of potential economic and fiscal impacts of the project within the City of Somerville. FXM’s analysis concluded that Wynn had overstated possible benefits to restaurant uses and property values in Somerville and that, in fact, the City would lose property and meals tax revenues as a consequence of the casino operations. While Somerville failed to prevail in arbitration, Wynn agreed to compensate the City for the annual tax losses estimated in FXM’s analysis.
- For MassDOT’s Strategic Ports Development Initiative FXM assessed the economic contributions and growth opportunities of water-dependent commercial recreational uses (charter and excursion vessels, water taxis, cruise ships) and private recreational marinas in the five major seaports in Massachusetts (Gloucester, Salem, Boston, New Bedford, Fall River). FXM assisted the project team, headed by AECOM, in assessing the economic impacts of cargo, fisheries, marine services and repairs industries as well as commercial and private recreational uses in each port and in developing recommendations for improved coordination between ports as well as priority development initiatives in each port.
- For the private business group Local Businesses for a Strong Cape Economy FXM Associates prepared an independent assessment of potential economic and tax effects of a proposed Lowe’s Home Center in South Dennis. The FXM examination focused on the project proponent’s submission to the Cape Code Commission for approval as a Development of Regional Impact, identifying major differences in rationale and findings. As part of FXM’s research, a confidential survey was conducted of established Cape Cod businesses that offer products directly competitive with the 4,000 in-store items that would be sold by the proposed Lowe’s. The FXM analysis determined that the proposed Lowe’s would result in negative net job creation, negative net municipal fiscal impact (taxes), negative net employee earnings, insurance and pension benefits; and no new services and products not already provided by existing Cape Cod retailers. As a consequence of FXM’s report as well as its own independent assessment, the Cape Cod Commission rejected Lowe’s application, and Lowe’s terminated the project.
- For the Pawtucket Foundation FXM prepared an assessment of market-driven opportunities for residential and commercial development within the Downtown/Riverfront Area of Pawtucket and Central Falls, RI. Using the market assessment and development pro forma prepared by FXM, the City of Pawtucket issued an RFP for development of a key riverfront site. A developer has been selected and, according to local officials, the development program mirrors that recommended by FXM.
- For MassDevelopment and the New Bedford Economic Development Council FXM Associates completed an assessment of market-driven opportunities for further development of residential and commercial uses in Downtown New Bedford. This is the fourth such assignment FXM has undertaken in Downtown New Bedford since 2000. Over this period, the city has seen significant rehabilitation of existing properties for both residential and commercial uses (more than 35% of downtown commercial space has been renovated), over 40 new downtown businesses, and a reduction of ground floor retail vacancies from 39% in 2006 to 5% today. FXM’s analyses identified significant additional potential for market rate residential development in the downtown as well as restaurant, retail, and office uses. Among its recommendations, FXM strongly urged local brokers and property owners to abandon their attempts to attract traditional office users (such as banks, lawyers, accountants, insurance companies) that have long been leaving the downtown and to focus efforts on offering inexpensive, unfinished or build-to-suit space for emerging creative economy and other small entrepreneurial businesses that have little interest in conventional office space, want to be part of a vibrant walkable downtown, and are unable to afford space closer to Boston.
- For the Quonset Development Corporation (QDC) FXM prepared an update of its earlier (2008) assessment of the economic and fiscal effects of the Port of Davisville on the Rhode Island Economy. The Port’s major tenant is NORAD, one of the largest importers of foreign autos to the US and a significant direct and indirect contributor to the state economy, as documented in FXM’s analysis using primary source data and the R/ECON Input Output Model. FXM’s earlier assessment was used by QDC to justify a significant investment in dredging intended to expand business opportunities and economic impacts attributable to NORAD and other port users. The current study confirmed the efficacy of that investment in terms of increased employment, output, household income, and taxes within Rhode Island.