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FXM Associates’ specialty in waterfront planning and economics has grown substantially over the past several years. We have examined the markets, financial operations, and community economic effects of all types of waterfront uses. These include cruise ships, excursion, and charter vessels; passenger and freight ferries; oceangoing container and port facilities; the fishing and seafood industries; marinas; ship maintenance and repair facilities; waterfront residential, hotel, office, retail, and conference uses and special events; aquariums, museums, historical, and other themed attractions; as well as recreational and conservation lands along the water. In the course of these consulting assignments, we have developed a detailed database of market, financial, management, and employment characteristics on over 600 waterfront businesses and institutions. Newport Harbor Strategic Plan Rhode Island Coastal Resources Center FXM recently began work on a most challenging assignment for the Rhode Island Coastal Resources Center and the City of Newport to assess the role of water-dependent uses in Newport on the local economy and tax base. Like many coastal communities, Newport has seen demands for residential and non-water-dependent commercial uses accelerate in recent years, threatening public access to the harbor and the viability of local charter and excursion vessel operators, ship repair and maintenance facilities, public and private marina operations. Working with CRC staff, FXM will conduct interviews with a cross section of local business owners and managers, analyze property and tax data, assess local and regional economic conditions and trends by detailed industry sector, examine relevant case studies in other communities, and develop an economic model of the direct and indirect influence of water-dependent uses on income, jobs, and taxes in Newport and the state of Rhode Island. The city client intends to use the results of this research to adopt regulatory, tax, and plan review policies for waterfront development that may better assure that Newport Harbor's full economic potential is maintained and enhanced. Economic Effects of the Port of Davisville, RI Quonset Development Corporation FXM recently (2008) completed a comprehensive assessment of the economic and fiscal effects of water-dependent uses at the Port of Davisville, including a projection of additional jobs, business sales, household income, and state taxes from expanded port activity. Research involved detailed interviews with current and prospective port users and application of the R/Econ Input Output Model to assess the total direct, indirect, and induced effects on business output, jobs, household income, and value added by detailed industry sector, and state and local taxes throughout Rhode Island. Water Transportation Summit: Boston by Boat Save the Harbor/Save the Bay In April 2008, Save the Harbor/Save the Bay convened a Water Transportation Summit in Boston attended by six Massachusetts Cabinet Secretaries, Congressional, State and City elected officials, major waterfront property owners and hospitality industry officials, vessel owners and operators, and other stakeholders. The objective of the conference was to elicit the participation of all attendees in crafting an understanding of key issues affecting the recreational and commercial use of Boston harbor by water and to determine strategic priorities and immediate action items to increase the number of commuter and recreational boating passengers. Frank Mahady, FXM Principal, presented FXM's analysis of the business sales, jobs, household income, state and local taxes generated by existing commuter ferries, charter and excursion vessels, and water taxis as well as a projection of potential additional economic effects based on current and foreseeable markets for each type of vessel use at varying service levels. Economic Effects of Allens Avenue Businesses Port of Providence Working Waterfront Alliance Based on detailed interviews with nine major water-dependent industries along the working waterfront in Providence, RI, and application of the R/Econ Input Output Model, FXM assessed the total direct, indirect, and induced effects on business output, jobs, household income, state and local taxes of water-dependent industries along Allen's Avenue. The study also compared the potential effects on jobs, average wages, household income, and business sales of alternative waterfront development types, including hotels, office, retail and residential uses. Multi-use Pier Business and Operating Plan Town of Winthrop, Massachusetts FXM Associates updated its previous work for a revised multi-use pier concept, to include local commercial fishing vessels, small charter and excursion vessels, and transient private dockage. This work included an assessment of potential economic impacts to local businesses, potential economic development opportunities for new or expanded commercial enterprises, and a detailed operating and business plan to assure that the new pier's projected operating revenues cover its annual operating costs. The business plan was presented to Massachusetts state officials - who are contributing grant funding for 75% of facility construction -- to assure them that Winthrop's share of annual debt service on capital costs, as well as all annual operating costs and depreciation could be covered by annual projected cash flow. The project was approved by all funding and regulatory agencies. Construction was completed and the facility became operational in 2008. FXM is providing Winthrop with ongoing technical assistance to obtain a qualified water transportation provider and recently prepared (2009) a comprehensive assessment of demand for commuter and recreational vessel service including a detailed pro forma of projected operating revenues and costs.(2009) An RFP will soon be issued for prospective operators. Plymouth Ferry Feasibility Study Massachusetts Executive Office of Transportation FXM recently completed an assessment of market demand, pricing, operating revenues and costs, and capital facilities requirements for a possible commuter and seasonal tourist ferry service from Plymouth to Boston. FXM's work included analysis of current commuting patterns and the potential to divert trips to a commuter ferry at varied service and price options; analysis of current and projected tourist visitations and the potential to capture these trips with a weekend or seasonal ferry service; identifying most practicable vessel options and their capital and operating costs; and preparation of a financial pro forma of vessel capital and operating costs compared to ticket revenues. Newport Harbor Water Shuttle Feasibility Study City of Newport, RI, and Rhode Island Department of Transportation FXM recently completed an assessment of market demand, pricing, vessel requirements, revenue potential, capital and operating costs for expanded water shuttle services in Newport Harbor. The study concluded that existing private operators had sufficient capacity to handle current and projected demand and that the state's proposed vessel acquisition and operating subsidies were not warranted. Private operators, however, are constrained in satisfying demand by limitations imposed by the city and state on their use of the central public pier in Newport Harbor, and by inadequate dockage facilities at key public landing locations elsewhere in the harbor. Chelsea Creek Development Strategy Massachusetts Seaport Advisory Council, Cities of Chelsea and Revere FXM recently assessed the current status and expansion potential for water dependent uses along Chelsea Creek, which includes the greater Boston region's major oil import facilities. In addition to interviews with all water-dependent businesses along Chelsea Creek in Chelsea, Revere, and East Boston, FXM is analyzed the economic importance of these water dependent uses to the economies of the local communities and the region overall. The assessment concluded that there remained significant long term potential for the expansion of water-dependent uses in Chelsea Creek, and that it could be accomplished within the existing Designated Port Area and still leave sites for other development. Economic Contribution of Maritime Industries to the State of Connecticut Connecticut Maritime Coalition and Connecticut Office of Economic Development FXM's is assessing the effects of maritime industries on the economy of Connecticut. The study, conducted in conjunction with APEX Engineering, will estimate the total direct, indirect, and induced effects of all maritime industries on business output, jobs, household income, and taxes statewide and will further assess the impact of dredging on business output, jobs, income and taxes. Research includes interviews with over 100 maritime and related industry officials in each of the major ports and application of the R/Econ Input Output Model to estimate total direct, indirect, and induced effects on output, jobs, and income within all relevant 3- and 4-digit NAICS industry sectors statewide. Economic Effects of the Port of Davisville, RI Quonset Development Corporation FXM recently (2008) completed a comprehensive assessment of the economic and fiscal effects of water-dependent uses at the Port of Davisville, including a projection of additional jobs, business sales, household income, and state taxes from expanded port activity. Research involved detailed interviews with current and prospective port users and application of the R/Econ Input Output Model to assess the total direct, indirect, and induced effects on business output, jobs, household income, and value added by detailed industry sector, and state and local taxes throughout Rhode Island. Water Transportation Summit: Boston by Boat Save the Harbor/Save the Bay In April 2008, Save the Harbor/Save the Bay convened a Water Transportation Summit in Boston attended by six Massachusetts Cabinet Secretaries, Congressional, State and City elected officials, major waterfront property owners and hospitality industry officials, vessel owners and operators, and other stakeholders. The objective of the conference was to elicit the participation of all attendees in crafting an understanding of key issues affecting the recreational and commercial use of Boston harbor by water and to determine strategic priorities and immediate action items to increase the number of commuter and recreational boating passengers. Frank Mahady, FXM Principal, presented FXM's analysis of the business sales, jobs, household income, state and local taxes generated by existing commuter ferries, charter and excursion vessels, and water taxis as well as a projection of potential additional economic effects based on current and foreseeable markets for each type of vessel use at varying service levels. Economic Effects of Allens Avenue Businesses Port of Providence Working Waterfront Alliance Based on detailed interviews with nine major water-dependent industries along the working waterfront in Providence, RI, and application of the R/Econ Input Output Model, FXM assessed the total direct, indirect, and induced effects on business output, jobs, household income, state and local taxes of water-dependent industries along Allen's Avenue. The study also compared the potential effects on jobs, average wages, household income, and business sales of alternative waterfront development types, including hotels, office, retail and residential uses (2008). Multi-use Pier Business and Operating Plan Town of Winthrop, Massachusetts FXM Associates updated its previous work for a revised multi-use pier concept, to include local commercial fishing vessels, small charter and excursion vessels, and transient private dockage. This work included an assessment of potential economic impacts to local businesses, potential economic development opportunities for new or expanded commercial enterprises, and a detailed operating and business plan to assure that the new pier's projected operating revenues cover its annual operating costs. The business plan was presented to Massachusetts state officials - who are contributing grant funding for 75% of facility construction -- to assure them that Winthrop's share of annual debt service on capital costs, as well as all annual operating costs and depreciation could be covered by annual projected cash flow. The project was approved by all funding and regulatory agencies. Construction was completed and the facility became operational in 2008. FXM is providing Winthrop with ongoing technical assistance to obtain a qualified water transportation provider and recently prepared (2009) a comprehensive assessment of demand for commuter and recreational vessel service including a detailed pro forma of projected operating revenues and costs.(2009) An RFP will soon be issued for prospective operators. Plymouth Ferry Feasibility Study Massachusetts Executive Office of Transportation FXM recently completed an assessment of market demand, pricing, operating revenues and costs, and capital facilities requirements for a possible commuter and seasonal tourist ferry service from Plymouth to Boston. FXM's work included analysis of current commuting patterns and the potential to divert trips to a commuter ferry at varied service and price options; analysis of current and projected tourist visitations and the potential to capture these trips with a weekend or seasonal ferry service; identifying most practicable vessel options and their capital and operating costs; and preparation of a financial pro forma of vessel capital and operating costs compared to ticket revenues. Newport Harbor Water Shuttle Feasibility Study City of Newport, RI, and Rhode Island Department of Transportation FXM recently completed an assessment of market demand, pricing, vessel requirements, revenue potential, capital and operating costs for expanded water shuttle services in Newport Harbor. The study concluded that existing private operators had sufficient capacity to handle current and projected demand and that the state's proposed vessel acquisition and operating subsidies were not warranted. Private operators, however, are constrained in satisfying demand by limitations imposed by the city and state on their use of the central public pier in Newport Harbor, and by inadequate dockage facilities at key public landing locations elsewhere in the harbor. Chelsea Creek Development Strategy Massachusetts Seaport Advisory Council, Cities of Chelsea and Revere FXM recently assessed the current status and expansion potential for water dependent uses along Chelsea Creek, which includes the greater Boston region's major oil import facilities. In addition to interviews with all water-dependent businesses along Chelsea Creek in Chelsea, Revere, and East Boston, FXM analyzed the economic importance of these water dependent uses to the economies of the local communities and the region overall. The assessment concluded that there remained significant long term potential for the expansion of water-dependent uses in Chelsea Creek, and that it could be accomplished within the existing Designated Port Area and still leave sites for other development. Plymouth Harbor Marina Town of Plymouth, Massachusetts FXM Associates provided a "sketch" assessment of potential operating revenues and costs for a proposed town-owned marina in Plymouth Harbor, and estimates of whether sufficient net operating income could be generated to cover some or all of required dredging and facility construction costs. The goal of this limited assessment was to provide town officials with an early indication of whether such a facility could merit further development based on its ability to cover operating costs and some level of debt service for construction. FXM also reviewed with Vine Associates, Inc. (VAI) a conceptual multi-use facility layout that could maximize income potential. The assessment assumed a facility accommodating 270 seasonal slip rentals totaling 8,390 linear feet and accommodations for overnight and short stay transient vessels totaling 460 linear feet. The preliminary pro forma prepared by FXM included various financing scenarios. Salem City Pier Project City of Salem, Massachusetts FXM Associates reviewed previous market and operating cost estimates for the Salem City Pier in Salem. The uses included in the proposed program were whale watch, seasonal ferry (serving both commuters and tourists), head boats, transient dockage, lobster boats, and cruise ships. For the analysis, FXM assessed potential demand and updated rates, revenue, and expense estimates from prior reports and contacts with several other marinas in Massachusetts as well as similar research conducted for other recent marina projects. Utilizing these data, FXM prepared a pro forma and estimated the amount of debt that could be supported by the revenues. Revere Ocean Pier II City of Revere, Massachusetts FXM Associates updated a market analysis performed for a multi-use Revere Ocean Pier in May 2000. The major change associated with this update was the change in location for the proposed Pier from Revere Beach itself to the Point of Pines area of Revere, Massachusetts. Estimates of revenues to be expected from a marina at this new location were more conservative than those for the Revere Beach site, and the marina as proposed appeared to be marginally feasible from a market perspective. FXM prepared a pro forma and estimated the amount of debt that could be supported by revenues from proposed uses. Urban River Visions Massachusetts Executive Office of Environmental Affairs Working with Goody, Clancy & Associates and EOEA, FXM participated in a series of workshops intended to assist seven communities to create action plans for revitalizing their urban riverfronts. FXM facilitated discussions on economic impacts and using the urban rivers to create new employment and other economic benefits for the communities. FXM also brought extensive knowledge and experience in mill building rehabilitation to this exercise. Fort Point Channel, Boston, Watersheet Activation Plan Boston Redevelopment Authority FXM was part of a team headed by Goody, Clancy & Associates preparing a plan to create a dynamic and unique sense of place on and along Boston’s historic Fort Point Channel. A variety of adjacent users, including the Children’s Museum, Hook Lobster, Gillette Company, the U.S. Postal Service, the Boston Tea Party Ship, ferry and recreational boating interests, the South Boston and South Cove neighborhoods, as well as office and other commercial developments, are involved in the planning process. FXM’s role was to define a variety of water dependent uses and events, based on local market considerations as well as experiences nationally and internationally, and to evaluate the economic and financial implications of their development on the channel. FXM also worked with other team members to assess the feasibility and appropriateness of these potentials given the objectives and concerns of adjacent landowners and constituents, as well as Boston Harbor and citywide interests. Frank Mahady, FXM Principal, presented the plan (with David Spillane of Goody, Clancy) at the 2003 American Planning Association national conference in Denver. East Boston Municipal Harbor Plan Boston Redevelopment Authority FXM assisted the prime consultant, ICON Architects and Planners, and the city of Boston in assessing water dependent industrial and commercial uses and potentials in a section of Boston harbor that is largely targeted for neighborhood residential development. This portion of Boston Harbor is part of a Designated Port Area (DPA), which places severe regulatory limits on types of land uses that may be developed, and state-approval of required licenses for use of filled tidelands is contingent upon the city’s preparation of an acceptable plan for water related industrial and commercial uses. Passenger Ferry Feasibility Study and Operating Plan Town of Winthrop, Massachusetts Executive Office of Transportation & Construction FXM assessed ridership potential, vessel operating costs, routes and schedules, fare elasticities, and community economic effects as part of a feasibility study, operating, and financing plan for passenger ferry service from Winthrop to Logan Airport and Downtown Boston. Of particular interest in this project was the desire of the local community to limit ridership to locally generated demand, and limited landside parking and traffic infrastructure. The major analytic challenge for FXM was to match potential vessel types and costs to the local ridership potential and required level of service, at fare prices that would successfully compete with other modes and allow for at least a break even commuter service operating cost to a private carrier. New Bedford/Fairhaven Harbor Master Plan, Massachusetts Harbor Master Plan Committee FXM Associates, along with its subcontractor, Seafood Datasearch, provided an in-depth market and trends assessment of the seafood industry, other maritime industries, and all recreation and tourism industries associated with the New Bedford and Fairhaven harbors. This study involved interviews with all businesses and identifying future financial opportunities that would enhance the economic profile of the harbor and the downtown. Statistical data was used to identify areas of unmet demand and to identify specific areas where development could succeed. An overall assessment was presented of all harbor businesses in terms of gross receipts, employment, and levels of visitation or users, for both the current harbor and the harbor in five to ten years under proposed redevelopment scenarios. Gloucester Harbor Plan, Massachusetts Gloucester Harbor Plan Committee FXM was involved in a lengthy planning process that involved assessing current economic and fiscal conditions in the seafood, recreational, and cultural/educational industries related to the port area of Gloucester. FXM compiled data on the current contribution of waterfront businesses including receipts, employment, payroll, and indirect expenditures. Through a series of interviews, planning workshops, and secondary source data, FXM assessed current conditions and provided trends in industrial, commercial, cultural, and recreational businesses to identify areas of future growth. In a further development of the plan, "the Harbor Tomorrow," FXM quantified growth potential in existing businesses and suggested opportunities for new, future business enterprises. An overall assessment of economic and fiscal impact of future trends and opportunities was also provided. Master Development Plan for the Port of Galilee, Rhode Island Rhode Island Economic Development Corporation FXM Associates prepared the market and trends assessments, economic impact, and financial feasibility and funding evaluations as part of a master plan for the Port of Galilee/Pt. Judith, Rhode Island. FXM’s work included analyses of market conditions, trends, and local industry performance in seafood processing and commercial fisheries (currently employing over 600 persons landside and on vessels); the tourist- and resident-serving charter boat fleet and related suppliers; regional and local lodging establishments; and tourist and resident serving restaurants, food and gift retailers, commercial, and cultural/recreational attractions throughout the trade area. This work led to a projection of supportable industrial and commercial development at the port for commercial fishing, other maritime industries, and lodging/restaurant/retail uses. FXM also evaluated the expenditure and employment effects attributable to existing and prospective new industries at the Port, and prepared detailed financial and development pro forma analyzing existing and potential ground lease, pier and bulkhead, berthing, parking, property tax, use levies, and other income from port users; expenses attributable to operations and maintenance of the port; and capital costs and sources of funds for new infrastructure and facilities development. Cruise Ship Market Assessment and Strategic Plan Salem Port Development Corporation FXM Associates assessed potential market support for cruise ship callings at the port of Salem, Massachusetts, and developed detailed recommendations to guide the Salem Partnership and others in attracting cruise ship calls and providing a satisfactory visitor experience. Research included comprehensive interviews with cruise line operators, industry officials, port managers, and tourist officials throughout Atlantic Canada and the U.S. In addition, FXM evaluated potential direct and indirect economic effects of cruise ship visitor expenditures in Salem, and provided preliminary estimates of economic effects for other potential waterfront users, such as whale watch, charter vessels, recreational ferries, special vessel events, and marinas. Waterfront Economic Development Plan Town of Edgartown, Martha’s Vineyard, Massachusetts In association with Cecil & Rizvi, Urban Designers/Landscape Architects, FXM prepared an economic development plan and strategy for expanding year-round employment opportunities directly and indirectly linked to Edgartown’s waterfront and ocean resources. Research included assessment of conditions and trends in the overall economy of Edgartown and Martha’s Vineyard, including the types and seasonality of jobs; current uses and activities along the waterfront, including the relative importance of daily and vacation visitors, seasonal and year-round resident spending; and non-tourist export base industries, such as commercial fishing. Strategic initiatives included measures to expand the commercial shellfishery, including aquaculture, the shellfish nursery, recovery and maintenance of sensitive shellfish propagation areas; off-season repair and maintenance of recreational vessels; a physical plan for optimizing the economic use of wharves, haul-outs, moorings, and other vessel services and facilities; and a long-term strategy for public acquisition and use of scarce waterfront resources. Erie Canal/Fingerlakes Region Corridor Development Plan Monroe County (New York) Department of Planning As part of a consulting team that included Trowbridge & Wolf, Landscape Architects, and Larsen Engineers, FXM Associates participated in the preparation of a master plan to guide economic development, recreation, and open space preservation along a 120-mile segment of the Erie Canal in the vicinity of Rochester, New York. The study examined organizational, thematic, and funding issues of statewide as well as local interest; the contribution of public amenities, historic themes, and waterfront access and facilities to successful commercial, residential, and other development along the canal; and evolved, with significant input from local public and private sector interests, a series of potential projects and programs for implementation. FXM Associates also completed market, financial feasibility, and economic impact analyses for a selected pilot project. Pope’s Island Marina Expansion New Bedford Harbor Development Commission (HDC) As part of a consulting team headed by Marina/Consult, Inc. (Barnstable, MA), FXM provided market and economic impact analyses and development advisory services on a proposed $14 million expansion of the Pope’s Island Marina and Pope’s Island Park. The objective of the project was to produce earnings for the HDC that can be used to leverage grants and municipal financing for the expansion of fishing piers and other industrial waterfront infrastructure in New Bedford. The project was a result of recommendations of the Harbor Master Plan, for which FXM provided market and economic impact assessments for a range of existing and proposed water-dependent marine industrial uses. Construction is scheduled to begin on marine and major landside components of the development plan in the fall of 2002. Onset Pier Plan Onset Bay Association FXM participated in a planning charrette involving over 50 community leaders and public participants to determine vision, preferences, and objectives for use of the Town of Wareham-owned pier in Onset Village. Subsequent to this all day planning exercise, FXM staff followed up expression of the vision and objectives of participants with an assessment of issues, including regulatory constraints, and analyses of the economic feasibility for water dependent and other uses considered by the community. FXM prepared a technical memorandum synthesizing results of the planning exercise, the objective economic analyses, and consensus directions for the future. Revere Beach Ocean Pier Feasibility Study City of Revere, MA FXM Associates, teamed with Byrne, McKinney and Associates, prepared an assessment of market potential for a reconstructed Ocean Pier at the historic three-mile oceanfront, Revere Beach. FXM utilized the results of field inspections, secondary source data, and interviews with over 25 public and private sector individuals knowledgeable in the areas of waterfront use and development in the Boston area. A variety of uses were proposed by residents, planners, and development officials for the City of Revere. FXM reviewed each option and explored several others that have been considered by other waterfront communities, which included ferry service to the Boston Harbor Islands; commuter service to Logan International Airport and downtown Boston; charter fishing boats; whale watching; small boat rental and instruction; cruises, cruise ships, and localized excursions; and pier-based passive recreation. |