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HomeMy WebLinkAbout2015-01-06 Impact Analysisi 0 Main Street, North Andover Expected Impacts of Redevelopment Main Street Building: 9,035 s.f. Retail: 9,035 s.f. Saunders Street Apartment Building: 15 One and Two bedroom units Parking: +total spaces 1*FISCAL IMPACTS Projections of cos ts rising from increased demand for public services and infrastructure,pro visions of benefits rom increased tax revenues, mploymeat and infrastructure improvements;and impacts on adjocent property values. A.Overview This developr ent is expected to: - Provide a landmark base to downtown redevelopment projects,encouraging continuing improvements in downtown structures with resultant improvements to tax base and value of adjacent properties - Save the community approximately$ 0,000 to$80,000 per year in school operation&maintenance costs. - Generate approximately$55.,000 in building permit and related fees. - Add approximately$4-4.5 million to total assessed commercial valuation with new construction. - Generate zero to 2 additional school age children with no significant impact on school costs. -- Generate a net return of approximately$ D,o 9 per year. - Add over three million dollars in new retail sales per year by retail/restaurant tenants;create estimated$1 0,000 in new retail expenditures in downtown primarily by residential tenants. - Energy-efficient construction coupled with recycling of existing materials will minimize environmental impacts. - Additional retail,service, and restaurant options,outdoor spaces, bike racks, etc.will further encourage waI kabiIit and reduce resultant vehicle trips. B. Direct and indirect Net Benefits Existing FacilitK.This property has been a drain on the community for 10 gears,costing the town tens of thousands of dollars per year in heating, insurance and other operating costs.The town will directly benefit$ o--$ o,000 per year. Commercial Revitalization of Downtown: Bradstreet Partners envisions the commercial building as forming the hub of the new downtown along with the municipal buildings and Fiat and Main plaza. For example,there is an upscale cafe planned with exciting outside seating on the sunny front plaza that should draw people who would otherwise travel outside of the downtown. New revenues will be supplied to the community in the fora of property and business taxes well beyond this one project. For FY 014,commercial property owners will pay$19.4 per$1,000 valuation.Assuming a value of the Main Street building at$ ,000,00 , there will be approximately an additional$ 8,000 of new tax revenue upon stabilization.We expect that there will be at least 50 permanent jobs created. There will be substantial indirect benefits of improving the overaII desirabiIity of the d own town Urfa new services and more attractive public spaces.with removal of a dilapidated structure and the provision of new residents and business reasons to go to the downtown,adjacent properties should significantly increase in value. Market Rate residential:The residential component includes t00%market rate rental housing so new residents should be able to help support local businesses. For FY 2014,,commercial property owners will lea $19.4 per$1,000 valuation.Assuming ing a value of the apartment building at$1.5 million,there will be approximately an additional$ 9,90D of new tax revenue.The expected20-25 nevwr residents will be in need of goods and services, most of which are available in the downtown.They are estimated to spend about$ 0,000 annually. Municipal Costs. we estimate that it will cost approximately$1 ,07 o.35 psf commercial and$650 per unit presidential)annually to provide services to the community.With units that are not conducive to children, it is highly unlikely that any significant incremental costs will be incurred by local schools.We expect zero to two children which will not require new facilities or teachers given the small number and size of the units. Parking and W.al in :The site is being developed with adequate parting for the newly created commercial and residential uses so new businesses will not strain already tight parking areas. Pedestrian walkways,s, Mike rags and outdoor spaces will be inviting.This will encourage additional workers and customers to frequent the downtown businesses,especially on foot.The residential component will bring new customers to the area with fewer vehicle trips. Local Connections: Bradstreet Partners, LLC is an entity made up of experienced local developers who will work with adjacent and area property owners on other projects.Simultaneous with this development, Bradstreet Partners has already had discussions with other owners about working together on the redevelopment for mutual benefit,We hope to spur a renaissance of building improvements and new owners in the downtown.we are also pursuing other opportunities downtown. 11,COMMUNITY IMPACTS Analysis of the pro e is impact on the surrounding neighborhood in terms of architectural consistency,pedestrian movement and overall character;impacts are nearby historic structures or site;and are evaluation of the proposed pr je is consistency and compatibility with existing local and regional plans. Merrr'ma k Valley Priority Growth Strategy prepared on by the M e rri m a c k Valley Planning Co m rn issio n details the longer commute times,increased congestion, and aging infrastructure of the area.The report states that communities: Need to Encourage Growth to Finance Municipal Services Need to Create,fob Opportunities That pay well and Reduce Commuting Demands Need to Deep Housing Cost Affordable for Our Children and Future Generations Need to Manage Development to Avoid Adversely Affecting our Quality of Life With these goals in mind,the report suggests encouraging"An Area of Concentrated Development, Including a Town Center, Consisting of Existing and Appropriately zoned Commercial,, Industrial and Mixed Use Areas Suitable for High Density Development". Perhaps with this in mind, it has been a goal of the town for many years to reinvigorate their somewhat tired,even slightly blighted downtown.With the current momentum of many projects and the renewed market interests in downtown areas,that seers tube coring to fruition.There are marry landlords that have owned their properties here for too long, and some new"blood""is needed to create a desirable downtown that serves area populations. Section 18 of the forth Andover Zoning Bylaw is specifically written to provide guidance on development in the downtown.The purpose of this section is"..a to provide goons,services and housing in a more compact env ror meat;to encourage redevelopment; and, to create a vibrant, walkable,pedestrian-are d bicycle rien ly environment."We hope that the Planning Board agrees with the Board of Selectmen that our proposal meets these criteria and that the project will be a groat asset to the downtown. Bradstreet Partners envisions the Main Street building as becoming the hub of the new downtown along with the municipal buildings and First and Main plaza.A planned upscale cafe with outside seating on a sunny front plaza should draw people who would otherwise travel outside of the downtown. Removal of fencing and the connection to Saunders Street should facilitate pedestrian movement. Bike rack should encourage the area's acrid cycling community to step here and shop. In accordance with the Downtown Overlay District bylaw and good design,the applicant has talon stops to complement existing architecture.The intent is to be a slightly more modern,crisp but still colonial style to the Main Street building that should add a newer, more upscale feel. Both buildings are built close to the right of way to preserve the streetscape.The front plaza along Main in Street will blend in well with an existing sidewalk. At the request of the Historic Commission we have agreed to work with them to display historic documents related to the history of Bradstreet School in the lobby of the Train Strut building, 111.TRAFFIC IMPACTS Iderntification of existi ng traffic Ievels aloe g with the exp ected traffic ire p acts to occur based u Pon the P ro P osed proiect A. Existing Conditions The most recent Mass Highway traffic counts for North Andover are from 2009. In a location on Main Street between Elan and Church Street traffic flow was measured at 5800 vehicle trips per day which is very low for a main thoroughfare.This is actually decrease from earlier counts and may be clue to the past recession.Closer-to the subject site,the flow on Main Street was measured in 2007 at 10, oo vehicle trips per day.With virtually no new development since that time,we expect that the flow is similar now. The subject site is unique to the area given the location in a moderately upscale central business district,jest off of an interstate highway and approximately one smile to a major commuter rail station.Within walking distance are hundreds of homes and apartments from entry level to very large multi-million dollar-residences. The downtown area provides retail and business services of every variety.Within a 10 minute walk of the downtown are countless commercial and industrial businesses that provide jobs to many thousands of people. These factors tend to minimize the need to drive and as the area improves,the need to drive out of the area for services will recede. While there certainly will be people living out of the area who will work in the new businesses,and onsite residents who will wort elsewhere needing a vehicle,we feel that the numbers overall will reduce vehicle trips. Ei III4} i I I B..Prop osed Area Developments There is a lot of other real estate development proposed in the downtown area that fair exceeds what is being proposed here. RCG properties who has developed the successful East Mill property on High Street, has purchased the 330,000 s,f.West Trill property and intends to make significant improvements that will attract more residents and businesses. Many other buildings have changed hands recently with new owners planning significant improvements.We have spoken to still others who want to redevelop or sell their property. The town of North Andover is proposing improvements to the infrastructure of water St and High St to encourage connectivity with Main Street to be completed in the next 18 months.There are proposed upgrades to the senior center and the rain parking lot.The town will rove out the fire department and rove back municipal employees in 2016/2017 to a remodeled former fire station. There is a national move to denser urban and suburban areas throughout the United States.Walkability and convenience has replaced desire for a large lot and home in rural areas.we feel that this move is driving the redevelopment of the downtown. There is little question that traffic will increase in the coring years due to new focus on downtown areas such as this as well as redevelopment of existing infill sites and the west Mill:that is the price of success.We feel that the traffic will eventually be similar to I t. 28 in Andover's downtown of approximately 1 -1 ,00o vehicle trips per day. The impact of the subject project should be mitigated somewhat by the fact that it has mixed uses and will bring residents to suppler businesses with clients as well as businesses to serve the clients without any vehicles being used. It should reduce those immediate area residents frrn finding the need from leaving the downtown for most taps. Our significant amount of proposed cuff-street parking will generally keep open public street parking and minimize the need for people to drive around looking for spaces.we also have made efforts to expand our off-street parking further by trying to reach agreement with adjacent property owner's for combined lots.The results of this effort is still pending.