NSPC Meeting May 10 2017 Economic Development District Work with partners throughout the region to apply for EDA funding Have a Regional Comprehensive Economic Development Strategy Economic Development District in Action ID: 1029563
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1. Economic Development at MAPCNSPC MeetingMay 10, 2017
2. Economic Development DistrictWork with partners throughout the region to apply for EDA funding. Have a Regional Comprehensive Economic Development Strategy
3. Economic Development District in ActionN2 Innovation CorridorVenture Development Center Regional Workforce Skills Initiative
4. Technical Assistance
5. Corridor StudiesVisioning Market AnalysisLand Use & Zoning AnalysisBuild Out AnalysisTransportationRecommendations
6. Build Out AnalysisHow much of a certain use can be built Abide by current zoning & physical development constraints Gives sense of opportunities and constraints
7. Build Out Analysis
8. Arts & Culture ED PlansVisioning Cultural Assets InventoryMarket AnalysisZoning AnalysisStreetscaping & Urban DesignRecommendations
9. Economic Benefits of the Arts
10. Industry Review
11. Downtown PlansVisioning Market AnalysisLand Use & Zoning AnalysisHistoric & Cultural AssetsTransportationRecommendations
12. Market AnalysisMarket analysis identifies the type and amount of development that can be potentially supported by the market.Commercial (Retail and Office), Industrial, Residential, Mixed-useRegionally, Locally, Project-BasedMarket analysis does not predict future development/growth, it provides a snapshot of what may be possible.
13. Town Center16%Source: MAPCExisting Retail InventoryMAPC surveyed retail inventory in Town Center area.Main Street: William Street to Marble StreetPortions of Franklin (Main St to Spencer St)Central Street130 Retail and Professional OfficesRetail composition is unbalancedHigh concentration of Personal and Professional ServicesLower concentration of shoppers and convenience goodsLow vacancyType#% Town Center% Typical Neighborhood Center Mix Shoppers Goods1311%20%Convenience Goods97%50%Food Service1916%10%Personal Services4642%10%Professional Services2520%5%Vacant54%5%Retail Market Analysis
14. Gap Analysis SummaryThe above is an estimate, not a prediction.Many factors go into what will/won’t succeed.Good retail spaces, rents, product price points, marketing, visibility, parking, business model/acumen
15. Implementation