Economic Impact Study of Proposed Overhaul of Somerville’s Zoning Ordinance
Prepared for City of Somerville | Somerville, Massachusetts | February 2016
Robert Charles Lesser & Co. Real Estate Advisors | rclco.com CITY OF SOMERVILLE
Table of Contents
Introduction ...... 3 Background and Objectives ...... 3 Executive Summary ...... 5
Key Findings ...... 5
Recommendations ...... 5 Underutilization Analysis ...... 6 Methodology ...... 6 Estimating Development in Each Neighborhood ...... 7 Total Estimated Development and Economic Impacts ...... 10
Employment Analysis ...... 13
Overview of Regional Employment ...... 14
Job Growth in Somerville ...... 14 Parking Analysis ...... 15 Methodology ...... 15 Analysis Findings ...... 15 Permitting Process Analysis ...... 17 Methodology ...... 17 Automated Permit Tracking Systems ...... 19 One-Stop Permit Center...... 19 Technical Appendix I. Task 2 – Parcel Underutilization Analysis II. Task 3 – Employment Trends III. Task 4 – Parking Analysis
Page 2 E4-13429.02 February 2016 CITY OF SOMERVILLE
Introduction Background and Objectives In January of 2015, the Mayor’s Office of Strategic Planning and Community Development submitted their first version of a proposed overhaul of the Somerville Zoning Ordinance to the Somerville Board of Aldermen. To understand the implications of this proposal, the Board of Aldermen requested a number of studies, including analysis of housing (both market rate and affordable), parking and mobility management, and economic development. To provide an economic development review of the proposed ordinance, the City engaged RCLCO, a national real estate and advisory firm, to examine how the proposed ordinance may impact economic activity within the City, as well as how the proposed ordinance impacts the economics of real estate development. Research by RCLCO includes four areas of analysis that are of interest to the City: