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Economic Development Strategy; Phase 1 City of Framingham, Massachusetts

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Economic Development Strategy; Phase 1 City of Framingham, Massachusetts FEBRUARY 2019 ECONOMIC DEVELOPMENT STRATEGY; PHASE 1 CITY OF FRAMINGHAM, MASSACHUSETTS Prepared by: RKG Associates, Inc. Economic, Planning and Real Estate Consultants 76 Canal Street; Suite 401 Boston, MA 02114 (617) 847-8912 www.rkgassociates.com Economic Development Strategy Phase 1 City of Framingham, Massachusetts February 2019 Prepared For: Framingham Planning Board City of Framingham, MA 150 Concord Street Framingham, MA 01702 Telephone: 508.532.5400 Web: www.framinghamma.gov Prepared By: RKG Associates, Inc. Economic, Planning and Real Estate Consultants 76 Canal Street, Suite 401 Boston, MA 02114 Telephone: 617.847.8912 Web: www.rkgassociates.com City of Framingham Economic Development Strategy Phase 1 Framingham, Massachusetts February 2019 Acknowledgements City of Framingham Staff Arthur P. Robert, Director of Community & Economic Development Amanda Loomis, Planning Board Administrator Framingham Community Working Group Sanji Alwis Chris Connolly Matt Faris Michael Gatlin Kevin Hanna Sam Hendler Christopher Horblit Paul Joseph Justin Krebs Doug Lawrence Andrew Lemieux Charlotte Maynard Charles Rousseau Vaios Theadorakos Courtney Thraen Marc Verreault Framingham Leadership Advisory Committee Yvonne M. Spicer, Mayor, City of Framingham Bob Bois Michael Cannon Michael Gatlin Dennis Giombetti Thatcher Kezer Christine Long Philip Ottaviani City of Framingham Economic Development Strategy Phase 1 Framingham, Massachusetts February 2019 Table of Contents Chapter One: Executive Summary ........................................................................................................ 1-1 Chapter Two: Introduction ..................................................................................................................... 2-1 Chapter Three: Demographic Analysis ................................................................................................. 3-1 Introduction ............................................................................................................................................ 3-1 Key Findings .......................................................................................................................................... 3-1 Data Sources .......................................................................................................................................... 3-2 Demographic Trends .............................................................................................................................. 3-2 Economic Base Analysis ........................................................................................................................ 3-6 Conclusions .......................................................................................................................................... 3-12 Chapter Four: Real Estate Analysis ....................................................................................................... 4-1 Introduction ............................................................................................................................................ 4-1 Key Findings .......................................................................................................................................... 4-1 Development Profile .............................................................................................................................. 4-3 Development Trends .............................................................................................................................. 4-5 Residential Market Analysis .................................................................................................................. 4-6 Retail Market Analysis ......................................................................................................................... 4-12 Office Market Analysis ........................................................................................................................ 4-14 Industrial Market Analysis ................................................................................................................... 4-15 Conclusions .......................................................................................................................................... 4-15 Chapter Five: Target Industries Analysis ............................................................................................. 5-1 Introduction ............................................................................................................................................ 5-1 Key Findings .......................................................................................................................................... 5-1 Business Climate Factors ....................................................................................................................... 5-2 Site Selection Factors ............................................................................................................................. 5-7 Quality of Life Factors ........................................................................................................................... 5-9 Competitive Strengths & Weaknesses ................................................................................................. 5-11 Target Industries .................................................................................................................................. 5-15 Conclusions .......................................................................................................................................... 5-20 City of Framingham Economic Development Strategy Phase 1 Framingham, Massachusetts February 2019 Chapter Six: Fiscal Impact Model & Analysis ...................................................................................... 6-1 Introduction ............................................................................................................................................ 6-1 Key Findings .......................................................................................................................................... 6-1 Revenue and Expense Allocation .......................................................................................................... 6-2 Incremental Revenues ............................................................................................................................ 6-3 Incremental Expenses ............................................................................................................................ 6-6 Conclusions ............................................................................................................................................ 6-8 Chapter Seven: Fiscal Impact Model & Analysis ................................................................................. 7-1 Introduction ............................................................................................................................................ 7-1 Key Findings .......................................................................................................................................... 7-1 Methodology .......................................................................................................................................... 7-2 Southeast Framingham Village Plan ...................................................................................................... 7-3 Nobscot Village Center Plan ................................................................................................................ 7-12 Conclusions .......................................................................................................................................... 7-20 City of Framingham Economic Development Strategy Phase 1 Framingham, Massachusetts February 2019 1 EXECUTIVE SUMMARY The City of Framingham is in an enviable position in 2019. An influx of new residential development is revitalizing the city’s downtown Central Business District and taking advantage of valuable MBTA Commuter Rail access. Life sciences firms continue to seek lower cost spaces near Boston and are choosing Framingham as a place to operate since it is a hub of health technology in MetroWest. Corporate headquarters and professional services firms continue to see tremendous value in locating along I-90, Route 9, and Route 30. An increase in diverse housing stock options provide opportunities for new households across the income spectrum to establish roots. Therefore, Framingham’s strengths have shaped it into the premier economic engine of the MetroWest region, and a highly marketable city for prospective firms and residents. More specifically, Framingham can capitalize on both its proximity and access to downtown Boston as well as its established economic base in corporate operations, life sciences, and healthcare. From the proximity perspective, Framingham offers an ‘in town’ lifestyle opportunity in its downtown area for current and future residents. The city can continue to capitalize on its access and relative affordability to closer-in urban centers. Continued investment in this arena will grow Framingham’s labor force, expanding the city’s job retention and expansion efforts. From the economic base expansion perspective, Framingham has the potential to continue encouraging infill development opportunities in economic centers outside the downtown, creating a more competitive
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