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Town of Reading Economic Development Action Plan 2016-2022 December 2015

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Town of Reading Economic Development Action Plan 2016-2022 December 2015 Town of Reading Economic Development Action Plan 2016-2022 December 2015 Prepared for: Town of Reading Planning Division Reading, Massachusetts 01867 Prepared by: Metropolitan Area Planning Council Boston, Massachusetts 02111 www.mapc.org Reading Economic Development Action Plan, 2016-2022 December 2015 Table of Contents Summary ................................................................................................................................................ 5 Overview .......................................................................................................................................................................... 5 Reading’s Economic Development Vision .............................................................................................................. 5 Priority Development Areas .................................................................................................................................... 5 How this Plan is Organized .......................................................................................................................................... 7 Summary of Findings and Recommendations ............................................................................................................ 7 Action Plan Strategies ........................................................................................................................................... 10 Action Plan Development Process ............................................................................................................................. 11 Historic and Planning Context .............................................................................................................. 13 A Brief History .............................................................................................................................................................. 14 Planning Efforts and Policies Advancing Economic Development ....................................................................... 14 Policies and Guidelines ............................................................................................................................................... 15 Current Conditions ................................................................................................................................ 17 Cultural Assets............................................................................................................................................................... 17 Environmental Assets .................................................................................................................................................... 17 Infrastructure Assets ..................................................................................................................................................... 18 Transportation ......................................................................................................................................................... 18 Municipal Light Plant .............................................................................................................................................. 18 Reading’s Workforce .................................................................................................................................................. 19 Population ................................................................................................................................................................ 19 Income ....................................................................................................................................................................... 19 Educational Attainment .......................................................................................................................................... 20 Market Potential .......................................................................................................................................................... 20 Reading’s Retail Market ........................................................................................................................................ 21 Retail Inventory ....................................................................................................................................................... 21 Retail Opportunity Gap Analysis ........................................................................................................................ 21 Potential Supportable Retail Square Footage ................................................................................................. 21 Retail Worker Potential ........................................................................................................................................ 22 Reading’s Office Market ...................................................................................................................................... 22 Office Market Profile ............................................................................................................................................ 22 Space Trends ........................................................................................................................................................... 24 Employment Projections ......................................................................................................................................... 24 Office Development Potential ............................................................................................................................. 24 Retail and Office Market Potential: Growth Opportunities ................................................................................ 28 Reading’s Residential Market .................................................................................................................................... 25 Page 1 Reading Economic Development Action Plan, 2016-2022 December 2015 Household Composition ......................................................................................................................................... 25 School Enrollment .................................................................................................................................................... 25 Housing Stock .......................................................................................................................................................... 26 Unit Characteristics ................................................................................................................................................. 26 Sales Trends ............................................................................................................................................................. 27 Housing Unit Demand Projections ........................................................................................................................ 27 Residential Market Potential: Growth Opportunities............................................................................................ 27 Priority Development Areas (PDAs) in Reading ................................................................................... 30 Development Potential in PDAs in Reading ............................................................................................................ 31 Urban Design Preferences ......................................................................................................................................... 32 Introduction .............................................................................................................................................................. 37 Urban Design Process ............................................................................................................................................ 38 Urban Design Framework ..................................................................................................................................... 39 Conceptual Design.................................................................................................................................................. 40 Proposed Circulation .............................................................................................................................................. 42 Refined Design ............................................................................................................................................................. 43 Next Steps ............................................................................................................................................................... 47 Zoning Regulations and Parking Requirements Applicable to Priority Development Areas ........................ 49 Economic Development Vision and Action Plan ................................................................................... 52 Economic Development Vision .................................................................................................................................... 52 Vision and Action Plan Matrix ................................................................................................................................... 53 Next Steps: Partners for Action Plan Implementation ..........................................................................................
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