North Adams Strategic Economic Development Plan

North Adams Strategic Economic Development Plan
Executive Summary
Prepared by HR&A Advisors, Inc. & SHoP Architects
The North Adams Partnership: Mission
To enhance the economy of North Adams and establish and maintain the citys position as a small city center of commerce, culture, education and innovation. To work closely with business leaders and local state and federal government officials and the non profit sector, and to serve as a resource of expertise and creative thinking for public policy makers. To develop and incubate strategic economic development projects in North Adams and serve as the catalyst to attract private investment, and encourage the creation of joint ventures and public/private partnerships.
HR&A Advisors, Inc. | SHoP Architects North Adams Partnership | 2
A Framework for Action
Private funding
Mayoral, community, civic, institutional input
Strategic Economic Development Plan
HR&A Advisors, Inc. | SHoP Architects
North Adams Partnership | 3
Strategic Economic Development Plan
Stimulate private investment Economic strategies & physical tactics Implementation priorities, funding & responsibilities
Vision
Challenges & opportunities
Executive Summary
The Berkshires urban center of intellectual creativity
North Adams in transition
Vision
Parallel Efforts Under Way
Process
Data Collection
Prioritization
Stakeholder Interviews
Opportunity Identification
Investment Analysis
Vision
Implementation Strategy
Physical Analysis
Challenges & Opportunities Economic Strategies and Physical Tactics The Vision
Implementation Priorities & Funding

Phase I Work & Progress
Declines in local manufacturing resulted in a 30% population loss, high unemployment and low incomes in North Adams
8.2%
unemployment in the past year, vs. 6.7% County and 6.6% State 25,000 20,000
$36,400
Median household income vs. $48,700 County and $66,000 State
30% Population Decline from 1970 to 2012 19,195 18,063
16,797 14,681 13,504
Residents
15,000
10,000 5,000 0 1970 1980 1990 Year
2000
2010 2012
Source: Berkshire Regional Planning Commission, Mass. Labor & Workforce Development, US Census Bureau
Successful cultural institutions and destination recreational opportunities now draw visitors to the area
120,000
annual visitors to MASS MoCA
165,000
annual visitors on Mt. Greylock
200,000
annual visitors to the Clark
Source: MASS MoCA Economic Impact Study, Clark Institute Economic Impact Study, mass.gov, gorp.com
$3.1
million for bike trail extensions
Major academic institutions support the potential for entrepreneurship
1,800
students at MCLA as of Fall 2012
2,200
students at Williams College as of Fall 2012
60,000+
square feet of new campus space dedicated to science and innovation, including incubator space
$15,000
in award funds for the winner of the Colleges business plan competition, along with office space and mentorship
Source: mcla.edu, williams.edu
Assets
A great benefit: Short distances for Downtown walkability
Challenging physical context disincentivizes investment: A green space shortage
A parking and hardscape surplus
Disconnected pedestrian links
Assets lack connectivity to one another and Downtown
The Result: Disinvestment, high vacancy, continued unemployment

Vacant storefronts on Eagle Street Structurally-damaged Hoosac Mill
Source: Local real estate professionals; image: iBerkshires

HR&A Advisors, Inc. | SHoP Architects North Adams Partnership | 21
How do we
Keep and attract decline?
young adults to North Adams to stem population entrepreneurialism?
Provide an environment to support

Encourage
tourists visiting North Adams cultural & natural resources to stay longer and spend more?
Ensure that tourists to MASS MoCA and other destinations
visit
downtown?

Economic strategies: Promote and enhance North Adams quality-of-life for residents and workers
Economic strategies: Support entrepreneurialism and investment, leveraging institutions intellectual capital
Economic strategies: Strengthen North Adams identity as a cultural & outdoor recreation destination
Economic strategies: Attract residents and tourists to Downtown
Plan strategy: Identify primary local assets
Plan strategy: Provide links to connect assets
Plan strategy: Strengthen Downtowns draw through economic anchors and physical enhancements
Physical tactics

Vision
Vision
Zone A: Downtown
Zone A: Downtown | Town Commons
Zone A: Downtown | Town Commons
Zone A: Downtown | Entrepreneurial Support & Coworking Space

The Opportunity
Attract and retain local entrepreneurs and startups
Provide attractive office space downtown

Ability to link to Williams Business Plan Competition and MCLA entrepreneurship programs
The Market
Growth area: Number of coworking spaces in comparably-sized markets grew 73% between 2009 and 2011 ~1,000 freelancers & entrepreneurs in the North Adams area. Potential for 35-75 regular users. A business investment: 79% of spaces are founded as private businesses; 72% are profitable within 2 years
HR&A Advisors, Inc. | SHoP Architects Source: Deskmag International Coworking Survey
Zone A: Downtown | Housing

The Opportunity
Leverage North Adams attractive, inexpensive housing stock Retain young adults, artists and creative professionals in North Adams Draw activity Downtown
The Market
Current potential demand for 130 downtown households each year

Building critical mass Downtown will increase demand Two priority sites identified for first moves Limited patient equity or gap financing required today; minimal market growth creates attractive investor environment
Zone A: Downtown | Hotel

The Opportunity
Retain arts and recreation tourists in North Adams, for longer
The Market
Slight growth in ADR and steady RevPAR indicate a stable hotel market Seasonal swings in occupancy are still large MASSMoCA expansion, connected to Downtown investment, will grow demand
Zone A: Downtown | Church Preservation

The Opportunity
Preserve architectural resources - an integral part of North Adams identity
The Market
Tap into grant funding for preservation
Explore potential for innovative, selfsufficient reuse
Zone A: Downtown | Healthcare Support & Expansion
The Opportunity
Attract medical and wellness uses Downtown

Provide ready access to healthcare and related services in North Adams
Fill vacant frontage with a stable and desirable use
The Market
North Adams Regional Hospital is one of top 5 employers in North Adams 550 employees
National healthcare restructuring likely to create need for local support services for healthcare Tracking and marketing of available space can focus potential users on North Adams
Zone A: Downtown | Eagle Street Streetscape
Zone A: Downtown | Streetscape
Zone B: Connectivity
Zone B: Connectivity | Major Connectivity Corridors
Zone B: Connectivity | MASS MoCA to Downtown Connection
Zone B: Connectivity | Connective Art Installations & Signage
Zone C: Heritage State Park
Zone C: Heritage State Park
Zone C: Heritage State Park | Architectural Study & Additional Ideas
Zone C: Heritage State Park | The Junction
Zone C: Heritage State Park | The Junction
Zone D: Rte 2 Corridor
Zone D: Rte 2 Corridor | Sky Gardens
Zone D: Rte 2 Corridor | Sky Gardens
Zone E: Natural Resources and Recreation
Zone E: Natural Resources and Recreation | Hoosic River Access
Zone E: Natural Resources and Recreation | Mt. Greylock Access
Zone E: Natural Resources and Recreation | Outdoor Supply Retail

The Opportunity
Establish North Adams as a hub for recreational needs for visitors to Mt. Greylock and the region
The Market
$43.8 million in unmet spending potential identified through gap analysis, likely being spent outside of North Adams North Adams residents and visitors supporting 170,000 SF of retail outside of North Adams Appropriate retail and surrounding amenities could attract a portion of this spending to stay in North Adams

Initiatives prioritized by feasibility & impact

HIGH FEASIBILITY 5D SHORT TERM 5H 5F 9D 4E 2C 2A 4I 9B 2B 9C
7E
1G 4G
5G 7A 3C 7C 7B 8B
HIGH IMPACT
LOW IMPACT
3A 3B 4F 7D 4D 3E 4B 1E 8C 6A 4C 1F 1I 1H
8A
4A 5A
1A
5C
LONG TERM
3D 9A 1C 1D 5B 6B 5E LOW FEASIBILITY
1B 4H
and sequenced to build toward Vision
Phase 1 Priority Initiatives
Connect MASS MoCA, MCLA & Downtown
Connect to broader assets
Design: MASS MoCA/Downtown pedestrian connections Downtown/MCLA bicycle path Implement bicycle path connections to Williamstown & to Adams Directional signage Connective art installations
Heritage State Park Coworking space Downtown housing Outdoor supply retailer Healthcare support services
Embrace current investment opportunities
Plan for big moves
Downtown Commons
Phase 2 Initiatives
Strengthen the core
Main St & Eagle St improvements High visibility signage
Leverage evolving market Build critical mass of activities

Expanded hotel offerings New recreation/waterplay area
Implement big moves
Downtown Commons
Phase 3 Initiatives
Improve North Adams Entry
Sky gardens Pedestrian improvements
Connect new anchors Extend the network
The Junction Additional bike paths
Pursue additional anchors & attractions
Mohawk Theatre revitalization Church preservation & reuse Downtown carousel/amphitheater River chute cycling Market building Memorial Park
Phase I Funding Required From Multiple Sources
Private investments
Public funding
Philanthropic opportunities
Equity Investment: ~ $2.7 M - $4.0 M
Investment Opportunities
Equity Requirements
Additional Funding Needs (in addition to conventional financing)
Entrepreneurial Support & Coworking Space
~ $0.45 - $0.65 M (startup costs)
Downtown Housing
~$1.5 M per project
Historic Tax Credits MASS Development financing Gap Financing as necessary
Outdoor Supply Retailer
Startup costs, TBD
Heritage Park Revitalization
$1.5 M
NARA funds for acquisition $1.3 M grant funds for public areas and street improvements
Grants and Gifts: ~ $3.7 M to $4.4M +

Capital Projects
Public Funds Downtown Commons MASSMoCA/DT Connections MCLA/DT Connections Ashuwillticook Bike Paths Signage ~ $0.1M - $0.3M Planning costs (for ~$3.5M construction project) ~ $0.1M - $0.3M Planning costs (construction costs TBD) ~ $3.1 M ~ $0.1M - $0.4 M
Estimated Costs
Potential Sources
State Transportation Bonds Chapter 90 funds MassWorks Infrastructure Program I-Cubed: the Infrastructure Investment Incentive Program
Philanthropic Opportunities
Connective Art Installations TBD Donation/commission of work
Next Steps, Following Funding

Connective art installations Physical Connections
Develop curatorial strategy Determine capital & operating budget Design links from Downtown to MASS MoCA & MCLA Move Ashuwillticook paths forward Develop signage strategy Prepare business plan Reach out to local developers Prepare prospectus Talk to landowners Develop prelim programming & operations strategy Identify equity investor
Priority connections
Directional signage
Coworking space & entrepreneurial support

Economic Investment Downtown housing Outdoor supply retailer Downtown Commons Heritage State Park & Junction Planning Healthcare support & expansion
Identify operator
Coordinate with NBH to identify emerging offsite services
Prepare marketing materials

Establish point of contact & space information resource to match new businesses with space in North Adams
The Vision

Provide links to connect assets; Strengthen Downtowns draw through economic anchors and physical enhancements
Designing Connections Connecting MASSMoCA to Downtown
FOOTBRIDGE PARK
CONNECTION
Designing Route 2 Improvements Improving North Adams Entry
Planning Directional Signage Connecting to Broader Assets
Heritage State Park: Launched Greylock Market Embracing Current Investment Opportunities
Center for Entrepreneurship planning Embracing Current Investment Opportunities
The Junction: Planning for Unified History & Train Museum Connecting New Anchors
The Vision

North Adams Strategic Economic Development Plan

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North Adams Strategic Economic Development Plan

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North Adams Strategic Economic Development Plan

The North Adams Partnership: Mission

A Framework for Action

Mayoral, community, civic, institutional input

Strategic Economic Development Plan

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 3

Strategic Economic Development Plan

Challenges & opportunities

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 4

The Berkshires urban center of intellectual creativity

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 6

North Adams in transition

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 7

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 8

Parallel Efforts Under Way

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 9

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 10

Implementation Priorities & Funding

30% Population Decline from 1970 to 2012 19,195 18,063

16,797 14,681 13,504

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 12

HR&A Advisors, Inc. | SHoP Architects

Major academic institutions support the potential for entrepreneurship

Source: mcla.edu, williams.edu

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 14

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 15

A great benefit: Short distances for Downtown walkability

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 16

Challenging physical context disincentivizes investment: A green space shortage

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 17

A parking and hardscape surplus

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 18

Disconnected pedestrian links

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 19

Assets lack connectivity to one another and Downtown

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 20

The Result: Disinvestment, high vacancy, continued unemployment

Source: Local real estate professionals; image: iBerkshires

Keep and attract decline?

young adults to North Adams to stem population entrepreneurialism?

Provide an environment to support

Implementation Priorities & Funding

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 24

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 25

HR&A Advisors, Inc. | SHoP Architects

North Adams Partnership | 26

Economic strategies: Attract residents and tourists to Downtown