north adams strategic economic development plan

8/13/2019 North Adams Strategic Economic Development Plan

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North Adams

Strategic Economic Development PlanExecutive Summary

Prepared by HR&A Advisors, Inc. & SHoP Architects


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HR&A Advisors, Inc. | SHoP Architects North Adams Partnership | 2

The North Adams Partnership: Mission

To enhance the economy of North Adams and establish andmaintain the city’s position as a small city center of commerce,culture, education and innovation.

To work closely with business leaders and local state and federalgovernment 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 inNorth Adams and serve as the catalyst to attract privateinvestment, and encourage the creation of joint ventures andpublic/private partnerships.


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A Framework for Action

StrategicEconomic

DevelopmentPlan

Mayoral,community,

civic,institutional

input

Privatefunding


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Strategic Economic Development Plan

Challenges &opportunities

Vision

Economicstrategies &physicaltactics

Implementationpriorities,funding &responsibilities

Stimulateprivateinvestment


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Executive Summary


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The Berkshires’ urban center of intellectual creativity


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North Adams in transition


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Vision


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Parallel Efforts Under Way


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Process

DataCollection

StakeholderInterviews

OpportunityIdentification

ImplementationStrategy

Physical Analysis

Investment Analysis Vision

Prioritization


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Challenges & Opportunities

Economic Strategies and Physical Tactics

The Vision

Implementation Priorities & Funding

Phase I Work & Progress


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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

$36,400Median household incomevs. $48,700 County and $66,000

State

19,195 18,06316,797

14,68113,504

0

5,000

10,000

15,000

20,000

25,000

1970 1980 1990 2000 2010

R e s i d e n t s

Year

30% Population Decline from 1970 to 2012

2012

Source: Berkshire Regional Planning Commission, Mass. Labor & Workforce Development, US Census Bureau


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Successful cultural institutions and destination recreational opportunities

now draw visitors to the area

Source: MASS MoCA Economic Impact Study, Clark Institute Economic Impact Study, mass.gov , gorp.com

120,000annual visitors to MASS MoCA

200,000 annual visitors to the Clark

165,000 annual visitors on Mt. Greylock

$3.1million for bike trail extensions


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Major academic institutions support the potential for entrepreneurship

1,800students at MCLA as of Fall

2012

60,000+square feet of new campus spacededicated to science and innovation,

including incubator space

2,200students at Williams College

as of Fall 2012

$15,000in award funds for the winner of theCollege’s business plan competition,

along with office space and mentorship

Source: mcla.edu, williams.edu


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Assets


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A great benefit: Short distances for Downtown walkability


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A parking and hardscape surplus


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Disconnected pedestrian links


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Assets lack connectivity to one another and Downtown


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The Result: Disinvestment, high vacancy, continued unemployment

Source: Local real estate professionals; image: iBerkshires

Vacant storefronts on Eagle Street Structurally-damaged Hoosac Mill


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How do we…

Keep and attract young adults to North Adams to stem populationdecline?

Provide an environment to support entrepreneurialism?

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?


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The Vision




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Economic strategies: Promote and enhance North Adams’ quality-of-life

for residents and workers


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Economic strategies: Support entrepreneurialism and investment, leveraging

institutions’ intellectual capital


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Economic strategies: Strengthen North Adams’ identity as a cultural &

outdoor recreation destination


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Economic strategies: Attract residents and tourists to Downtown


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Plan strategy: Identify primary local assets


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Plan strategy: Provide links to connect assets


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Plan strategy: Strengthen Downtown’s draw through economic anchors

and physical enhancements


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Physical tactics


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The Vision




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Vision


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Vision


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Zone A: Downtown


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Zone A: Downtown | Town Commons


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Zone A: Downtown | Town Commons


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Zone A: Downtown | Entrepreneurial Support & Coworking Space

The Opportunity• Attract and retain local entrepreneurs and start-

ups

• 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

Source: Deskmag International Coworking Survey


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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 | Housing


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Zone A: Downtown | Hotel

The Opportunity• Retain arts and recreation tourists in North

Adams, for longer

The Market

•

Slight growth in ADR and steady RevPARindicate a stable hotel market

• Seasonal swings in occupancy are still

large

• MASSMoCA expansion, connected to

Downtown investment, will grow demand


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The Opportunity• Preserve architectural resources - an

integral part of North Adams’ identity

The Market

•Tap into grant funding for preservation

• Explore potential for innovative, self-

sufficient reuse

Zone A: Downtown | Church Preservation


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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 anddesirable 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


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Zone A: Downtown | Eagle Street Streetscape


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Zone A: Downtown | Streetscape


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Zone B: Connectivity


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Zone B: Connectivity | Major Connectivity Corridors


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Zone B: Connectivity | MASS MoCA to Downtown Connection


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Zone B: Connectivity | Connective Art Installations & Signage


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Zone C: Heritage State Park


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Zone C: Heritage State Park


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Zone C: Heritage State Park | Architectural Study & Additional Ideas


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Zone C: Heritage State Park | The Junction


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Zone C: Heritage State Park | The Junction


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Zone D: Rte 2 Corridor


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Zone D: Rte 2 Corridor | Sky Gardens


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Zone D: Rte 2 Corridor | Sky Gardens


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Zone E: Natural Resources and Recreation


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Zone E: Natural Resources and Recreation | Hoosic River Access


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Zone E: Natural Resources and Recreation | Mt. Greylock Access


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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


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The Vision




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HIGH FEASIBILITY SHORT TERM

Initiatives prioritized by feasibility & impact…

L O W I M

P A C T

H I G

H I MP A C T

LOW FEASIBILITYLONG TERM

1A

1B1C

1E

1H1I

2A

2B

2C

1F

3C

4A

1G

3A

4D

3D

3E

4E

4F5A

4G

5E

5D

5C6A

5H 5F

5B

4I

4H

7C 7B

7A

6B

7E

8C

8B 8A

7D

9D

9C

9B

9A

5G

3B

4B

4C

1D


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…and sequenced to build toward Vision


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Phase 1 Priority Initiatives

• Design:• MASS MoCA/Downtown pedestrian connections• Downtown/MCLA bicycle path

• Implement bicycle path connections to Williamstown & toAdams

• Directional signage• Connective art installations

Connect MASS MoCA,MCLA & Downtown

Connect to broader assets

• Heritage State Park• Coworking space• Downtown housing• Outdoor supply retailer• Healthcare support services

Embrace current investmentopportunities

• Downtown CommonsPlan for big moves


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Phase 2 Initiatives

• Main St & Eagle St improvements• High visibility signageStrengthen the core

• Expanded hotel offerings• New recreation/waterplay area

Leverage evolving market

Build critical mass ofactivities

• Downtown CommonsImplement big moves


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Phase 3 Initiatives

• Sky gardens• Pedestrian improvements

Improve North AdamsEntry

• The Junction• Additional bike paths

Connect new anchors

Extend the network

• Mohawk Theatre revitalization• Downtown carousel/amphitheater• Market building• Memorial Park

Pursue additional anchors& attractions

• Church preservation & reuse

• River chute cycling


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Phase I Funding Required From Multiple Sources

Privateinvestments

Public fundingPhilanthropicopportunities


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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


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Grants and Gifts: ~ $3.7 M to $4.4M +

Capital Projects Estimated Costs Potential Sources

Public Funds

Downtown Commons~ $0.1M - $0.3M Planning costs

(for ~$3.5M construction project)• State Transportation Bonds –

Chapter 90 funds

• MassWorks Infrastructure

Program• I-Cubed: the Infrastructure

Investment Incentive Program

MASSMoCA/DT Connections

MCLA/DT Connections

~ $0.1M - $0.3M Planning costs

(construction costs TBD)

Ashuwillticook Bike Paths ~ $3.1 M

Signage ~ $0.1M - $0.4 M

Philanthropic Opportunities

Connective Art Installations TBD • Donation/commission of work


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Next Steps, Following Funding

Physical Connections

Connective art installationsDevelop curatorial strategy

Determine capital & operating budget

Priority connectionsDesign links from Downtown to MASS MoCA & MCLA

Move Ashuwillticook paths forward

Directional signage Develop signage strategy

Economic Investment

Coworking space & entrepreneurial

supportPrepare business plan

Downtown housing Reach out to local developers

Outdoor supply retailer Prepare prospectus

Planning

Downtown CommonsTalk to landowners

Develop prelim programming & operations strategy

Heritage State Park & JunctionIdentify equity investor

Identify operator

Healthcare support & expansion

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


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The Vision


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The Vision



Provide links to connect assets; Strengthen Downtown’s draw through


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Provide links to connect assets; Strengthen Downtown s draw through

economic anchors and physical enhancements

Designing Connections


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Designing Connections

Connecting MASSMoCA to Downtown

PARK

FOOTBRIDGE

CONNECTION

Designing Route 2 Improvements


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Designing Route 2 Improvements

Improving North Adams Entry

Planning Directional Signage


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Planning Directional Signage

Connecting to Broader Assets

Heritage State Park: Launched Greylock Market


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Heritage State Park: Launched Greylock Market

Embracing Current Investment Opportunities

Center for Entrepreneurship planning


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Center for Entrepreneurship planning

Embracing Current Investment Opportunities

The Junction: Planning for Unified History & Train Museum


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The Junction: Planning for Unified History & Train Museum

Connecting New Anchors

Th Vi i


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The Vision


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