FXM In The News
FXM Associates served as prime consultant for the Marlborough Economic Development Strategy: Building for the New Economy, prepared for the Marlborough Economic Development Corporation (2011). This project received a 2011 Best Planning Project Award from the Massachusetts Chapter of the American Planning Association (APA). Click for Marlborough project details.
Frank Mahady, FXM Principal, presented the firm’s innovative Newport Harbor Economic Study at the 2011 annual international conference of the Waterfront Center in New York City, and at the 2011 annual conference of the American Planning Association of Southern New England in Providence, RI. This study is the first of its kind to assess the direct and indirect contributions of waterfront land uses to municipal revenues, and has led the City of Newport to initiate special zoning provisions to help retain endangered water-dependent uses that are contributing more economic and fiscal benefits on a per acre of land utilized basis than all other commercial and residential waterfront uses. Click for Newport project details.
Following its 2010 market and economic impact assessment work to help identify the best Massachusetts port to serve offshore wind energy development, FXM assisted the state’s Secretary of Administration & Finance in developing an innovative and comprehensive method to assess both direct and indirect effects on state revenues of the proposed new South Terminal Port facility in New Bedford. Based on this work as well as FXM’s marketing and business plan documenting that the port can serve a variety of container, bulk and break bulk cargoes as well as offshore wind energy projects development, the Commonwealth of Massachusetts is investing over $35 million in this important economic development project. “Patrick Administration budgets $35M for staging terminal,” Standard-Times, March 1, 2012.
FXM recently completed (2012) downtown revitalization studies in Chicopee, MA, Norwich, CT, and West Warwick, RI. In each instance, FXM applied its innovative Housing Demand Model which accounts for projected growth by age and income cohorts of households within the local market area who are likely to move over the next five years, as well their propensity to own or rent. This method captures the full dynamic of a local housing market and goes beyond traditional real estate market studies which typically account only for net new growth in households and trends in new supply. FXM used this model on recent assignments for private developer clients, who state that it has helped them obtain financing and achieve target absorption and pricing. On the commercial demand side, FXM has expanded traditional Retail Opportunity/Gap Analyses to include a proven strategy to attract new retail shops and restaurants – following FXM recommendations the City of New Bedford, for example, was able to add more than 30 new retail shops and restaurants to its downtown during the recent recession.
FXM recently completed a study for a private developer assessing demand for new commercial growth and trade-offs in net fiscal revenues between allowed residential development and proposed commercial zoning on a major site in Hingham, MA. The client’s proposed zoning change was adopted at Town Meeting (May 2012) where the Town’s Advisory (Finance) Committee specifically cited FXM’s report in recommending implementation of the zoning article.
FXM was recently selected (May 2012) by The Pawtucket Foundation to prepare an assessment of market-driven opportunities for residential and commercial development within the Downtown/Riverfront Area of Pawtucket and Central Falls, RI. This study will address realistic market opportunities and constraints in advance of a broader visioning strategy for the riverfront area to be undertaken by the cities of Pawtucket and Central Falls. Also in May, 2012, FXM was selected by the Cape Cod Regional Transit Authority (as part of a team led by AECOM) to assess Transit Oriented Development (TOD) opportunities on a major site adjacent to Downtown Hyannis, Barnstable, MA. The site has been considered significantly underutilized for many years, and has the support of the Cape Cod Commission’s Growth Incentive Zone designation to permit higher density development in furthering regional economic development goals.
FXM served as lead economist on the South Coast Rail Economic Development & Land Use Corridor Plan. This project received the Massachusetts Chapter of the American Planning Association Best Comprehensive Planning Project Award (2009) and the Congress of New Urbanism’s National Best Project Award (2010). FXM developed an innovative Revenue Model to show the extent to which residential and commercial real estate development within Transit Oriented Development (TOD) districts and new long term employment statewide leveraged by commuter rail might be used to help finance project costs, including real estate value capture and new state sales and income taxes from productivity gains attributable to the proposed commuter rail service.