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BRIDGE STREET NECK PUBLIC MEETING PRESENTATION - MAY 5, 2009Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Bridge Street Neck Neighborhood Presented by: The Cecil Group GLC Development Resources Peter Smith Associates May 5, 2009 Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Planning and Focus Areas Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Planning Area Characteristics Peninsula setting Primary transportation corridor between downtown Salem and Beverly Planned reconstruction of Bridge Street By-pass road and commuter rail Dense building and street patterns Residential neighborhood Commercial business corridor Commuter rail station Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Land Use Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Land Use Characteristics Primary use -multi-family residential Concentration of business uses are located along Bridge Street Industrial use located on north east coast Two bicycle path segments and three designated parks Industrial zoning district located in southwest area recently developed into a residential complex Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Parcel Size Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Parcel Size Characteristics Majority of parcels are less than 0.5 acres Largest parcels are located on the edges of the Planning Area Parcel size reflective of historical urban environment Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Dominant Parcel Ownership Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Parcel Ownership Characteristics Largest property owners are the utility companies City, State and MBTA second largest property owners Individual property owners comprise the majority of area Diverse ownership limits risk of significant developer activity Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Historic Districts Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Historic District Characteristics Two National Historic Districts Bridge Street District Salem Common District Thomas March Woodbridge House is on the National Register of Historic Buildings No Local Historic Districts Predominant architectural styles: Federal Period Greek Revival Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Zoning Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Zoning Characteristics Nine different zoning districts Residential Two Family is the largest zoning district Business districts concentrated along the east side of Bridge Street Three of five business districts do not allow residential use Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Design and Planning Opportunities Bridge Street roadway and streetscape improvements underway New park at the end of Bridge Street underway Commercial Design Guidelines apply to properties on Bridge Street Potential to expand mixed use areas Potential to condense business districts along Bridge Street to “squares” or “villages” Creates destination and sense of place Strengthens existing businesses Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Economic Assessment Demographic trends Commercial properties Housing market and conditions Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Population Trends Bridge Street Neck focus Population is younger than rest of Salem 10% more 1 and 2 person households than rest of Salem Higher level of educational attainment Neighborhood “discovered” in the 1990s •As of 2000, 30% of population moved into their homes between 1995 and 1998 •Salem Station Project will increase these numbers in the 2010 Census Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Household Income Trends Salem’s median household income $44,000 in 2000 $58,000 in 2008 (projected) $72,863 in 2013 (projected) 4% Income Growth Rate Salem’s income levels are 10% less than county and state levels 1990-2000 -Bridge Street Neck income grew at higher rate than rest of Salem Income mix consistent with rest of Salem Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Commercial Properties Traditional New England auto-oriented neighborhood retail district –3 Zones Southern Zone –closest to Downtown, some mixed use buildings (retail with upper floor residential) Middle Zone –mix of industrial and auto uses along the eastern side North Zone –modern auto-oriented retail, some industrial on the eastern side Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Commercial Inventory Building by building visual survey performed Approximately 155,000 SF of 1st Floor commercial uses. Median space is approximately 3,900 sf Foreclosed commercial space estimated at 11,000 sf or 7% Adjacent to Downtown Salem, which has a large retail district Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Downtown Salem Market Study (2007) Defines the trade area as Salem and parts of Danvers, Swampscott, Beverly, Marblehead and Peabody $2.3 billion on non-shelter and transportation costs $323 M : groceries $264 M : eating out $197 M : clothing and accessories 822,000 sf of retail in Downtown Salem 8% vacancy rate in retail Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Bridge Neck Market Share 5, 10, and 15 minute drive time area Areas centered at intersection of Webb and Andrew Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Bridge Neck Market Share 5 minute drive time area Areas centered at intersection of Webb and Andrew Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Next Steps Use “Capture Model” to examine major questions: Market share for Bridge Neck? Not enough or too much retail? Is there a balance between commercial and residential uses? Competition from regional malls? Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Housing Needs Assessment Summary market information Current conditions and solutions Solutions for homeowners Salem resources Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Residential Market Trends Bridge Street Neck represents 13% or 2,300 of Salem’s 19,000 homes Vacancy rates Bridge Street Neck -7% City of Salem -4% Bridge Street Neck ownership to rental ratio is 52%/48% (consistent with rest of Salem) Rents for new properties (Salem Station) are consistent with the rest of Salem Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Summary of Market Sales Median sales •2009 prices All Sales compared to 2005: down 20.7% •2009 condo prices compared to 2005: down 8.6% •2009 1-family prices compared to 2005: down 26.8% Year Months 1-Family Condo All Sales 2009 Jan-Mar $262,550 $251,250 $253,750 2008 Jan-Dec $295,000 $240,000 $269,500 2007 Jan-Dec $315,500 $250,000 $294,500 2006 Jan-Dec $325,000 $269,900 $318,250 2005 Jan-Dec $358,450 $275,000 $320,000 2004 Jan-Dec $325,000 $265,000 $305,000 Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Housing Needs and Conditions Foreclosures in the Bridge Street Neck area across property type (2007-March 2009) •15 were initial petitions to foreclosure auctions –for this same period of time, there were 182 reported foreclosures for the City of Salem Total Foreclosures Single Family Condos Two Family Three Family Four Family and up Mixed Use Other 20 8 2 6 2 0 1 1 Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Solutions For Homeowners Foreclosure Prevention Counseling and foreclosure prevention workshops Refinance Loans MassHousing Programs: •MyCommunity Refinance Loans •Home Saver Loan Programs Mortgage Relief Federal Reserve Bank of Boston Short Sales Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Salem Resources Summary of Salem housing funding proposed 2010: Housing Rehabilitation Loan Program (CDBG)$91,000 -Remaining funds from FY09 $235,000 First Time Homebuyer Loan Program $50,000 -Remaining funds from FY09 Rental Assistance Program $99,000 Community Support Services (CDBG)$48,750 -For homeless prevention, homebuyer training Approximate Grand Total $525,000 Eligibility for Federal Mortgage Relief programs Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Putting It All Together Never a better time to buy Market attractions: •10 minutes to train, Pickering Wharf •Water Views, walk-ability •Historic character Private/public partnership to promote homeownership Special lending programs Down payment assistance Support market: best value approach Energy grants, weatherization Citizen’s Housing and Planning (CHAPA) Cautions: investors take over Bridge Street Neck Neighborhood Revitalization The Cecil Group -GLC Development Resources -Peter Smith Associates Group Discussions