Post Office Square Progress Meeting

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Post Office SquareProgress Meeting

• September 25, 2008

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Outline of Presentation

• Land Strategies Who we are
• Role and Responsibilities
• Task I Existing Conditions and Trends
• Task II Economic Assessment and Analysis
• Connery Associates
• Initial Findings

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Study Area
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(No Transcript)
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Task 1

• Analysis of Prior Studies
• The Work Book Implementing a Vision/Goal for
  Post Office Square June, 1996
• Post Office Square Design Guidelines 1996
• Long Range Planning Task Force Final Report
  2002
• Community Development Plan June 2004
• Analysis of Traffic Capacity and Performance,
  Parking, Crash Rates, Pedestrian Bicycle
  Facilities, Streetscape Elements
• Analysis of Ownership and Land-use

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Existing Conditions Land Use
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Existing Conditions - Ownership
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Existing Conditions - Ownership
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Existing Conditions - Parking
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Existing Conditions Town of Sharon
Owned/Managed Parking
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144 Spaces
93 Spaces 65
88 Spaces 61
86 Spaces 60
86 Spaces 60
85 Spaces 59
82 Spaces 57
81 Spaces 56
76 Spaces 53
72 Spaces 50
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49 Spaces
28 Spaces 57
26 Spaces 53
25 Spaces 51
24 Spaces 49
22 Spaces 45
22 Spaces 45
21 Spaces 43
19 Spaces 39
8 Spaces 16
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40
39
38
38
35
36
34
32
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Streetscape
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Streetscape
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Curbcuts
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Site Circulation

• The Town Center presents a long circulation
  triangle
• While an impromptu middle road exists, it is a
  movement over private property.
• Roadway and parking improvements at this location
  could create a safe and effective circulation
  pattern within the Town Center.

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Built Environment
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Task 2

• Existing Economic Conditions
• Analysis of Economic Development Potential
• Demand Trends by Market Segment
• Absorption Rates
• Tax Implications

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Assessed Values Rental Rates

• Assessed Values Lease Rates
• Retail 65-80 sf 10-18 sf
• Office 50-100 sf 8-20 sf
• Residential Assessed Values
• Residential Rents

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Market Position

• Local Business District
• Limited Market Capture
• - Lack of destination retail
• - Business service uses catering to local market
• No major employers

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Development Trends and Absorption

• Limited Development
• Regulatory constraints
• (Zoning, wastewater management)
• Demand trend is for replacement
• Modest improvements on individual sites
• Absorption Rates Location variable

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Tax Revenues

• Post Office Square represents less than 5 of
  commercially zoned land in Town, yet tax revenue
  is 435,000 annually, or 13.5 of Sharons
  commercial/industrial tax revenue
• Square is and will continue to be an important
  revenue stream for Town
• Development and improvements to Square can
  further increase tax revenues, however revenue
  increases will be modest when compared to entire
  Town

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Future Scenarios

• No Change - Periodic building replacement or
  improvements on individual private sites
• Modest Development - Limited development
  occurring on individual private sites
• Moderate Development Slightly more aggressive
  development scenarios occurring on individual
  privates sites
• Extensive development More aggressive build-out
  on private sites
• All development scenarios would be private sector
  initiatives and dependent on current wastewater
  management issues being resolved

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Hypothetical Private Sector Initiatives
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Hypothetical Private Sector Initiatives
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Next Steps

• Finalize Tasks 1 and 2 based on input received
• Task 3 Finalize Plan
• Recommendations (eg. traffic, parking,
  circulation, zoning, enhancement projects,
  wastewater management)
• Decision/Action Matrix
• Timeline
• Project Prioritization
• Funding Sources
• Implementation Strategies