Linden Square Revitalization Real Estate Analysis
RKG was retained to perform financial analysis for a proposed commercial center in a struggling section of downtown Wellesley, MA, a well-established community west of Boston. The owner of an older, approximately 225,000 SF neighborhood shopping center with a high rate of vacancy was interested in redeveloping the property. The proposed project would expand the site to 280,000 SF of active retail, including a grocery store with substantial streetscape and roadway improvements. The proposal would require a zoning change, and some questions arose concerning the project's resulting tax and job benefits when compared with increased municipal costs.
RKG reviewed sales and assessment data of comparable properties throughout the Town, and worked with Town Assessors and other officials to establish the proposal's likely assessment values and associated municipal costs over a ten year period. Net property tax impacts, employment opportunities and possible impacts on adjacent properties were analyzed and reported.
RKG met with Town officials to present the findings of the analysis and to further discuss impacts. The economic and fiscal impact analysis was accepted by the Town and approvals and zoning put in place, and the project, reconfigured to 222,000 SF, was completed.