Market Opportunity Analysis
Western Avenue Corridor Development Feasibility Assessment
The City of Boston rewrote zoning and policy regulations for development along the Western Avenue corridor in the Allston neighborhood, a corridor that features unique characteristics, mixing recent development, an engaged community, historic properties, and an expanding Harvard University campus.
Client
Boston Planning & Development Agency (BPDA)
Service
Market Opportunity Analysis
Development Pro Forma Analysis
Location
Allston Neighborhood of Boston, Massachusetts
Boston Planning & Development Agency retained JS&A to guide rezoning efforts for future plans and to educate and inform the agency and stakeholders of market conditions and development feasibility.
Project Scope
Real Estate Market Analysis
Development Pro Forma Analysis
Development Scenario Modeling
Policy Implication Assessment
Policy Recommendations
Stakeholder Engagement
JS&A conducted a corridor-wide real estate assessment of local market conditions. This assessment provided understanding of local and regional real estate market conditions and viable product types including residential, commercial, life science, and research and development uses.
JS&A developed a feasibility model to test the financial feasibility of development under multiple rezoning scenarios. This model assessed the implications of development under existing zoning conditions, potential rezoning polices, and various bonuses aligned with community priorities such as affordable housing and public space allocation. JS&A trained BPDA staff on how to use the financial feasibility model as a tool for the department.
JS&A leveraged the development financial feasibility model to prepare financially viable development scenarios that fulfill local planning and community goals. JS&A engaged with local community stakeholders and developers to convey implications of various development scenarios for the corridor moving forward.