City of Springfield State Street Supermarket Project City of - - PowerPoint PPT Presentation

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Nov 08, 2022 17 likes •179 views

City of Springfield State Street Supermarket Project City of Springfield - DevelopSpringfield Springfield Profile Population: 153,060 4 th largest city in New England 90 minutes from Boston Geographic center of Knowledge

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City of Springfield - DevelopSpringfield

City of Springfield

State Street Supermarket Project

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City of Springfield - DevelopSpringfield

Springfield Profile

Population: 153,060
4th largest city in New England
90 minutes from Boston
Geographic center of

Knowledge Corridor

20 universities within 15 miles
Birthplace of Basketball, Dr.

Seuss, National Armory

Major employers: Big Y,

MassMutual Financial, TD Bank, Baystate Health, Smith & Wesson, Liberty Mutual, Peter Pan Bus Lines, Merriam- Webster

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City of Springfield - DevelopSpringfield

State Street

3.2 mile long, east-west

thoroughfare

Touches 7 city neighborhoods

representing 44,000 residents

Traffic counts ranging from

12,450 to 29,300 per day

Institutional anchors:

Springfield Museums, Community Music School, MassMutual Center, Armory Historic Site, STCC, American International College

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City of Springfield - DevelopSpringfield

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City of Springfield - DevelopSpringfield

State Street Alliance

Began in 2007 Building off of $16 million

public investment, complete road reconstruction

Over 60 Business, non-

profit, neighborhood, and government organizations

Funded the State Street

Corridor Program (July, 2008)

Identified 6 target

redevelopment projects including the

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City of Springfield - DevelopSpringfield

Neighborhood effort

Mason Square Food Justice

Group – Community based, faith based, neighborhood councils

Partnered with Baystate Health

and neighborhoods, Food Bank of Western Mass

Fresh Food Farmers Market
Presented a petition signed by

600 residents seeking a full line supermarket

Established a transport shuttle

from three points in the neighborhood to area full line supermarkets

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City of Springfield - DevelopSpringfield

Endorsed Supermarket Site

Endorsed by the State Street Alliance
Highest State Street Traffic Counts
7-8 Acres
Existing businesses – Burger King, Car Wash, Dental Clinic, residential
Parking lot for STCC – 3 acres/40% of lot

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City of Springfield - DevelopSpringfield

Market: Demographics

11,000 households within one

mile

Avg Hshld Income: $31,600

28,600 households within a 5-

minute drive

Avg Hshld Income: $37,200
Over 50,000 households within

a 7-minute drive (Trade Area)

Avg Hshld Income: $46,400

Radius Population Households Average Household Income 0-1 Mile 30,900 11,800 $31,600 0-3 Miles 139,200 53,100 $46,400 0-5 Miles 246,000 96,100 $55,200 Drive Time Population Households Average Household Income 5 Min 77,400 28,600 $37,200 7 Min 135,500 51,200 $46,400 10 Min 227,600 88,800 $53,800

Source: Claritas, Inc.

Demographics 2011 (Except Income 2010)

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City of Springfield - DevelopSpringfield

Market: Neighboring Uses

29,300 average daily traffic at Oak

St and State Street intersection

STCC across street – 6,300

students (2,700 full-time), 450 employees

STCC Technology Park across

street – 900 employees including Liberty Mutual 300 employee office

Adjacent High School – 1,380

students

Downtown within a mile – 8,000

employees

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City of Springfield - DevelopSpringfield

Supermarket Supply

7-Minute Drive Time

25,000 sf food store (NSA) within a mile, otherwise competition 7-minute+ drive

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City of Springfield - DevelopSpringfield

Development Program

55,000 square foot supermarket-anchored

shopping center

Relocate STCC parking to campus in

exchange for 3 acres of land

Acquire other private property within block

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City of Springfield - DevelopSpringfield

Preliminary Concept Plan A

(excludes Burger King site)

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City of Springfield - DevelopSpringfield

Preliminary Feasibility - A

Sq Ft NNN Rent Supermarket 55,000 $15.00 $825,000 In-Line 19,000 $23.00 $437,000 Small Anchor 15,000 $18.00 $270,000 Office 31,000 $16.00 $496,000 Gross Revenue $2,028,000 Less: Vacancy 5% ($101,400) Net Operating Income $1,926,600 Supportable Development Cost @ 8.5% $22,665,900 Development Cost /1 $17,380,000 Property Acquisition/Relocation Costs (No Burger King Land) $6,319,925 Parking Replacement Cost $5,400,000 Demolition Cost $7.00 $406,000 Total Cost $29,505,925 Gap ($6,800,000)

Preliminary Economics

1. Assume $114 development cost and $20 tenant improvement budget for

supermarket and $40 for other retail and office.

Concept A: No Burget King Land

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City of Springfield - DevelopSpringfield

Preliminary Concept Plan B

(includes Burger King site)

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City of Springfield - DevelopSpringfield

Preliminary Feasibility – B

Sq Ft NNN Rent Supermarket 55,000 $15.00 $825,000 In-Line 35,000 $23.00 $805,000 Small Anchor 20,000 $18.00 $360,000 Office $15.00 $0 Gross Revenue $1,990,000 Less: Vacancy 5% ($99,500) Net Operating Income $1,890,500 Supportable Development Cost @ 8.5% $22,241,200 Development Cost /1 $15,840,000 Property Acquisition/Relocation Costs (Incl. Burger King Land) $7,268,470 Parking Replacement Cost $5,400,000 Demolition Cost $7.00 $431,200 Total Cost $28,939,670 Gap ($6,700,000)

Preliminary Economics

1. Assume $114 development cost and $20 tenant improvement budget for supermarket

and $40 for other retail and office.

Concept B: Including Burger King Land

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City of Springfield - DevelopSpringfield

Questions & Comments

Nick Fyntrilakis MassMutual Financial DevelopSpringfield nfyntrilakis@MassMutual.com Brian Connors City of Springfield 413.787.6664 bconnors@springfieldcityhall.com