In a unique undertaking, NAIOP and the Center for Urban and Regional Policy at Northeastern University (CURP) collaborated to investigate new approaches municipal officials and state agencies can employ to help attract new development to inner city communities. This research benefited from financial and technical support from NSTAR, the Pioneer Valley Planning Commission, and the Merrimack Valley Planning Commission.
The research focused on sites identified by officials in Boston, Chelsea, Holyoke, Lawrence, and New Bedford, and on six key industrial sectors, all identified as strategic by the state government: health care/life sciences; biotechnology; information technology; financial services; traditional manufacturing, and travel and tourism. More than 50 business leaders and commercial real estate professionals were interviewed in order to determine the factors most important in location decisions.
The report identifies the key “deal breakers” that act as barriers to urban development and identifies potential public and private sector strategies aimed specifically at overcoming these obstacles to inner city corporate investment. In addition, the report also provides insght on the "deal makers" - those factors that help reduce or alleviate many of the barriers firms face when they consider locating in older urban cities.
Based on our research, it's clear that barriers exist, but they can be overcome if city leaders take a proactive, aggressive stance to meeting the complex needs of firms looking to start up operations, relocate, or add new facilities. Working together, city officials, state development agency personnel, private developers, and economic development experts can help transform older cities into attractive sites for business investment.
To download the Executive Summary of "The Rebirth of Older Industrial Cities: Exciting Opportunities for Private Sector Investment," click here.
To download the full report, "The Rebirth of Older Industrial Cities: Exciting Opportunities for Private Sector Investment," click here.
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