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Trader Trains
A Transit-Oriented, Transit-Owned Development for Davis Square, Massachusetts
Submitted to:
Peg Barringer (UEP 271, Urban and Environmental Policy and Planning, Tufts University)
Submitted by: Rayn Riel Nathaniel Mayo Gary Hoffman Zhamilya Tobabekova December 14, 2015
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Table of Contents
I. Executive Summary 4 II. Description of Proposed Program or Project 6 III. Community and Project Concept and Background Issues 14 IV. Ownership Roles and Roles of Other Parties 16 V. Economic Development Connection and Benefits 20 VI. Market Analysis 21 VII. Marketing Plan 25 VIII. Staffing and Management Requirements 26 IX. Operations Analysis 27 X. Budget and Financial Analysis 27 XI. Conclusion and Assessment of Critical Risks and Opportunities 32 Appendix A: Case Studies 34 Appendix B: Davis Square Survey 44 Appendix C: Supermarket Access and Saturation 46 Appendix D
: Trader Joe’s Corporate Office Interview
48 Appendix E: Davis Square Commercial Lease Survey 48 Appendix F: MBTA Funding and Siting Process 49 Appendix G: NAICS Profile of Trader Joe's on Memorial Drive 51 Works Cited 52
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Figures
Figure 1: Logic Model 5 Figure 2: Massachusetts Turnpike Air Rights 6 Figure 3: Davis Square Eastern MBTA Red Line Entrance 6 Figure 4: City of Somerville Zoning Process and Map 8 Figure 5: Site Dimensions 10 Figures 6.1-6.9: SketchUp of Proposed Development 10 Figure 7: MBTA Real Estate Stakeholders 26
Tables
Table 1: Central Business District Zoning Requirements 9 Table 2:
Trader Joe’s Somerville Market Demographics
23 Table 3: Development Budget 28 Table 4: Funding Sources 29 Table 5: Pro Forma at $21 per SF 30 Table 6: Pro Forma at $40 per SF 30 Table 7: Pro Forma at $50 per SF 31
Table 8: Pro Forma at $60 per SF 31