Impact of commercial development on inner city revitalization : an analysis of projects in Boston
Thesis (M.C.P. and S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2001.
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| Other Authors: | |
| Format: | Thesis |
| Language: | eng |
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Massachusetts Institute of Technology
2006
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| Online Access: | http://hdl.handle.net/1721.1/32220 |
| _version_ | 1826207443976192000 |
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| author | Martínez Hernández, Manuel, 1967- |
| author2 | Karl Seidman. |
| author_facet | Karl Seidman. Martínez Hernández, Manuel, 1967- |
| author_sort | Martínez Hernández, Manuel, 1967- |
| collection | MIT |
| description | Thesis (M.C.P. and S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2001. |
| first_indexed | 2024-09-23T13:49:45Z |
| format | Thesis |
| id | mit-1721.1/32220 |
| institution | Massachusetts Institute of Technology |
| language | eng |
| last_indexed | 2024-09-23T13:49:45Z |
| publishDate | 2006 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/322202019-04-10T21:23:49Z Impact of commercial development on inner city revitalization : an analysis of projects in Boston Martínez Hernández, Manuel, 1967- Karl Seidman. Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. Urban Studies and Planning. Thesis (M.C.P. and S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2001. Includes bibliographical references (leaves 130-131). During the last two decades community development corporations (CDCs) have expanded their inner city revitalization efforts from affordable housing to other activities such as commercial real estate development. In the City of Boston alone, CDCs have developed several commercial projects totaling over 406,000 square feet of space. Although the scale and costs of these projects were different, they have something in common: significant public subsidy to fill the gap between the cost of the project and the value after completion. CDCs justify the public subsidy with the argument that commercial projects revitalize distressed neighborhoods, creating jobs for local residents, improving the physical appearance and business climate of the neighborhoods, increasing the variety of products available to residents, and creating local wealth. However, must of the evidence about the impact of commercial development on revitalization is anecdotal. Without a full understanding of how commercial real estate impact local communities, it is difficult to justify these public investments. This thesis proposes a framework to assess the impact of commercial development on inner city revitalization using five impact indicators, these are 1) job and income creation, 2) fiscal impact, 3) leverage of private capital, 4) physical improvement and overall revitalization, and 5) impact on capacity building. This framework is utilized to analyze the impact of two CDC-sponsored commercial projects in Boston. These projects are the JP Center in Hyde/Jackson Square and Egleston Center in Egleston Square. This thesis demonstrates that the public benefits generated by both projects out weighted the public investment. It proves that job creation and physical improvement are the most significant impact on revitalization. The thesis examines the two case studies through the tension between local constituents and CDCs when developing commercial projects. That is, commercial projects require strong credit-worthy tenants-typically national tenants-to make the project financially viable. Without such tenants these projects will not leverage private financing, which in turn will further increase the subsidy required. However, attempts to bring national tenants to CDC-sponsored commercial projects are seen as threatening to existing businesses and perceived as not contributing to local wealth creation. As a result, CDC-sponsored projects face local opposition that counters the revitalization of the neighborhood. This thesis asserts that CDCs can attract national tenants to anchor their commercial projects and strengthen local businesses simultaneously. The thesis proposes alternative models to achieve both goals and spur the revitalization of inner city commercial districts. by Manuel Martínez Hernández. M.C.P.and S.M. 2006-03-29T18:25:14Z 2006-03-29T18:25:14Z 2001 2001 Thesis http://hdl.handle.net/1721.1/32220 50336644 eng M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 146 leaves 14518649 bytes 14535292 bytes application/pdf application/pdf application/pdf Massachusetts Institute of Technology |
| spellingShingle | Urban Studies and Planning. Martínez Hernández, Manuel, 1967- Impact of commercial development on inner city revitalization : an analysis of projects in Boston |
| title | Impact of commercial development on inner city revitalization : an analysis of projects in Boston |
| title_full | Impact of commercial development on inner city revitalization : an analysis of projects in Boston |
| title_fullStr | Impact of commercial development on inner city revitalization : an analysis of projects in Boston |
| title_full_unstemmed | Impact of commercial development on inner city revitalization : an analysis of projects in Boston |
| title_short | Impact of commercial development on inner city revitalization : an analysis of projects in Boston |
| title_sort | impact of commercial development on inner city revitalization an analysis of projects in boston |
| topic | Urban Studies and Planning. |
| url | http://hdl.handle.net/1721.1/32220 |
| work_keys_str_mv | AT martinezhernandezmanuel1967 impactofcommercialdevelopmentoninnercityrevitalizationananalysisofprojectsinboston |