The Urban Land Institute is spending all day Monday, June 22, in Hamilton undertaking an analysis of the potential financial impacts of several different development scenarios.
The nonprofit research and education organization will look at three possible scenarios – what might occur in the downtown with no changes under current zoning; the economic consequences if mixed use commercial and residential uses were allowed and the costs-benefits if mixed uses and a consolidated sewer system were built to serve the downtown commercial district.
The results of the group’s work will be presented on Monday night, June 22, at Hamilton-Wenham Library starting at 7:30 p.m. where it will present an analysis of the financial and economic impacts of three potential growth scenarios within the Hamilton-Wenham Commercial District, which will include initial findings and recommendations.
Monday night’s event is open to the public and residents of Hamilton and Wenham are encouraged to attend. The findings, along with public feedback, will be used to help guide the future of Hamilton and Wenham’s commercial district.
The Urban Land Institute (ULI) work is being coordinated by the Hamilton Development Corporation (HDC), which hired the organization, and Monday night’s meeting is being hosted by the Hamilton Board of Selectmen. ULI generally work toward the responsible use of land and helps create and sustain thriving communities worldwide. It has undertaken similar projects in other Massachusetts communities, including Acton, Barnstable, Dedham and Marlborough, among others.
Specifically, the work is known as a Technical Assistance Panel (TAP), which consists of a group of six to 12 ULI member real estate professionals who will bring their expertise into Hamilton through a one-day, low cost consultation service. Panel member expertise includes developers and owners, investors, designers, engineers, architects, and executives from some of Boston’s largest banks and commercial real estate firms.
Monday’s project will include meeting with Hamilton merchants, building owners, local officials, real estate professionals and land use officials to help understand local needs and concerns, analyze land use zoning and economic issues.
Since 1840 when the “Wenham and Hamilton Depot” train station was built, the types of businesses and commerce that occupied the Depot Square area have changed and grown. The latest project is designed to take a look at what kind of growth might occur, the tax revenue it could generate, and the potential costs and benefits under each of the three options.