Evaluated the economic impacts of construction, the projected generation of net new state sales tax revenues, and development project feasibility as a package of services conducted on behalf of the Commonwealth related to a $16M development funding request from the “I-Cubed” program made by Samuels and Associates. The MXD in the Fenway neighborhood of Boston will be comprised of 853,000 SF of new development, including 235,000 SF of office space, 184,000 SF of anchor retail space, 149,000 SF of residential space, 33,000 SF of retail/restaurant space and a 436-space parking garage. Team members analyzed the proposed cost of parking garage improvements to determine if the requested I-Cubed funding was reasonable. A “but-for” analysis using project IRR was also conducted to determine the need for the requested state funding support. Likewise, testing was performed to determine if the amount of projected “net new” sales versus “displaced sales” from existing area businesses also were reasonable enough to support the requested $16M of state funding.
