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MassDevelopment: Feasibility and Development Strategy
Brockton, MA

 Project Description:

Working on behalf of MassDevelopment, RND prepared a feasibility and development strategy report for the redevelopment of an underutilized site in Downtown Brockton.  RND collaborated with MassDevelopment, City of Brockton, the Brockton Redevelopment Authority, and a private developer to produce a strategy to acquire a 1.7-acre site and develop a mixed-use project that includes a vertical farm, garage, affordable housing units, and commercial space. As part of the report, RND analyzed the financial feasibility of the project. Our team of financial analysts prepared Sources and Uses Budgets, 10-year Operating Proformas, and Discounted Cash Flow Analysis for each component of this $100M+ development. Our team analyzed each component under various scenarios and evaluated key metrics including yearly cash flow, projected Internal Return Rates, Debt Service Coverage Ratios, and Return on Costs to determine the financial feasibility of the project.


In addition, RND prepared a market analysis to assess the current land and property values of each parcel on the site. RND developed a highest and best use evaluation of the site and examined the market rents for each component of the project. RND also evaluated the market rents for both ground leases and air rights leases that are required to make this development feasible.
 

RND examined the existing conditions of the site and prepared an acquisition and relocation cost and strategy to assemble the land for redevelopment. The site analysis included environmental conditions, existing and required utilities, design alternatives, zoning/legal requirements, and accessibility impacts. The findings and recommendation from the study was integral to the Brockton Redevelopment Authority and the developer moving forward with the project.

 

Project Role:

Advisory and Real Estate Services

Procurement Advisory

Professional Services:

  • Development Modeling (Sources & Uses Budgets, Yield Metrics, DSCR, IRR, Operational Cash Flows)

  • Alternatives Analysis

  • Proforma and Finance Strategies

  • Public and Private Development Strategies

  • Site Analysis

  • Acquisition Strategy & Market Analysis

Construction Costs: $110 M

Date of Service: September 2021-January 2022

Completion Date: 2024 

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