New Bedford 2020 - VHB.com

A City Master Plan New Bedford 2020From Strategy to ResultsThe results of the ongoing strategic efforts of the City have been considerable and have resulted in increasedgrowth and will continue to positively impact the commercial tax base in years to come. NBEDC has conductedan analysis of 47 development projects that have been completed or have begun the development cycle since2006. The results of strategic efforts and these development projects (between 2006 and 2009) aresummarized below.> Private Investment: $340 million> Public Investment: $57 million> Tax Revenue Increase for FY09: $557,347> Jobs Created: 1,321> Construction Jobs: 1,659> Jobs Retained: 818Sources: New Bedford Economic Development Council; City of New Bedford’s Assessor’s Office.While a complete accounting of recently completed, ongoing, and pending economic development projects arereflected in Figure 5.4, provided at the end of this chapter, several examples that have led to new growth andjob creation include:> Konarka Technologies: A $4 million investment by a world leader in solar energy innovation that willcreate more than 100 new jobs in 10 years and will likely create as many as 500–1,000 new jobs in thefuture.>>>>>>>>Symmetry Medical: The $45 million acquisition and expansion of a major medical device manufacturerresulted in the retention of 220 jobs and the creation of 30 new jobs with the potential of an additional 100new research and development (R&D) jobs for 2011.Commercial Fishing: The #1 fishing port in terms of value of catch for the last seven years with60,000,000 tons offloaded annually representing $281.5 million in product and a $1 billion economicimpact. 500 vessels are in Port (300 home port and 200 transient) and the expansion of Mar-Lees Seafoodand Atlantic Red Crab represent more than 200 new jobs.Commercial Bank Expansion: Three new branch banks have been constructed in the North End in 2010with a combined value $3.2 million. A fourth bank is planned for the far North End in 2011.The Lofts at Wamsutta Place: A $36 million historic mill restoration that created 130 construction jobsincludes 200 loft style residences, an antique collaborative, and glass museum.$80 million in new downtown investment: From 2000–2006, more than 500,000 square feet ofcommercial space (one-third of the total 1.5 million of inventory) was renovated for business, residential, orinstitutional use representing a total value of $55 million. Since 2007, an additional $45 million inrenovation and new construction projects are underway or in pre-construction.Riverside Landing: A $34.5 million mixed-use commercial development site within the Hicks-Logan-Sawyer Growth District that is currently under construction and anchored by a 90,000 square feet. MarketBasket with all transportation infrastructure upgrades complete. Market Basket creates 600 of the 800new jobs estimated for this development.40 new or expanded establishments since 2007: Including development of 14 eating and drinking places,eight apparel shops, five art galleries, six art studio/education places, three health and beauty shops, twocultural/educational institutions, a gift shop, and a waterfront hotel (described further below).Waterfront hotel: A $10 million, 106-room Fairfield Inn & Suites by Marriott with full water views is thefirst new hotel constructed in New Bedford in more than 40 years and includes the preservation of thehistoric Baker Robison Whale Oil Refinery for use as a function and meeting space.Jobs and Business5-6