Economic Impact of Quincy Center Redevelopment

The Quincy Center Redevelopment Project is a 2.7 million-square-foot development proposed for Quincy, Massachusetts, which is located approximately 10 miles south of Boston in Norfolk County. The project will support the redevelopment of downtown Quincy into a new high-density district that will capitalize on its existing urban infrastructure, proximity to Boston, and public transportation.

AKRF was retained by the project’s developer, Street-Works, to perform an economic and fiscal impact assessment for the redevelopment project. Our analysis included:

• An econometric evaluation of the benefits from the construction and operation of the project;
• A tax increment assessment of future municipal revenues;
• An assessment of revenues and costs associated with the public investment in the project; and
• A case study of how such downtown projects affect the overall economic base of the larger municipality.

In June 2009, Quincy’s Mayor Thomas Koch held a city hall press conference, presenting conclusions from AKRF’s economic benefits analysis. In attendance were local and regional business officials and representatives from the state Executive Office of Housing and Economic Development. Mayor Koch said: “This study articulates the full impact that New Quincy Center will have, both during construction and at completion. It makes clear that this is an extraordinary opportunity for Quincy, for Norfolk County, and for Massachusetts.” (Source: http://www.newquincycenter.com/newsblog.shtml)

The project reached an important milestone in December 2010 when Quincy City Council voted 8-0 to approve the Land Disposition Agreement governing the $1.3 billion plan for Quincy Center.