Economic study of two development strategies in Chicopee, MA

The taxable value per acre of Chicopee Center, a denser downtown center comprised of more vertical buildings and small businesses, is $1,918,454 compared to $914,743 taxable value per acre for the sprawling Memorial Drive which is full of big box stores and parking lots. It makes more economic and financial sense to encourage the development of town centers rather than spread out big box stores which require people to drive to them. A strategy to encourage better development would be to tax at a higher rate for corporations to discourage big box store development, and create tax breaks for developments for small business who follow the “downtown center” model of development. It also makes sense for the city government to directly rezone areas of the city in the way of the downtown neighborhood model. Here is the data I used to conduct the study using the acreage of the properties and the Chicopee’s value assessments of the properties     

Memorial Drive (big Y plaza):
650 memorial drive (bj’s): 11.30 acres…… $6,675,300
650B memorial drive (big y): 10.68 acres…… $6,206,100
678 Memorial Drive (stop and shop): 7.44 acres…… $6,228,600
638 memorial drive (bank of america): 0.99 acres…… $963,700
610 Memorial Drive (people’s bank and starbucks): 1.51 acres…… $1,319,700
600 Memorial drive (Hampton inn): 2.48 acres…… $4,802,200
544 Memorial drive (shermin Williams): 0.45 acres…… $480,000
708 memorial drive (safelite auto glass): 0.28 acres…… $273,000
704 Memorial Drive (midas auto service experts): 0.24 acres…… $400,100
650C memorial drive (metro car dealership): 6.37 acres…… $2,998,500

41.74 acres total…… $30,347,200 total…… $727,053 taxable value per acre

Memorial Drive (walmart plaza):
529 memorial drive (friendly’s): 1.21 acres…… $756,300
545 Memorial drive (walmart/ 99 rest): 15.54 acres…… $18,725,000
639 memorial drive (mcdonald’s): 0/70 acres…… $1,137,000
611 memorial drive (everything else except HD): 22.77 acres….. $28,208,600
655 memorial drive (home depot): 12.73 acres…… $8,323,700

52.95 total acres…… $57,150,600 total…… $1,079,331 taxable value per acre

Memorial Drive (aldi area)
505 memorial drive(Aldi): 3.55 acres…… $2,315,800
501 memorial drive (chick-fil-a): 1.32 acres…… $1,147,400
0 memorial drive (chick-fil-a): 0.44 acres…… $102,600
467 memorial drive (denny’s): 0.69 acres…… $672,300
463 memorial drive (quality inn): 2.61 acres…… $2,269,300
451 memorial drive (monro auto): 1.04 acres…… $882,900 

9.65 acres total…… $7,390,300…… $765,834 taxable value per acre

Memorial drive (buffalo wild wings plaza)
530 memorial drive (chipotle): 3.41 acres…… $1,533,400
480 memorial drive (buffalo/petsmart/five guys): 5.13 acres… $3,859,100
456 memorial (office suites): 0.94 acres…… $2,553,500
440 memorial drive (tru motel): 2.23 acres…… $4,739,100
470 memorial drive (Windsor court): 2.88 acres…… $3,304,700
500 memorial drive (residence inn): 3.28 acres…… $9,734,800

 17.87 acres total…… $25,724,600…… $1,439,541 taxable value per acre

Memorial Drive (price rite plaza)
1600 Memorial Drive (price rite plaza):         $5,119,900                  7.75 acres

$660,632 taxable value per acre

Memorial Drive (ocean state job lot plaza)
1445 Memorial Drive (ocean state plaza)      $7,855,100                  10.62 acres

$739,652 taxable value per acre

Memorial Drive (dollar tree plaza)
1956 Memorial Drive (dollar tree buildings)  $2,320,000                  6.07 acres
1976 Memorial Drive (freedom credit)          $404,800                     0.50 acres

                                                                        $2,724,800                  6.57 acres total

$414,733 taxable value per acre

Memorial Drive (planet fitness plaza)
1183 memorial drive (planet fitness plaza)    $1,592,500                  2.55 acres

$624,510 taxable value per acre         


Total Memorial Drive
$136,937,010              149.70 acres                $914,743 taxable value per acre


Chicopee Center
10 center st (starzyk building):                                  $734,200         0.23 acres
2 springfield st:           $867,700                                                         0.53 acres
249 exchange st (river valley counseling):                   $382,200         0.39 acres
225 exchange st (Chicopee savings bank):                  $1,118,500      0.93 acres
219 exchange st (owned by Chicopee savings):          $569,100         0.34 acres
220 exchange st:          $464,100                                                         0.07 acres
224 exchange st:          $188,000                                                         0.05 acres
232 exchange st:          $274,800                                                         0.30 acres
244 exchange st (polish national credit union):           $449,900         0.21 acres
258 exchange st:          $778,400                                                         0.27 acres
276 exchange st:          $352,900                                                         0.08 acres
13 center st (munich haus):                                         $569,300         0.15 acres
21 center st (vacant owned my munich):                    $55,000           0.08 acres
50 springfield st:         $370,400                                                         0.05 acres
54 springfield st:         $285,100                                                         0.04 acres
43 springfield st:         $549,100                                                         0.49 acres
30 center st:                $594,600                                                         0.09 acres
34 center st:                $391,300                                                         0.08 acres
35 center st:               $619,800                                                         0.75 acres
42 center st:                $510,500                                           0.25 acres
51 cabot st:                 $426,600                                                         0.12 acres

$10,551,500    5.5 acres total

$1,918,454 taxable value per acre Chicopee Center