Projections for Future Loft Projects The final variable considered in this study is the impact of future loft projects. From 2017 to 2018 five lofts are scheduled for completion, two receiving support from NewTown’s revolving bond fund: the Lawrence Mayer Lofts and the Lofts at 318 Second Street. These lofts reflect a critical shift in the city’s urban development strategy, as the benefits of a revitalizing downtown spread outwards towards the periphery of the district it becomes financially sustainable for investors to develop new properties in economically depressed areas. These large renovation projects will attract new residents and businesses to these zones, stimulating growth and broadening the base of viable property. While our projections only capture the effects of Ongoing Loft Projects by Year property value changes they are important indicators of the potential these lofts bring. Our projected figures are derived from the historical averages from previous lofts; these may actually be underestimating the impact of new lofts since the scale of investment in these projects is greater and the baseline property values in the surrounding area lower than the center of downtown. Future Impact of Lofts by Year
Projected Spillover Impact
Projected Direct Investment Impact
NTM Only Projected Spillover Impact
NTM Only Projected Direct Impact
2018
$3,090,568
$1,512,909
$1,989,508
$1,008,606
2019
$4,037,899
$3,502,057
$1,989,508
$1,662,301
2020
$947,331
$1,662,301
$-
$-
Total Impact
$8,075,798
$6,677,267
$3,979,016
$2,670,907
LandLink Analytic Services
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Impact Analysis of Loft Development