Partnerships in Transportation Transit-oriented Development The Return on Investment

Transcription

1 Partnerships in Transportation Transit-oriented Development The Return on Investment David M. Taylor, CNU Senior Vice President National Director, Sustainable Transportation Solutions

2 Transit and Development Transit - A Single, Powerful Investment that: Reinforces healthy patterns Revitalizes by-passed properties Redirects new development patterns

3 P3 - Its Role in TOD The Public Sector Invests in Transit Infrastructure Land Assemblage Plans, Codes, Incentives, and Streamlined Permitting The Private Sector Responds Positively Development Follows the Tracks Development Surrounds the Stations Financial Shortfalls Lead to Cooperative P3 Funding Capital and Operating Costs

4 P3 - Its Role in TOD Common Private Sector Responses Creating Non-profit Streetcar Corporations Participating in Joint Development Agreements Developing in Tax Increment Finance Districts Forming Special Assessment Districts Creating Business Improvement Districts Providing Sponsorships and Endowments Paying Development Exactions Devising Alternative Delivery Systems

5 Features of TODs Apply to Multiple Scales System, Corridor, District Focus on Station Areas Are Compact, Walkable with Diverse Use Mix Promote Street and Sidewalk Connectivity Increase Transit Ridership

6 The Minimum TOD Opportunity ¼ Mile R = 125 Acres Three Neighborhoods ½ Mile R = 500 Acres Twelve Neighborhoods

7 Why Focus on TODs? at least a quarter of all households looking for housing in the next 20 years 14.6 million households will be looking for housing within ¼ mile of a transit stop...there will be potential to more than double the amount of housing in transit zones. Hidden in Plain Sight Capturing the Demand for Housing Near Transit Reconnecting America/Center for Transit-Oriented Development

8 Demand for TODs - Today Current Top 10 Metro Areas for TOD Potential New York Los Angeles Chicago SF Bay Area Boston Philadelphia Washington, DC Portland Dallas Miami Hidden in Plain Sight Capturing the Demand for Housing Near Transit Reconnecting America/Center for Transit-Oriented Development

9 Demand for TODs - Tomorrow Emerging Metro Areas with TOD Potential Atlanta Houston Phoenix Baltimore Denver Minneapolis/St. Paul San Diego Las Vegas Charlotte Sacramento Hidden in Plain Sight Capturing the Demand for Housing Near Transit Reconnecting America/Center for Transit-Oriented Development

10 TOD - A Trend Not a Fad Increasing National Acceptance Improving Access to Capital Changing Development Patterns Enhancing Mobility and Quality of Life

11 TOD and Real Estate Successful TODs are a Result of Supportive Real Estate Markets Understanding the Financial Deal TOD-Responsive Land Use Plans Public/Private Partnerships Mixture of Incentives

12 Transit-Influenced Land Uses Multi-Family Office Support Retail Specialty Attractions

13 Transit and Development Transit Offers a New Form of Access to Development It is Not Just Developing Around a Station Sustainable Development is Compact, Mixed Use and Walkable n All Modes Do Not Create Equal Land Use Results

14 Commuter Rail Generally Low Land Use Effects - Existing Railroad Lines and Industrial Uses - Station Spacing 5 to 10 Miles - Principally Park and Ride Facilities - Large Parking Areas are Negatives - Frequency and Service Type - Modest Customer Base for Retail Uses - Nominal Residential and Office Uses - Longer-term Development Period

15 Light Rail High Land Use Effects - Frequency, Type, and Scale of Service is Land Use Supportive - LRT Serves as New Access to Development - Principal Impact Area ¼ (125 Acres) to ½ Mile (500 Acres) Radius - Compact, Walkable Mixed Use Results

16 Streetcar High to Very High Land Use Effects - Frequency, Type, and Scale of Service is Highly Land Use Supportive - Development Follows the Streetcar Line - Redevelopment Catalyst - Principal Impact Area Three Blocks Each Side of Line - Compact, Walkable Mixed Use Pedestrian-producing Results

17 You Are Not Alone.

18 Development Value San Francisco Residential Value 10% ($23K) Higher at BART Stations DART Residential and Office 13% Higher Brisbane 20% Increase in Property Values

19 Development Value Portland 11%> within 1500 of a Station Atlanta - $1000> for Each 100 Closer to a Station Santa Clara, CA 23% Increase in Commercial Property Values

20 Streetcars and Value Creation

21 Streetcars and Value Creation The Streetcar has Demonstrated Economic Development Power The Development Pattern Follows the Streetcar Line Infill and Adaptive Reuse are Reinforced Increased Property Values Rapidly Occur Underdeveloped Properties Begin to Perform

22 Streetcar - Twice the Intensity 100% Development Intensity (FAR) Percent of Maximum SF/FAR Realized 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 block 2 blocks 3 blocks 3+ blocks Distance from Streetcar Pre 1997 development Post 1997 development Source: Portland Streetcar, Inc/ E.D. Hovee & Company

23 Portland Streetcar ROI $89 M Public Investment $2.5 B Private Investment

24 Tampa $65 M Streetcar Investment $600M in Public Projects $900 M in Private Projects $1.5 B Total P3 Benefits

25 P3/TOD Results Undeniable P3 TODs are Producing Significant ROI P3 Span All Planning Phases: Planning, Design and Construction P3 Augment State, Local and Federal Capital Funds P3 Supplement Operating Funds P3 Required for Virtually Every TOD

26 P3/TOD Value-sized Joseph Scelsi Intermodal Transportation Center, Walpole, MA

27 P3/TOD Super-sized $1.5 B Project Market Demand Analysis Pre-development Services Planning Design Revision Programming/Construction Phasing Charrettes Program Development Financial Analysis Developer Selection Contract Negotiations Air Rights Marketing Plan Moynihan Station - James Farley Amtrak Negotiations Building Support Innovative Financing Strategies

28 Livable Communities The Return on Investment

29 Questions or Inquiries David M. Taylor, CNU Senior Vice President National Director, Sustainable Transportation Solutions

30 Partnerships in Transportation Transit-oriented Development The Return on Investment NCPPP