Trammell Crow Residential Sean G. Hyatt, Managing Director
Transit Oriented Development What is TOD? TOD in King County TOD Characteristics and Examples Veloce (Alexan Redmond TOD) About Trammell Crow Residential TCR s Local Communities Overview
Definitions of Transit Oriented Development APWA These mega regional strategies hit the ground in local communities by coordinating transportation and land use to promote walking, biking, and transit use. Transit Oriented Development (TOD) and smart growth principles should be used to focus development in existing centers where transportation options exist or can be implemented. Encouraging infill development near transportation hubs will help revitalize existing centers and promote housing affordability while preserving vital open space and threatened environmental landscapes. Wikipedia A transit-oriented development (TOD) is a mixed-use residential or commercial area designed to maximize access to public transport, and often incorporates features to encourage transit ridership. A TOD neighborhood typically has a center with a train station, metro station, tram stop, or bus stop, surrounded by relatively high-density development with progressively lower-density development spreading outwards from the center. TODs generally are located within a radius of one-quarter to one- half mile (400 to 800 m) from a transit stop, as this is considered to be an appropriate scale for pedestrians. TransitOrientedDevelopment.org -Walkable design with pedestrian as the highest priority -Train station as prominent feature of town center -A regional node containing a mixture of uses in close proximity including office, residential, retail, and civic uses -High density, high-quality development within 10-minute walk circle surrounding train station -Collector support transit systems including trolleys, streetcars, light rail, and buses, etc -Designed to include the easy use of bicycles, scooters, and rollerblades as daily support transportation systems -Reduced and managed parking inside 10-minute walk circle around town center / train station TOD Defined?
Transit Oriented Development Reduces single-occupant vehicles Bring potential riders closer to transit Put more riders on existing buses Located in higher-density, mixed-use, urban pedestrian districts with high-quality transit service. TOD should be "urban urban. Pedestrian-scale scale design draws people to return repeatedly. Include mixed-use, higher-density buildings at the sidewalk Provide public open space Narrow streets with wider sidewalks, street trees and lights; Lower parking-to-occupant ratios; shared parking; parking behind buildings; and on-street parallel parking.
Transit Oriented Development (King Co.) The purpose of transit-oriented development (TOD) is to reduce the use of single-occupant vehicles by increasing the number of times people walk, bicycle, carpool, vanpool, or take a bus, streetcar, or rail. It does this by bringing potential riders closer to transit facilities rather than building homes away from population centers, which makes people more dependent on roads and automobiles. TOD makes transit investments work more efficiently by putting more riders on existing buses. To reduce external trips, TOD projects should be located in higher-density, mixed-use, urban pedestrian districts with high-quality transit service. External single-occupancy vehicle trips can be reduced as much or more by people walking within a mixed-use urban district as they can by using transit within and between urban centers. To be most effective, TOD should be "urban" even in a suburban setting. Pedestrian-scale design draws people to return repeatedly. Urban development supports transit; suburban development does not. Once that idea takes hold in a community, it becomes a powerful motivator for changing the built environment. The concept includes mixed-use, higher-density buildings at the sidewalk; less private and more public open space; smaller blocks; narrow streets with wider sidewalks, street trees and lights; lower parking-to-occupant ratios; shared parking; parking behind buildings; and on-street parallel parking. Overview
Characteristics of Transit Oriented Development Co-located with transit node / nodal distribution Bus, rail, etc. Mixed Use Self sufficient use elements Synergies and leveraging of uses and investments e.g. allow shared parking Market rate financing g( (if possible) Agency participation and incentives Reduced parking ratio Offsetting benefits Direct subsidy (tax abatements) Recorded agreements Demand and use driven Simply anointing a site TOD doesn t work Quality and Innovative Design TOD Characteristics
TOD Considerations Don t over do it Develop a pragmatic program and implement it Remember, people make policy TODs aren t good merely by definition In at least some cases, no TOD is better than bad TOD TOD Considerations
About Trammell Crow Residential
Redmond Civic Center Park Neighborhood Commercial (Grocery, Theaters) METRO Park and Ride Burke Gilman Trail Grocery Anchored Retail ALEXAN REDMOND Vicinity Aerial SITE Redmond Town Center
ALEXAN REDMOND Site Aerial (to south) D
About Trammell Crow Residential
Veloce (Alexan Redmond TOD) Characteristics Existing Park-n-Ride and transit hub Advances City revitalization goals Designed to future street grid Surplus Land Purchase $10MM to subsidize construction of County PnR structure Market rate financing Agency participation and incentives Reduced parking ratio Recorded agreements Transportation Demand Management Plan Redmond TOD
Veloce (Alexan Redmond TOD) Performance 322 Units (Studio, 1BR, 2BR) 20% workforce housing 12,000 SF retail 440 parking spaces Amenity rich Leasing began in late May 2009 Currently 85% leased (averaging g 33 leases/month) Total capitalization of ~$90,000,000 Redmond TOD
Veloce (Alexan Redmond TOD) TDM Plan 30% of all employees will not commute in SOVs during AM/PM peak within two years of 70% occupancy. Recorded against title TDM Coordinator Reduced Parking Ratio 1.5/du per code, 1.25/du provided Reporting requirements ( = Added Expense) Surveys, ridesharing, carpools Bike Subsidies of $50 to $100 per resident (322x1.5x0.6x5x$75=$109K) Metro pass subsidies Transportation Information Center (kiosk) Greater Redmond Transportation Management Association (GRTMA) HOV Parking Preference Bike Racks FlexCar, and FlexCar subsidies Redmond TOD
Veloce (Alexan Redmond TOD) Lessons Learned Consistent jurisdictional involvement Application of parking ratios Departmental support and cooperation Framework for future amendments is necessary Ineffective policies should sunset Strict attention to detail, especially on pioneering concepts TDM program alone could easily cost over $350,000 Majority of residents appreciate TOD components indirectly Marginal TDM participation appears negligible Most households have cars Only a handful of subsidized transit passes issued No bicycle subsidies Flexcar wouldn t participate in Redmond Lessons Learned
About Trammell Crow Residential National in Presence, Local in Practice Nation s largest Multi-Family developer Local market partnership structure Developer of choice for banks, investors, and jurisdictions Full Spectrum Execution Capability Acquisition Development Construction Asset Management Development Models Direct Acquisition Public / Private Partnerships Land owner Joint Ventures Fee Development Trammell Crow Residential
Local Trammell Crow Residential Communities TCR Communities
Local Trammell Crow Residential Communities TCR Communities
Local Trammell Crow Residential Communities TCR Communities
Local Trammell Crow Residential Communities TCR Communities
Local Trammell Crow Residential Communities TCR Communities