Post on 27-Dec-2015
What Makes Other Places Attractive?
Denver’s Skyline
Source: Denver CityScape
Source: PPS – Jon Winslow
Portland’s Pearl District
Faneuil Hall, Boston
Source: Faneuil Hall Marketplace
Liberty Street, Ann Arbor
Source: Arbor Update
Main Street, Royal Oak
Source: Detroit Rising
Transit-Oriented Development
1. A mix of uses
2. Walkable
3. Compact development
4. Near a transit stop
Many people want places with:
Existing conditions – built around cars, not people
Difference Between Most Michigan Development and TOD
Higher Density Around Transit Stations, Lower Elsewhere
Source: EPA and WMATA
Arlington, VA has focused development along the Metro line.
23% of Arlington’s workforce take the Metro to work, the national average is
about 4%.
TOD has provided Arlington residents
with the lowest taxes in Metro D.C.
$9 billion of real estate investment
along line
Every TOD Is Different
Denver, CO
TOD Station
Area Types
Center City
Major Urban Center
Urban Center
Urban Neighborhood
Commuter Town Center
Suburban Main Street
Campus / Stadium
Source: http://www.denvergov.org/TOD/StationTypology/tabid/395260/Default.aspx
TOD is built differently in
different settings
The Wall Street Journal June 11, 2007
“In dozens of cities -- from Charlotte, N.C., to Denver to Portland, Ore. -- the hottest
redevelopment project is happening next to the
local train station.”
Business 2.0July 7 2006
“Dense settlements, not sprawling ranch
houses, are the future of housing - and could
make for a smart real-estate investment.”
USA Today
June 10, 2007
“Transit-oriented developments are
so popular with re
sidents who crave
the opportunity to liv
e in a walkable
community that at least a dozen citie
s
and suburbs across the USA are
embracing the concept – even if they
don’t have ra
il.”
Emerging Trends in Real Estate 2007 ULI and Pricewaterhouse Coopers
Transit Oriented Development Rated #1 Real Estate Investment
TOD is HOT
The Hottest Type of Development Is TOD
16 million households will desire TOD by 2030- Estimate from Reconnecting America- Dana Belzer,2004
But the demand is not being met• Over 30% of housing demand is for
townhouses, apartments, and condos in compact, walkable, urban style neighborhoods
• Only 2% of new housing starts is meeting this demand
Source: Center for TOD
Economic Trends Support TODYoung professionals want vibrant mixed use
neighborhoods near transit
“To retain and attract millennials, the region and state need to create more of the urban, mixed-use neighborhoods they seek.”
- Laurie Volk, Market Analyst with Zimmerman/Volk Associates Inc. talking about Southeast Michigan
Demographic Trends Support TOD
80% of Americans over age 45 decide where to live based on proximity to
the things they need as they become less mobile – AARP National Survey
Portland, ORCredit: Dan Burden
The Elderly Desire:
OPTIONS IN: Housing Transportation
ACCESS TO: Services Entertainment Public Spaces
Credit: Dan Burden
TOD is Economic Development
Dallas, TX
• $3.3 billion in private investment near DART stations• Property values rose 39-53% faster near transit stations• 32,000 jobs created within 6 years• Local property tax revenue annually from TOD: $78 million
Mockingbird Station, Dallas’ first TODPhotos and Info Courtesy: Dallas Area Rapid Transit