PLANNING AND IMPLEMENTING TOD: KEY FACTORS FOR …€¦ · PLANNING AND IMPLEMENTING TOD: KEY...
Transcript of PLANNING AND IMPLEMENTING TOD: KEY FACTORS FOR …€¦ · PLANNING AND IMPLEMENTING TOD: KEY...
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PLANNING AND IMPLEMENTING TOD: KEY FACTORS FOR SUCCESS
Sujata Srivastava Knowledge Corridor TOD Workshop June 5, 2013
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• 6-year old partnership dedicated to improving practice through technical assistance, research, and policy reform
• Creating a national marketplace for TOD, working with cities, transit agencies, developers, investors, and communities
• Developing new tools and collaborative and equitable planning models
• Online Clearinghouse of TOD + Transit Best Practices
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Presentation overview Benefits of TOD Corridor examples and factors for success Local strategies Concluding thoughts
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Benefits of TOD
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Transit Ridership at 40 Year High! Up 32% Since 1995
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Transit expansion projects in nearly every state
Source: Center for Transit-Oriented Development
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Changing demographics are driving demand
• Singles will soon be the new majority – 55% of households by 2030 • Echo Boomers are now one-third of the population • Almost half the U.S. population will be non-white by 2050
Demographic groups growing most quickly use transit more
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Growing recognition of benefits of TOD
Reduced auto dependence and greenhouse gases
Reduced transportation costs
Creating a sense of place Housing diversity Connections to jobs Health and equity Economic development
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Benefits to households
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Benefits to businesses
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
2002 2009
Jobs near transit 2002-2009
0%
5%
10%
15%
20%
25%
30%
Employment by sector in station areas compared to regions overall
Transit Regions
Transit Sheds
Source: Center for Transit-Oriented Development
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This can translate into higher property values….
Land Use
Single Family Residential +2% w/in 200 ft of station to +32% w/in 100 ft of station(San Diego Trolley, 1992) (St. Louis MetroLink Light Rail, 2004)
Condominium(San Diego Trolley, 2001)
Apartment +0% to 4% w/in 2,640 ft of station to +45% w/in 1,320 ft of station(San Diego Trolley, 2001) (VTA Light Rail, 2004)
Office +9% w/in 300 ft of station to +120% w/in 1,320 ft of station(Washington Metrorail, 1981) (VTA Light Rail, 2004)
Retail +1% w/in 500 ft of station to +167% w/in 200 ft of station(BART, 1978) (San Diego Trolley, 2004)
Range of Property Value Premium
+2% to 18% w/in 2,640 ft of station
Source: Center for Transit-Oriented Development
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…And stronger fiscal health for local governments “Building Better Budgets” Infrastructure Savings - 42% in Champaign, IL
Lower service costs - Reduction of 13% in Nashville, TN
Higher tax revenues - Increase of 350% in California
Source: Smart Growth America and Strategic Economics
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TOD Success Factors
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TOD at the Corridor Scale
Destination Connectors Commuter Corridors District Circulators
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The Minneapolis- St Paul Central Corridor
Condominiums
Live/Work Lofts
Townhouses
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Pittsburgh Typology
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Lessons learned from peer regions
Medium size regions Similar industry mix Strong knowledge-based and
eds/meds economies Some are slower growth
places All have successfully
implemented TOD in existing and new stations
Charlotte Cleveland Pittsburgh Twin Cities Denver
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Peer regions: industry mix
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Cleveland Pittsburgh Charlotte CRCOG/PVPC
Pe
rce
nta
ge o
f Jo
bs
by
Ind
ust
ry G
rou
p
Region of Transit Shed
Other
Retail
Health Care and Social Assistance
Industrial
Entertainment
Public Admin.
Education
Knowledge-Based
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Half-
Mile
Tra
nsit
Shed
Sha
re o
f Reg
ion
Jobs
Industry Group
Cleveland Pittsburgh Charlotte CRCOG/PVPC
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Development trends on 3 new rail corridors
Hiawatha Line (Minneapolis)
Southeast Corridor (Denver Region)
Blue Line (Charlotte)
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Significant amount of development in station areas along these lines
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
Minneapolis Hiawatha Line(2003 - 2009)
DenverSE Corridor
(2004 - 2009)
CharlotteBlue Line
(2005 - 2009)
Est
imat
ed S
quar
e Fe
et o
f N
ew D
evel
opm
ent
Commercial
Residential
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But the pattern of development is uneven
0% 50% 100%
Downtown/Urban Center
Suburban Center
Legacy Industrial Area
Mixed-Use Neighborhood
Commercial Corridor
Industrial/Distribution Area
Low Density Residential
Major Greenfield/Infill
Other
Percent Vacant/ Underutilized
Share of Development
Hiawatha Line – Context of Opportunity Sites and Development
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What types of places attracted development?
• In or near downtowns or employment centers
• Legacy industrial districts
• Districts where plans were in place and strategic investments were made
• Small infill sites on strip corridors
• Very large greenfield sites on the edge
• Large formerly industrial sites
YES NO
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BRT - Cleveland Health Line
BRT line opened in 2008 Connects major employment centers
along Euclid Avenue (Eds/Meds) RTA moved existing Red line stops Cleveland Clinic hospital and
Cleveland State University redesigned campus
Cleveland Clinic partnered with University Hospital to rebrand “HealthLine”
+ 5,000 jobs ~$5 billion in new development
Sou
rce:
New
Yor
k Ti
mes
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• Market conditions (of course)
• Frequency & quality of transit service – NOT TECHNOLOGY!
• Proximity to employment centers
• Accessibility by many modes (car, bike, ped)
• Planning and place-making
Factors that determine where development happens
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Local strategies for TOD
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TOD is not one size fits all! Plan and build to your market / context
Building Type Example Parking Approx. Density/ac. Const. Type
Townhome Surface Park 20 Wood frame
Townhome Tuck-under/ Garage 30 Wood frame
Multifamily 2-3 stories Surface/ carport 35 Wood frame
Multifamily 2-3 stories Garage 45 Wood frame
Multifamily 4-5 stories Podium/ Garage 75 Wood frame Over concrete
Urban Block/Texas Wrap Wrapped Garage 90 Wood frame
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Common perception of density
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
5 10 15 20 25 30 35 40 45 50 55
Deve
lope
r Pro
fit in
Jilli
ons
Density
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17 1716 1615 1514 1413 1312 1211 1110 109 98 87 76 65 54 43 32 2
1 1
b1 b1b2 b2b3 b3b4 b4
UnitsFAR
68 80 1044.0 4.9 4.9 5.6 6.5 7.5 9.540 50 50 56
120 ' 140 ' 180 '
Five story Seven story Seven story N ine story Eleven story Thirteen storySeventeen
story
55 ' 75 ' 85" 100 '
Stor
ies
Und
ergr
ound
P
arki
ng
5-Story
7-Story
7-Story
9-Story
11-Story
13-Story
17-Story
But in reality higher density projects can be less profitable to developers
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Sometimes removing regulatory barriers can make a big difference
Construction Costs
City Fees Other Costs1
Land Costs
$0
$10
$20
$30
$40
$50
$60
$70
Construction Costs
Developer Revenues
3-Story Residential Building (in millions of dollars)
Construction Costs
City Fees
Other Costs1
Land Costs
$0
$10
$20
$30
$40
$50
$60
$70
Construction Costs
Developer Revenues
5-Story Residential Building (in millions of dollars)
1 "Other costs" include design , legal, financing, and marketing, and other "soft" costs.
Source: Strategic Economics 2010
29
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($200)
($150)
($100)
($50)
$0
$50
15 25 35 45 55 65 75 85 95 105 115 125
Res
idua
l Lan
d Va
lue
per S
F
Units per Acre
Townhome 4 Stories over Podium 6 Stories +
Providing incentives can also make a big difference
Urban block with wrapped
parking garage
Source: Strategic Economics 2010
Standard parking ratios
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Reduced parking ratios:
($200)
($150)
($100)
($50)
$0
$50
15 25 35 45 55 65 75 85 95 105 115 125
Res
idua
l Lan
d Va
lue
per S
F
Units per Acre
Townhome 4 Stories over Podium 6 Stories +
February 6, 2010 New Partners for Smart Growth Conference 31
Urban block with wrapped
parking garage
Source: Strategic Economics 2010
Providing incentives can also make a big difference
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Public realm improvements are critical for spurring private investments in slower markets
Category Type Description Impact
Surface Streetscape General streetscape improvements
28% increase in home values
Surface Open space Presence of neighborhood parks and playgrounds
3 – 15% increase in home values
Surface Walkability Walkscore improved from 20 to 80 points
54% price premium for office and retail property
Site Site remediation
Remediation of brownfield sites
3 – 11% increase in housing prices
Transit Transit Proximity to transit 2 – 32% price premium for single family homes
Transit Transit Proximity to transit 1 - 120% price premium for commercial real estate
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Concluding thoughts
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Lesson 1: There is no single recipe for success
There is no one set of tools or strategies for implementing TOD
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Lesson 2: Have a plan that reflects market realities
Having an implementable plan in place makes it easier for projects to be “shovel ready.”
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Lesson 3: Partnerships are essential
Look for partners who benefit from TOD like major employers, universities, hospitals, community groups.
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Lesson 4: Look for long-term value
Simple neighborhood improvements can pay “dividends” over the long-term, especially with respect to property values and retail sales.
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Lesson 5: Leadership is Essential
All successful projects have champions, but they also have implementers. Both are essential.
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Resources Center for Transit-Oriented Development Rails to Real Estate, 2010 Transit and Regional Economic Development, 2010 www.ctod.org
Strategic Economics, Infrastructure Financing Options for Transit-Oriented Development (funded by U.S. EPA)
http://www.epa.gov/smartgrowth/pdf/2013-0122-TOD-infrastructure-financing-report.pdf
Smart Growth America, Building Better Budgets, 2013 http://www.smartgrowthamerica.org/documents/building-
better-budgets.pdf
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Early Research on the Economic Benefits of BRT Pittsburgh, PA: A single-family home 1,000 feet away from a
station is valued approximately $9,745 less than a property 100 feet away, all else equal (Perk and Catala)
Boston Silver Line: A condo 1,000 feet away from a station sells for $45 per square foot less than a condo 100 feet away, all else equal (Perk)
Eugene, OR: Between 2004 and 2010, the number of jobs within 0.25 miles of the EmX BRT line grew by 10%, while jobs in the metro area declined by 5% (Nelson et al.) The EmX BRT line.
Source: Lane Transit District, http://www.ltd.org/