Transit-Oriented Development Status Report February 2011

Transcription

1

2 February 2011 This is a controlled document; please do not duplicate. If additional copies are required, please request them from the FasTracks Document Control. This will assure that all recipients of the document receive revisions and additions. Approved By: Bill Van Meter, Assistant General Manager Planning February 2011

3 TABLE OF CONTENTS Transit-Oriented Development 1.0 RTD AND FASTRACKS OVERVIEW Report Format SUMMARY OF TOD RELATED ACTIVITY Development Activity Planning, Zoning and Other Activity DEVELOPMENT OVERVIEW Local TOD Developer Survey Regional TOD Trends Perspectives on 2011 and Beyond CORRIDOR SUMMARIES Central Corridor, Central Platte Valley Spur, Central Corridor Extension Southwest Corridor Southeast Corridor West Corridor East Corridor Gold Line Corridor Northwest Rail/US 36 BRT Corridors North Metro Corridor I-225 Corridor i February 2011

4 1.0 RTD AND FASTRACKS OVERVIEW RTD s existing 35-mile rail transit system services 34 stations on four corridors: the 5.3-mile Central Corridor and 1.8-mile Central Platte Valley (CPV) Spur in central Denver, the 8.7- mile Southwest Corridor to Englewood, Sheridan, and Littleton, and the 19.2-mile Southeast Corridor to Lone Tree and Aurora. Approved by district voters in a 2004 ballot initiative, the FasTracks program will add 122 miles of rail service, 18 miles of Bus Rapid Transit (BRT), approximately 60 new stations along six new corridors, and extensions to three existing lines. (See Exhibit 1-1 for a map of the FasTracks corridors.) FasTracks corridors include the West Corridor to Lakewood and Golden; Northwest Rail Corridor to Westminster, Broomfield, Louisville, Boulder, and Longmont and related US 36 BRT Corridor to Boulder; East Corridor through Denver and Aurora to Denver International Airport; Gold Line Corridor to Wheat Ridge and Arvada; North Metro Corridor to Commerce City, Northglenn, and Thornton; and I-225 Corridor through Aurora. The extensions include approximately one mile for the Central Corridor in central Denver, 2.5 miles for the Southwest Corridor to Highlands Ranch and Douglas County, and 2.3 miles for the Southeast Corridor through the planned RidgeGate community. With the same poor economy from 2009 carrying over into 2010, the FasTracks program is unfortunately below the initial 2004 budget estimates. As a result, construction on some corridors is delayed. Despite this setback, 2010 was marked with a series of milestones including the selection of the Eagle P3 concessionaire, East Corridor ground breaking, 50 percent completion of the West Corridor, and adoption of new transit-oriented development (TOD) policy. In the summer of 2010, the RTD Board of Directors selected Denver Transit Partners (DTP) as the concessionaire for the Eagle P3 Project. Led by Fluor, John Laing, and Uberior, DTP, will construct and operate the East Corridor, Gold Line Corridor, and a segment of the Northwest Rail Corridor between Pecos and 71st/Lowell. Given the budgetary constraints brought on by the recession, this public-private partnership allows for RTD to ensure the construction of a substantial portion of FasTracks corridors despite financial hardship. RTD and DTP moved quickly after reaching financial close in August 2010 and broke ground on the East Corridor connecting two weeks later. DTP s bid came in substantially under RTD s budget, freeing up approximately $300 million that can now be used on other FasTracks corridors. The Eagle P3 is the first partnership of its kind in the U.S. and represents a significant accomplishment for RTD because of its innovative project delivery. It replicates what has been happening in Europe over the recent decades and can serve as a model for the rest of the U.S. in the years to come. 1-1 February 2011

5 Exhibit 1-1: FasTracks and Existing Transit Corridors 1-2 February 2011

6 RTD also reached two other construction-related milestones during The West Corridor marked 50 percent construction in September and remains on schedule to open in May To date, three pedestrian bridges are complete, 90 percent of right-of-way purchase is complete, 100 percent of light rail vehicles are ready for opening-day services and all 15 bridges, flyovers, and tunnels are either complete or under construction. Construction at Denver Union Station (DUS) also reached an important landmark by securing federal loans through the Transportation Infrastructure Finance and Innovation Act (TIFIA) and the Railroad Rehabilitation and Improvement Financing Program (RRIF) in July These loans represent the final funding mechanisms needed to ensure the construction of the DUS transit investments. In 2011, the RTD Board of Directors will consider whether to pursue a sales tax increase to complete FasTracks closer to the original timeline. As a part of this process, RTD has established a Construction Ready Task Force to make recommendations on discrete, individual projects that move forward as money becomes available with or without a new sales tax. In addition, the RTD Board approved an updated TOD Strategic Plan in September This update aligns RTD s TOD strategy with a new Federal emphasis on livability principles, outlined by the Partnership for Sustainable Communities. The partnership represents a new Federal collaboration aimed at breaking down the silos among the Environmental Protection Agency (EPA), the US Department of Transportation (DOT), and the US Department of Housing and Urban Development (HUD).The updated TOD Strategic Plan also incorporates a new policy on affordable housing, committing RTD to work with local governments that want to include an affordable element to any joint development within their jurisdictions. To kick start implementation of the new policy, RTD established a TOD Pilot Program to test some new approaches to TOD and joint development on four station areas with strong market demand, local jurisdiction and developer commitment, and where RTD land can leverage other development. 1.1 Report Format The remainder of the report focuses on an update to the status of urban planning and real estate development near existing and planned stations within RTD s transit system. The first section provides a high level summary of development, planning, zoning and other TOD activity in existing and planned corridors, highlighting changes that have occurred since the beginning of Next, the report offers a development overview which gauges the perspectives of local TOD developers, analyzes trends from RTD s TOD database and provides some perspectives on what to expect in 2011 and beyond. Following the development overview, the subsequent section provides a detailed description of all known station area development and planning activities by transit corridor, beginning with the four in operation today: the Central Corridor, CPV Spur, Southwest Corridor, and the Southeast Corridor. Individual descriptions then follow for each of the six new FasTracks Corridors. Most of the discussion in the corridor summary section focuses on new projects, updates to the status of current projects and TOD planning activities that have occurred in February 2011

7 2.0 SUMMARY OF TOD RELATED ACTIVITY This section provides a summary of development projects that have been built, are under consideration, or are being planned within an approximate half-mile walkshed of stations, as well as an inventory of land use planning and rezoning efforts being conducted by local government jurisdictions in station areas. 2.1 Development Activity RTD tracks development activity within a half-mile walking distance of existing and planned stations and records this activity in a TOD database. Recorded projects typically include a commercial or residential component that would allow the building s users to benefit from increased proximity to transit. Development projects are categorized into built, under construction or proposed projects. Proposed projects are projects which are either in some phase of development review with a local government jurisdiction, or with detailed development programs already articulated for each type of use by the developer (See Appendix A for more detailed information on the methodology for RTD tracks development activity.). Tables 2-1 and 2-2 summarize the completed, under construction, and proposed projects in RTD s existing rail and planned FasTracks corridors. Table 2-1 shows that the majority of completed or under construction projects are focused in the Central/CPV and Southeast Corridors. Limited activity has occurred in the planned FasTracks corridors with the exception of retail and office development in the Northwest Rail/US 36 BRT and medical office development at the Anschutz/Fitzsimons Medical Campus on the I-225 Corridor. The majority of proposed projects shown in Table 2-2 are focused in Downtown Denver along the Central/CPV Corridor. Significant additional medical office development is expected at the Anschutz/Fitzsimons Medical Campus on the I-225 Corridor, with retail and office expansion along the US 36 Corridor. There has been relatively little activity along the West and East Corridors that are currently under construction. Corridor Residential (Dwelling Units) Table 2-1: Summary of Completed and Under Construction Projects by Type on All Corridors* Hotel (# of Rooms) Retail (ft 2 ) Office (ft 2 ) Gov t (ft 2 ) Cultural (ft 2 ) Medical (ft 2 ) Education (ft 2 ) Central/CPV 8,196 4, ,683 2,609,933 1,986, , ,000 East ,000 20, , Gold ,324 55, I , , ,220,000 1,379,606 North Metro Southeast 5, ,069 1,931, ,000 - Southwest ,257 50, ,000 40, US 36 1, ,325, ,209-17, West , , ,000 - Totals 17,697 5,407 5,259,072 5,366,065 2,303, ,373 6,160,000 1,721,606 *See Appendix C for maps of TOD along each corridor by use and by status. 2-1 February 2011

8 Corridor Transit-Oriented Development Table 2-2: Summary of Proposed Projects by Type on All Corridors* Residential (Dwelling Units) Hotel (# of rooms) Retail (ft²) Office (ft²) Gov't (ft²) Cultural (ft²) Medical (ft²) Education (ft²) Central/ CPV 2,604 1, ,651 2,093,242-65, ,000 East Gold I ,480 62, ,176,000 - NorthMetro Southeast , , ,000 - Southwest US 36 1, , , West 95-29, , Totals 4,962 2, ,220 3,344,644-65,000 4,296, ,000 *See Appendix C for maps of TOD along each corridor by use and by status. In 2010, there was a similar lack of new development activity as in 2009; however there was a considerable increase in newly proposed projects. 30 new projects were added to the RTD TOD database in 2010 compared to 10 new projects in The 30 projects include 6,702 residential units (307 percent increase), and 1.45 million square feet of medical space (32 percent increase). Each corridor except the East and North Metro corridor had new projects added, with a majority of them focused in the Southeast, I-225 and Central/ CPV corridors (22 of the 30). As far as projects already being tracked, 18 progressed into construction, triple the number from last year, and 13 projects previously under construction were completed in Planning, Zoning and Other Activity Having adopted approximately 40 station area plans during the last five years, planning activities within the Denver metro area have slowed as efforts shift towards TOD implementation. Plans adopted in 2010 include Lakewood s Garrison and Lamar Station Area Plans, as well as Denver s LaAlma/Lincoln Park Neighborhood Plan that incorporates the 10th and Osage light rail station. Denver is currently working on plans for the Welton light rail corridor through the Northeast Downtown Neighborhoods Plan and the National Western Stock Show Station through the Elyria-Swansea Neighborhood Plan. Meanwhile, Aurora should finish up the planning process for the Florida station later in 2011 while Longmont begins planning for the Downtown Longmont Station. The City and County of Denver updated its zoning code with unanimous city council approval in June. This first comprehensive update in 53 years shifts Denver s zoning code from traditional zoning to a form-based, context sensitive code. The new code will consider the physical characteristics of Denver s neighborhoods while allowing for a more flexible and predictable entitlement process. The new code eliminates the former transit mixed-use (TMU) district and replaces it with a variety of form-based codes that promote transit and help implement adopted station area plans. 2-2 February 2011

9 With planning efforts slowing down this year, RTD instituted the TOD Pilot Program which will help shift efforts towards implementing TOD near stations with adopted plans in place. The Pilot Program modifies RTD s approach to joint development by having the transit district play a more proactive role in the process. The Pilot Program will explore more creative ways of structuring a financial exchange between RTD and a private partner to help facilitate the construction of a TOD. In addition to structuring development deals differently, the program will also look at more strategic ways to manage parking and approaches to pursue additional grant funding for TOD related improvements. With approval from the RTD Board to implement the Pilot Program on a limited basis, staff solicited proposals from municipalities interested in leveraging these new tools near stations with adopted plans, developer interest, and relatively strong real estate markets. Six municipalities representing 12 stations applied to be pilot projects. RTD staff selected Alameda Station (Central Corridor, Denver), Federal Center (West Corridor, Lakewood), Welton Corridor (Central Corridor, Denver) and Olde Town Arvada (Gold Line, Arvada) as the four participants. RTD will begin working with stakeholders in the Pilot Program areas to utilize a more creative approach to TOD in 2011 while continuing to facilitate TOD near all planned and completed stations within the RTD transit network. In addition to the Pilot Program sites, planning is currently underway for metro Denver s most anticipated TOD, Denver Union Station (DUS). RTD is leading a process with local stakeholders to determine the best way to re-use the historic building in a way that complements the neighborhood and future development in the area. The team evaluating potential new uses for the historic building is made up of neighborhood stakeholders, a panel of experts experienced in real estate development and historic rehabilitation, and a consultant tasked with evaluating the feasibility of building alternatives. The team plans to produce its recommendation to the RTD Board in April February 2011

10 3.0 DEVELOPMENT OVERVIEW Transit-Oriented Development The recession continues to have an impact on the real estate industry throughout the Denver metro area. There have been few new projects constructed near transit this year and many planned or expected projects have been canceled or placed on hold indefinitely. Despite the downturn, there have been sectors within the real estate industry that have seen activity. Planning or construction has begun for several mixed-income developments that take advantage of public financing since private equity is still difficult to acquire. These projects directly benefit from their proximity to light rail due to the often transit-dependent nature of their residents. Developers also agree that projects positioned near transit hold a competitive advantage over those that are not. TODs have not only been able to earn higher prices and rents than their more traditional counterparts, but they have also been able to secure financing in today s tight credit market. While the state of the economy is not favorable to development in general, there have and continue to be opportunities for TOD. 3.1 Local TOD Developer Survey As part of the 2009 TOD Status Report, RTD developed an online survey to gather developers thoughts on which types of projects were affected by the downturn the most, ideas of how RTD could help, and estimations on recovery time. This survey was sent to 70 different developers and was successful in helping better understand the scope of the issues facing TOD. RTD revised the previous survey for the 2010 report and sent an updated version to real estate developers in the Denver metro area. A copy of the 2010 survey and all responses are included in Appendix B. TOD Developer Survey Summary When asked about market conditions surrounding five different property types (residential - for lease, residential - mixed-income/affordable, residential - for sale, office, and retail) respondents rate residential - for lease the strongest type with a score of 3.8 out of five. Residential -mixed/affordable is the second strongest with a 3.1 followed by office and retail. Residential - for sale is the weakest property type with 2.7 out of five. 5 = Much better to 1 = Much worse Residential for lease In your opinion, how are market conditions now for the following property types compared to last year? Residential mixed Office Retail Residential for sale 3-1 February 2011

11 Respondents are nearly evenly split when asked when they thought projects currently on hold due to financing issues will enter back into the development pipeline percent anticipate things picking up in two or more years while 47.1 percent anticipate an uptick within one to two years. Either way, over 90 percent of developers surveyed do not anticipate improvement for at least another year. When do you expect projects that are currently on hold to enter the next phase of development? 0.0% 2.9% 5.9% Less than 6 months 6 months less than 1 year 1 year less than 2 years 2 or more years Not sure/ Don't know 44.1% 47.1% The most important factor respondents consider before investing in developments near RTD light rail stations is the local market potential in the vicinity (4.7). The second most important factor developers consider is whether or not a potential development is within an existing or funded corridor (4.5). The ability to partner with RTD on a joint development is the least important factor for respondents, but still fairly important (3.7). Providing adequate parking is always a problem when planning a TOD. In order to get a better idea about the developer s perspective on parking, the survey asked how much less parking is required for specific property types within walking distance to light rail. Respondents more or less agree that retail uses even near light rail require about the same amount of parking to remain as viable as traditional retail establishments. Respondents also agree that office and residential - for lease properties can typically get away with 25 percent less parking. Residential mixed-income housing requires the least amount of parking with over one third of respondents suggesting that it requires 50 to 75 percent less parking if located near a light rail station. 3-2 February 2011

12 Almost 80 percent of respondents either somewhat or strongly agree that properties within walking distance to transit have experienced lower vacancy and maintained higher revenue during the economic downturn. In your experience, do you agree with the following statement?: Developments within walking distance to transit have experienced lower vacancies and maintained higher revenue during the economic downturn? 0.0% 11.8% 0.0% 8.8% 41.2% 38.2% 5 = Strongly agree 4 = Somewhat agree 3 = Neither agree nor disagree 2 = Somewhat disagree 1 = Strongly disagree Not sure/ Don't know 3-3 February 2011

13 3.2 Regional TOD Trends This section describes some of the trends in different market sectors that can be concluded from an analysis of RTD s TOD database. As noted earlier in Section 2, the RTD TOD database is updated continuously and tries to reflect the most accurate information known at the time of the publication of this report. Residential Market An analysis of RTD s TOD data shows a considerable decrease in residential units completed near stations between 2009 and This gap is made more apparent considering that 2009 was the strongest year for residential development near stations since light rail was introduced in Denver 15 years ago. In 2010, 1,072 units were completed, a 79 percent drop from 2009 s 5,062 completed units. The likely explanation for this spike and subsequent decrease is one of timing. While several of these residential projects were completed in the midst of an economic recession, they most likely received financing and initiated construction between 2006 and As the full impact of the economic recession was not felt by the real estate industry until after 2008, the influx of projects in 2009 represents an echo from a stronger economy. The decrease of new projects in 2010 illustrates that this echo has nearly dissipated and that the development sector is fully realizing the effects of the current economy. Exhibit 3-2: Residential TOD by Delivery Year 6,000 5,000 5,062 Number of Units 4,000 3,000 2,000 1, , ,163 1,055 1,232 1, , Projected 3-4 February 2011

14 Office Market The office market experienced a steep decline in completed projects from 2009 to Following two strong years of office construction in 2008 and 2009, new office development in 2010 dropped 56 percent. Since the shocks to the real estate industry were felt closer to 2008, the large amount of new office square feet brought on in 2009 is largely a lagging indicator from previous projects under construction from before the recession. While the 500,000 square feet completed this year is more on par with long-term trends, it is important to note that this figure is derived mainly from the completion of a single building in Downtown Denver. According to current development schedules, the amount of expected new office development in 2011 will be comparable to 2010, however the market for new construction still faces many uncertainties. The recession has contributed to an increase in vacancy rates and a decrease in rents throughout the metro area as building owners try to fill the space. In this tenant-driven market, plans for new office construction will likely remain on the back burner as businesses elect to occupy excess office space instead of building new product. 1,400,000 Exhibit 3-3: Office TOD by Delivery Year 1,200,000 1,229,400 1,137,007 1,000,000 Square Footage 800, , , , , , , , , , , ,000 4, Projected 3-5 February 2011

15 Retail Market Retail development near transit stations in 2010 was virtually nonexistent. As predicted in 2009, the amount of completed retail development fell by 99 percent from 2009 to 2010, with only one project coming online totaling 5,000 square feet of retail space. While there are some expected projects in 2011 and beyond, the market for retail development near transit stations looks bleak when compared to the relatively robust years of Financing is currently difficult to obtain for construction of retail buildings and even more so for the businesses that will eventually occupy the space. Exhibit 3-4: Retail TOD by Delivery Year 2,000,000 1,800,000 1,854,644 1,600,000 1,400,000 Number of Units 1,200,000 1,000, , , , , ,000 29, , , , , , , , ,080 98,300 79,000 16,000 5, Projected 3-6 February 2011

16 3.3 Perspectives on 2011 and Beyond There will be a slow recovery from the economic recession. While there have been signs of economic recovery, the overwhelming consensus is that the process will be slow, with a fair number of bumps in the road. Unemployment remains high and wages remain stagnate, both nationally and in Colorado. High unemployment and the lack of job creation in the private sector continue to distress the economy s recovery. Locally, unemployment in the Denver-Aurora-Broomfield Metropolitan Statistical Area (MSA) remains below the nation average (8.6 percent in November 2010 compared to 9.8 percent). While there have been slight increases in employment in 2010, these are mainly attributed to temporary public sector jobs such as those created for the 2010 U.S. Census. The private sector in comparison has seen very little growth. Nationally, foreclosures are predicted to increase further, resetting property values to a fraction of their 2007 peaks. Foreclosure filings have slowed in the Denver area, but this is due to many foreclosed properties proceeding to sale and slowing down the process on the front end. Colorado is going to have to work through that existing inventory before new construction can return to anywhere near pre-recession levels (Rebchook, 2010). RTD s local TOD developers, survey confirms a slower than expected economic recovery. Over 90 percent of respondents believe that real estate projects on hold due to the economy will not proceed for at least 12 months. Half of those same respondents believe that it will take two years or more until progress is made on developments currently in the pipeline. In 2009 s developers survey, 44 percent of developers predicted that the economy would pick up again in one to two years. It seems that several of those respondents revised their predictions for this year s survey. The rental market will be a strong point According to the Urban Land Institute s (ULI) 2011 Emerging Trends in Real Estate report, rental apartments will be the highest performing sector of the market in the near future both nationally and in the Denver metro area. Vacancies have continued to decrease while rents have increased in most markets. Apartment vacancy rates in the Denver metro area hit 10- year lows during the third quarter of 2010, a tightening in the market not seen since before the recession (Wallace, 2010). In the third quarter, the apartment vacancy rate, 6.1 percent, was the lowest it has been since the third quarter of Despite these low vacancy rates, there has yet to be an apartment construction boom. In 2010, Denver saw a 70 percent reduction in apartment construction surrounding transit stations compared to Rents still are not high enough to justify construction expenses, according to apartment experts. Landlords need to get rents of $1.25 to $1.30 per square foot to justify building new apartment properties, but they are only getting rents of about $1 a foot (Moore, 2010). Lack of new construction, combined with people relocating to Denver, and a current population unable to purchase a home due to relatively restricted financing are the main contributors to these low vacancy rates. There has been some uptick in apartment construction at the tail end of 2010 however, as the market begins to realize this sector s potential. According to the Metro Denver Economic Development Corporation, developers pulled more permits for apartment units in Septem- 3-7 February 2011

17 ber than they did through all of 2009 (Metro Denver Economic Development Corporation, 2010). There are several other notable reasons more and more people are choosing to rent more instead of buy. Denver has a relatively high population of young people, 31.4 percent between 20 and 34 years old. As younger people are waiting longer to get married and have children, the rush to buy a home is not as strong as it was for previous generations (Dougherty, 2010). According to ULI, Since couples marry and start families later, home buying inclinations from generation Y/echo boomers will not stir and intensify for another ten years. Until then, this large population cohort will rent as they build careers. Additionally, the more than 20,000 residents who are relocating to Colorado annually are also primarily in the demographic segments most likely to rent namely young persons and aging baby boomers. Shift in housing location preferences One major theme in ULI s forecast for 2011 is that more and more people are beginning to favor infill over fringe. A move back in trend is gaining force among twenty-somethings who want to experience more vibrant urban areas and Baby Boomer parents looking for the greater convenience of downscaled lifestyles. Further, ULI states that The overall residential tide is moving from fringe suburbs to urbanizing suburban nodes, and 24-hour downtown cores appear to gain momentum for other economic reasons. You can live more efficiently with less environmental impact in infill areas, says a developer. Fringe suburban developments have been hit the hardest during the recession while the central business districts (CBDs) and areas close to dense, vibrant, urban areas have weathered the storm relatively well. Coming out of the recession, more and more people will regroup in areas where life is easier, more efficient and less car dependent (Urban Land Institute, 2010). The next generation of potential home buyers also favors infill over fringe developments for a variety of reasons. Recent studies highlight that these same twenty-somethings drive less and are less car dependent than the generation before them (Ostroff, 2010). The percentage of new cars sold to 21- to 34-year-olds hit a high of nearly 38 percent in 1985 but stands at around 27 percent today, according to CNW research (Linn, 2010). The lifestyles of this next generation suit driving less than those before. More specifically, the growth of the knowledge economy, typically based in dense urban areas, combined with an increased interest in consuming experiences (rather than focusing on acquiring consumer goods) has contributed to a growth in demand to live in amenity-rich neighborhoods close to employment centers, such as TOD (GWL Realty Advisors, 2010). As a result, apartment and townhouse living near stores and attractions will gain favor with both downsizing baby-boomer parents and their children who want stimulating environments in more urban places. TOD development seems well positioned to capture new residential development as the economy rebounds. Commercial Real Estate While the immediate future of commercial real estate development remains murky, there have been a few positive indicators in what has been an overwhelming negative market. According to Moody s, vacancy rates are stabilizing in the mid-to-low teens and the commercial market is showing signs of improvement. Larger blocks of vacant space have become relatively scarce and ULI points out that 10,000 square feet and below is a sweet spot for making deals for new office development. 3-8 February 2011

18 Retail development has gone through considerable change as the slow recovery continues. For the first time in decades there are no regional malls under construction anywhere in the country. Of the retail centers that are getting built, a leading global real estate services organization (Colliers International) found that neighborhood centers are the dominant type of assets under construction. Other popular formats include freestanding retail (20 percent) and mixed-use (20 percent). Community centers (2 percent) and enclosed malls (2 percent) remain rare (Retail Traffic, 2010). Mixed use neighborhood centers hold the greatest potential moving forward. According to ULI, expect more mixed-use retail concepts involving residential space. As discussed earlier, an aging population wants to drive less and people in general want to shop closer to where they live. Any new retail development will focus on infill, rejecting big bets on emerging locations. Affordable and Senior Housing will continue to lead A quarter of all housing units currently under construction near transit stations in metro Denver are affordable. These housing developments have been able to take advantage of various government assistance programs that enable them to secure financing in today s environment when traditional projects would not. Senior housing as a subgroup within the affordable housing development industry is projected to see significant growth in the coming years. The aging of the American population will continue to be a dominant trend moving forward. Persons 65 years or older numbered 39.6 million in 2009, representing 12.9 percent of the U.S. population. By 2030, the number of people 65 and older will grow to 72.1 million 19 percent of the population in the United States. In parallel to this trend, more and more seniors are choosing apartment lifestyles in more connected, dense areas while living off proceeds from home sales. ULI points out that No doubt, more nursing home and elder care facilities will be needed over the next 20 years as leading-edge baby boomers hit the 85-year-old threshold. But in the meantime, living in pedestrian-friendly, 24-hour neighborhoods probably makes more sense than suburban residences for many ambulatory seniors: they maintain independence and can get to stores and doctors easily. Seniors want options other than the personal automobile to get to the store and to physician offices. Additionally, access to transit offers more freedom to mobility restricted seniors (those unable to drive) than isolated suburban homes, which can be a lonely place without the mobility of the automobile. The opportunity exists for senior housing closely integrated with transit, such as Denver Housing Authority s (DHA) underconstruction 1099 Osage, a 100 unit senior housing development adjacent to the 10th and Osage light rail station. Construction also began in 2010 adjacent to the Yale station when Koelbel and Co. and Mile High Development partnered to build a 50 unit senior affordable housing development. Both projects are expected finish next year. Properties near transit are stronger A property s proximity to transit has increasingly been a substantial contributor to its marketability. In many markets, proximity to transit has shown positive correlations to sale price and demand. For residential development, several studies have been conducted to assess the value premiums that transit, specifically fixed guideway transit such as light rail and streetcar, add to home sales. In seven different locations (Philadelphia, Boston, Portland, 3-9 February 2011

19 San Diego, Chicago, Dallas, and Santa Clara County), value premiums ranged from 6.4 percent to more than 40 percent, but all were consistently favorable (TRB, 2010). Not only are residential properties worth more, but they are also more desirable to would be renters and buyers alike. Grubb and Ellis, a national real estate broker and market analysis firm, found that rents are about four percent higher within a quarter mile of light rail in Denver, and that developers pay about 25 percent more for the land (Jackson, 2010). Large homes in fringe suburbs have considerably fallen out of favor as people now increasingly prefer to live in more dense urban areas, well connected to other centers by means other than the personal automobile. ULI recommends investors to avoid commodity, halffinished subdivisions in the suburban outer edge and McMansions; they are so yesterday. McMansions are the Hummers of real estate. They never made much economic sense given big heating and cooling costs, high property taxes, and large maintenance costs, now they are as obsolete as the cars. Housing commodity subdivisions and more car-dependant areas may take decades to recover peak pricing February 2011

20 4.0 CORRIDOR SUMMARIES Transit-Oriented Development The following sections describe all known station area development and planning activities by transit corridor, beginning with the four in operation today: the Central Corridor, the Central Platte Valley (CPV) Spur, the Southwest Corridor, and the Southeast Corridor. Individual sections then follow for each of the six new FasTracks corridors. Maps of development projects within each corridor are located in Appendix C. 4.1 Central Corridor, Central Platte Valley Spur, Central Corridor Extension The original 5.3-mile Central Corridor and 1.8-mile Central Platte Exhibit 4-1: Central Corridor/CPV Map Valley (CPV) Spur service include some of the busiest destinations in metro Denver: the Central Business District, Lower Downtown (LoDo), Denver Union Station (DUS), Invesco Field at Mile High, Pepsi Center, Auraria Campus, and Five Points (see Exhibit 4-1 for a corridor map). Originally opened in 1994, the Central Corridor brought fixed-guideway transit service back to central Denver after a nearly 45-year absence. Completion of the CPV Spur in 2002 laid the groundwork for DUS to once again become a multimodal transportation hub. Under FasTracks, DUS will serve as the intersection of RTD light rail and commuter rail, RTD local, express, and regional bus service, the 16th Street Mall Shuttle, the future Downtown Circulator, and Amtrak service. Other possible future transportation connections include a revamped Ski Train service and other private interstate and international bus service. As part of the FasTracks plan, the Central Corridor will be extended from its current terminus at the 30th/Downing Station about a mile north along Downing Street to connect to the East Corridor with transfer service to Denver International Airport and DUS. The Central Corridor Environmental Evaluation (EE) was adopted by the RTD Board of Directors in February This project is considered part of RTD s construction ready plan. Construction ready projects are prepared to move forward with final design and construc- 4-1 February 2011

21 tion, but the timing of moving forward is dependent on securing additional revenue sources in the future. The Central Corridor, CPV Spur, and Central Corridor Extension have seen a total of 8,196 residential units, 4,127 hotel rooms, 887,183 square feet of retail, 2,609,933 square feet of office, 103,000 square feet of cultural space, and 197,000 square feet of educational space either completed or currently under construction. An additional 2,604 residential units, 1,230 hotel rooms, 205,651 square feet of retail, 2,093,242 square feet of office, 65,000 square feet of cultural space, and 286,000 square feet of educational space have been proposed. Denver Union Station The acres adjacent to DUS owned by RTD and its partners (CDOT, DRCOG, and the City and County of Denver) represent the pre-eminent TOD opportunity in the entire Denver metro area. The DUS partnering agencies formed the Denver Union Station Partnership Authority (DUSPA) to oversee the financing, construction, and operation of DUS as a multimodal transit hub with authority to issue project bonds and collect revenues, enter into contracts, pay developer management fees, and other project functions, but without taxing power. In February 2010, FTA Administrator Peter Rogoff announced approval of a Railroad Rehabilitation and Improvement Financing Program (RRIF) loan and a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from the Federal government. These two loans provide bridge financing necessary for the construction of the transit infrastructure since the economic downturn has delayed the project s tax increment financing (TIF) revenue. DUSPA subsequently gave Kiewit Construction a Full Notice to Proceed (NTP) in March 2010 to begin major construction activities (see Exhibit 4-2). Exhibit 4-2: DUS Construction Union Station Neighborhood Company continues to make progress on the transit infrastructure elements at DUS. The 16th Street Mall Shuttle and existing light rail platform will be relocated in summer 2011 to make way for the new Union Station Bus Terminal and commuter rail platform. 4-2 February 2011

22 Crews kicked off major construction activities at DUS in March 2010 with work commencing at the new light rail platform and the new underground bus terminal. Crews worked through the summer excavating soil and pouring the foundation for the future 22-bay underground facility. Construction has occurred mainly west of Wewatta Street, with the exception of the temporary Amtrak facility constructed at 20th and Wewatta. In early 2011, Amtrak will move into its temporary facility to allow for major construction activities to begin closer to the historic building. The new light rail platform will be complete in 2011 and the DUS bus terminal and new commuter rail platform are expected to be complete in The Union Station Neighborhood Company (USNC) a joint venture between East-West Partners and Continuum Partners was selected as the master developer for DUS in Part of the revenue for the overall DUS project is generated from the sale of non-transit property to the master developer. While land sales are somewhat behind schedule due to the sluggish economy, USNC purchased their first non-transit infrastructure property, the north parcel, in early IMA Financial plans to move their headquarters into a new 100,000 square foot office building at this location. Construction will begin in 2011 and should be completed in late In conjunction with the construction of transit improvements and USNC s development of the nearby parcels, RTD also began a process in 2010 to explore the future reuse of the DUS historic building. This process incorporates a three pronged approach that solicits input on how the building should be restored from the public, a select group of stakeholders, and a panel of three experts in real estate and historic structure redevelopment. RTD staff will incorporate information from each group into a final recommendation to the RTD Board of Directors on how to proceed with the building reuse. A total of 2,314 residential units, 185,900 square feet of retail, 1,776,833 square feet of office, 27,000 square feet of cultural space, and 248,000 square feet of government have been built within 2,000 feet of the station. An additional 243 residential units, 430 hotel rooms, 166,051 square feet of retail, and 1,781,742 square feet of office are proposed. Among the latest developments: DaVita, a Fortune 500 company, announced plans to relocate their international headquarters to Denver from California in early 2010 and settled on a site next to Trammell Crow s th Street project. The $101 million, 270,000 square foot office building will be complete in The 18th Street Pedestrian Bridge was completed in early The bridge provides a second pedestrian crossing over the Consolidated Main Line (CML) tracks to connect Riverfront Park with the rest of Downtown. Theatre District/Convention Center Station The western edge of Downtown Denver near the Colorado Convention Center and Denver Performing Arts Complex (DPAC) has seen the construction of several high-rise hotel and condominiums in the last five years. The Colorado Convention Center expansion project added 2.2 million square feet of meeting and convention space and realigned the RTD light rail system by combining two 14th Street light rail stations underneath the Convention Center at 14th and Stout Streets. The former Auditorium Theatre was renovated a year later, 4-3 February 2011

23 transforming the historic 36,000 square foot performing arts space into the Ellie Caulkins Opera House, home to the Colorado Ballet and numerous other musical, dramatic, and comedic performances throughout the year. Construction at both the Colorado Convention Center and DPAC has spurred development of several hotel projects along 14th Street. Between 2005 (completion of the Hyatt Regency Colorado Convention Center) and 2010 (completion of the Four Seasons Denver Hotel), some 2,295 hotel rooms have been built along 14th Street between Lawrence and Welton Streets. Private property owners along 14th Street are contributing $4 million to a $14 million streetscape improvement project via a newly created general improvement district. The Better Denver Bond Program, approved by Denver voters in 2007, will provide the remaining $10 million. This project will improve the pedestrian experience by widening sidewalks and introducing new signage and landscaping improvements. The project broke ground in November 2010 and should be completed by the end of The newest developments along 14th Street include: The $300 million Four Seasons Denver was recently completed at the corner of 14th and Arapahoe Streets. The 45-story tower includes 235 hotel rooms and 102 luxury condominiums which sold at some of the highest rates ever seen in the Denver real estate market (see Exhibit 4-3). Exhibit 4-3: Four Seasons Denver The Four Seasons Hotel Denver was completed in late Downtown Denver s fourth tallest building has some of the most expensive real estate ever sold in the Denver metro area. 4-4 February 2011

24 White Lodging completed its Embassy Suites Hotel at the corner of 14th and Stout across the street from the Colorado Convention Center. The $60 million project has 403 hotel rooms (see Exhibit 4-4). Exhibit 4-4: Embassy Suites Embassy Suites opened their newest Downtown Denver location directly across the street from the Theatre District/Convention Center light rail station. Downtown Denver Stations 16th & California, 16th & Stout, 18th & California, 18th & Stout Denver s Central Business District (CBD) has seen a mix of private development projects in recent years. These projects range from hotels to apartments to office space and can be seen throughout the CBD. There have been 1,859 residential units, 4,127 hotel rooms, 548,683 square feet of retail, 833,100 square feet of office, 958,850 square feet of government space, and 2.4 million square feet of convention space built since rail was reintroduced to Downtown Denver. An additional 600 hotel rooms and 300,000 square feet of office space are currently proposed. Westfield Properties has completed construction on its 1800 Larimer project at the corner of 18th and Larimer Streets. The $192 million, 22-story, 500,000 square foot office project now serves at the regional headquarters for Xcel Energy (see Exhibit 4-5). 4-5 February 2011

25 Exhibit 4-5: 1800 Larimer Transit-Oriented Development Westfield Development s 1800 Larimer project was completed in early The 500,000 square foot office building is one of the most energy-efficient buildings ever built in Downtown Denver. Welton/Downing Corridors 20th, 25th, 27th, 29th & Welton Stations, 30th, 33rd, 35th & Downing Stations Since light rail was introduced along Welton Street in 1994, reinvestment and redevelopment projects have spread through the Five Points and Curtis Park neighborhoods. A total of 3,075 residential units (24 percent affordable), 114,600 square feet of retail, and 40,000 square feet of cultural space have been built or are currently under construction. An additional 556 units (41 percent affordable) and 8,000 square feet of retail are proposed. Denver Housing Authority (DHA) s Benedict Park Place redevelopment project is nearing completion at Park Avenue and Washington Street (see Exhibit 4-6). The multi-phase project will introduce a total of 688 units (42 percent affordable) to the former public housing project site when completed in The City and County of Denver initiated a station area planning effort for the Welton and Downing Corridors in late 2009 as part of the Northeast Downtown Area Plan. A small area plan for the Northeast Downtown Neighborhoods study area and a station area plan for the existing light rail stops along Welton Street and future stations along Downing Street will be completed in 2011 as part of this effort. The Welton Corridor, from the 25th and Welton Station up to 30th and Downing, is one of four sites selected in 2010 for RTD s TOD Pilot Program. RTD owns two lots at the corner of 25th and 29th along Welton which were originally purchased for mitigation when the Central Corridor displaced on-street parking. The Pilot Program s focus on more strategic parking management can be leveraged at these 4-6 February 2011

26 locations along with the Five Points Business District s award of State grant funds and the impending redevelopment of the historic Rossonian Hotel to catalyze a truly unique transit oriented community. Exhibit 4-6: Benedict Park Place The Denver Housing Authority (DHA) is nearing completion of its redevelopment at Benedict Park Place near Park Avenue and Washington Street. The 688-unit project is nearly 42 percent affordable. Auraria Pepsi Center/Elitch Gardens, Invesco Field, Auraria West, Colfax at Auraria Stations The Central Platte Valley (CPV) Spur serves some of the most sought-after destinations in and around Downtown Denver. These include the Auraria Higher Education Center (home of the University of Colorado Denver, Metropolitan State College of Denver, and the Community College of Denver), Pepsi Center (home of the Denver Nuggets basketball team, Colorado Avalanche hockey team, and Colorado Mammoth lacrosse team), Invesco Field at Mile High (home of the Denver Broncos football team and Colorado Outlaws lacrosse team), and the Elitch Gardens Amusement Park. Over 40,000 students attend the Auraria Higher Education Center (AHEC) nearly one out of every five college students in the state. The campus is legally restricted from developing residential uses on campus, but is pursuing several public-private partnerships on other projects: Metro State College, partnered with M.A. Mortenson Construction, is moving forward with its $40 million Hotel Learning Center. The 126,000 square foot building will include about 180 hotel rooms, 21,000 square feet of academic space, and 21,000 square feet of conference space. The building will be developed by a nonprofit corporation known as Metro, Inc. created by Metro State s Board of Trustees and financed through tax-subsidized Build America Bonds. The hotel portion of the structure will be staffed by students and faculty but will be a Marriott property and operate as Springhill Suites. The building will be located west of Speer Boulevard and Auraria Parkway and be complete in late February 2011

27 AHEC has also seen new construction as a result of legislative action and a successful Metro State student-backed referendum. The Auraria Science Building, shared by all three AHEC education institutions, expanded in early The $111 million expansion project doubled the size of the old Science Building by adding an additional 197,000 square feet of educational space at Speer Boulevard and Arapahoe Street. Metro State students approved an increase in student fees to fund capital construction projects and other campus initiatives in The first project resulting from the increase in student fees, the Student Success Building, broke ground in late 2010 (see Exhibit 4-7). The 143,000 square foot building will anchor what is being called the Metro State Neighborhood a series of four or five buildings combining essential college functions. The Metro State Neighborhood will be located just west of the Tivoli Student Union at Auraria Parkway between 7th and 9th Avenues. Exhibit 4-7: Student Success Building Metro State College s Student Success Building is paid for through student-approved fee increases. The Student Success Building will help ease overcrowding across the Auraria Campus by consolidating Metro State s administrative offices and other uses into one structure. 10th & Osage Station The Denver Housing Authority broke ground on the 100-unit 1099 Osage project just north of the 10th & Osage Station (see Exhibit 4-8). The $24.8 million senior apartment development is the first stage of the larger $250 million redevelopment of South Lincoln Homes Osage received a $10 million grant as part of the American Renewal and Reinvestment Act (ARRA) and will attempt to achieve Leadership in Energy and Environmental Design (LEED) Platinum designation. As a LEED designated development, 1099 Osage will include environmentally sustainable features such as a geothermal and solar energy system. The City and County of Denver recently adopted the La Alma/Lincoln Park Neighborhood Plan in the fall of The plan will reflect DHA s South Lincoln redevelopment plan and incorporate improved connections between the 10th & Osage Station and the South Santa Fe Arts District. 4-8 February 2011

28 Exhibit 4-8: 1099 Osage Transit-Oriented Development Denver Housing Authority (DHA) is using stimulus funds to construct the 100-unit senior affordable 1099 Osage project directly north of the 10th and Osage Station. The project will utilize geothermal and solar energy systems. Alameda Station Pre-development activity near the Alameda Station stepped up in 2010 as the area prepares for future development. As owner of 72 acres adjacent to the station that includes the Broadway Marketplace shopping center, the Denver Design District (DDD), completed several steps to better position its property for redevelopment. As part of Denver s updated zoning code, the DDD property was rezoned to urban center-mixed use that allows for up to 16- story buildings. The City and County of Denver also approved DDD s General Development Plan for its property, as well as the formation of a metropolitan district. These tools help layout how development will occur near the station as well as provide a means to fund it. The Denver Design District s commitment to redeveloping the property east of the Alameda Station contributed to it being selected as one of RTD s TOD Pilot projects. RTD will work closely with the City and County of Denver and the DDD on ways to incorporate transit agency property with a future development near the station. The DDD is among the furthest along with construction plans near any of the Pilot Project stations and RTD expects a series of discussions on future development to begin in early On the west side of the tracks at Alameda Station, the RTD Board of Directors decided in late 2010 to extend Alameda LLC s option on the former RTD bus barn site another six months. This decision was precipitated by interest from Greyhound in disposing of their downtown facility and potentially relocating to the RTD site. Extending Alameda LLC s option acknowledges the investment the firm put into the site and allows them some time to potentially work out a joint deal with Greyhound. RTD initially granted Alameda LLC an option on the site in I-25 & Broadway Station There continue to be ongoing challenges with development around the I-25 and Broadway station. There is uncertainty about the timing of the environmental cleanup of the Gates site which adds to the overall challenges regarding the future redevelopment of the area. 4-9 February 2011

29 4.2 Southwest Corridor The 8.7-mile Southwest Corridor opened in 2000, extending light rail service from the I-25/Broadway Station through south Denver, Englewood, and Littleton. The FasTracks program will extend the corridor 2.5 miles south to C-470 & Lucent Boulevard, serving Highlands Ranch and Douglas County (see Exhibit 4-9 for a map). The Southwest Corridor Environmental Evaluation (EE) was completed and adopted by the RTD Board of Directors in February This project is considered part of RTD s construction ready plan. Construction ready projects are prepared to move forward with final design and construction, but the timing of moving forward is dependent on securing additional revenue sources. Exhibit 4-9: Southwest Corridor Map The Southwest Corridor has seen limited real estate development over the past decade as it is situated alongside active freight rail service with CityCenter Englewood and Downtown Littleton serving as notable exceptions. CityCenter Englewood, metro Denver s first contemporary TOD, was developed as a public-private partnership in which the City of Englewood redeveloped the defunct and failing Cinderella City Shopping Center into a pedestrian-oriented, mixed-use center. Englewood also moved its city facilities to the new station area. A total of 763 residential units, 663,257 square feet of retail, 50,000 square feet of office, 100,000 square feet of government space, and 40,000 square feet of cultural space have been built along the corridor. Littleton-Downtown Station Tavern Hospitality Group has started construction on their newest location, Tavern Littleton (see Exhibit 4-10). The 8,028 square foot restaurant and bar will open at the corner of Main and Curtice Streets in spring of February 2011

30 Exhibit 4-10: Tavern Littleton Transit-Oriented Development The Tavern Hospitality Group will open its 6th location in Downtown Littleton in The 8,000 square foot restaurant is located 3 blocks west of the Littleton-Downtown Station. Nevada Place has wrapped up construction activities at Nevada Street and Powers Avenue. The 31-unit residential complex was originally planned as a condominium project, but the development program was changed to apartments as poor market conditions persisted through construction. Littleton-Mineral Station Wood Partners (developers of the Glass House near Union Station) have broken ground on Alta Aspen Grove, a 280-unit apartment complex. The project is located directly west of the Aspen Grove Shopping Center and will be complete in February 2011

31 Exhibit 4-11: Southeast Corridor Map 4.3 Southeast Corridor The 19-mile Southeast Corridor extended light rail service from the I-25/Broadway Station through the southern suburbs of metro Denver when opened in The corridor serves southeast Denver, Greenwood Village, Centennial, Lone Tree, and unincorporated Arapahoe and Douglas Counties. A short spur also extends towards Aurora through the Dayton and Nine Mile Stations. FasTracks will extend the corridor 2.3 miles south along I-25 to a future park-n-ride at Ridgegate Parkway and I-25. The Southeast Corridor extension will have stations at the Sky Ridge Medical Center, the future Lone Tree Town Center, and the Ridgegate Parkway Interchange. (see Exhibit 4-11 for a corridor map). The Southeast Corridor Environmental Evaluation (EE) was completed and adopted by the RTD Board of Directors in February This project is considered part of RTD s construction ready plan. Construction ready projects are prepared to move forward with final design and construction, but the timing of moving forward is dependent on securing additional revenue sources in the future. With the exception of the last months, the Southeast Corridor has benefited from a significant amount of development near stations since opening for service in November The corridor connects both of metro Denver s major employment centers Downtown Denver s Central Business District and the Southeast Business District, home of the Denver Technological Center, Inverness Office Park, Meridian Office Park, and the City of Centennial. According to statistics from DRCOG, more than 180,000 people work in these two employment centers, with an additional 30,000 working at points spread along the corridor, including Colorado Boulevard, Evans Avenue, and University Boulevard. A total of 5,512 residential units, 365 hotel rooms, 576,069 square feet of retail, 1,931,551 square feet of office, and 40,000 square feet of cultural space have been built along the 4-12 February 2011

32 corridor. An additional 237 hotel rooms, 42,000 square feet of retail, 900,000 square feet of office, and 120,000 square feet of medical space have been proposed. Yale Station Koelbel and Company and Mile High Development have broken ground on The Apartments at Yale Station, a 50-unit senior housing project adjacent to the platform at Yale Circle and I-25, just south of the station platform (see Exhibit 4-12). The project took advantage of tax credits from the Colorado Housing and Finance Authority (CHFA) and will be complete in Exhibit 4-12: Apartments at Yale Station Koelbel and Co. and Mile High Development are constructing the Apartments at Yale Station providing affordable senior living through Colorado Housing and Finance Authority (CHFA) tax credits. In July of 2010, the Urban Land Conservancy (ULC) completed the purchase of 1.3 acres of vacant land west of the RTD parking lot at the Yale Station. ULC paid for the property using $1.3 million from the Denver TOD Fund and plans to partner with a developer to construct mixed-income housing on the site. Orchard Station Zack Davidson, developer of the Landmark condominium project north of the Orchard Station, was unable to meet the first benchmark in his bankruptcy case in mid Consequently, Hypo Real Estate Capital assumed ownership of the project. The second planned phase of the Landmark project, the 216-unit European Village of Homes, has been cancelled and will not be moving forward. Arapahoe at Village Center Shea Properties will be moving forward with Phase Two of their Village Center Station development in This next phase will include additional office and retail development to support the final three phase buildout of 600,000 square feet of office and 50,000 square feet of retail. In addition to the Shea Properties portion of Village Center, ING will be moving forward with a boutique hotel development in February 2011

33 Dry Creek Station The Inverness West Drive Pedestrian Bridge was completed in 2010, linking the Dry Creek Light Rail Station to Metropolitan Homes Vallagio project east of the station. Its location provides an ideal link to major employment centers and encourages pedestrian, bicycle and light rail use. The $2.5 million project was jointly funded by Inverness Metropolitan Improvement District, Arapahoe County and the Federal Highway Administration American Recovery and Reinvestment Act funds distributed by the DRCOG (see Exhibit 4-13). Exhibit 4-13: Dry Creek Bridge The Inverness Metropolitan Improvement District, Arapahoe County, and the Federal Highway Administration partnered to construct the final leg of the Dry Creek Station pedestrian bridge, providing a direct connection between the station and developments to the east side of I-25. RidgeGate Extension Coventry Development has finished their 244-unit Miramont at RidgeGate project (see Exhibit 4-14). The complex is located just west of the Sky Ridge Medical Center on Ridgegate Parkway. Exhibit 4-14: Miramont at RidgeGate Conventry Development s Miramont at RidgeGate project was completed in The apartment complex is located south and west of the future Sky Ridge Station on the Southeast Corridor Extension February 2011

34 Exhibit 4-15: West Corridor Map 4.4 West Corridor The 12-mile, 11-station West Corridor will be the first FasTracks rail corridor to be complete when opened in RTD commemorated the halfway point of construction in October 2010 with a celebration near the future Knox Station. The West Corridor will add 11 new stations and include the relocation of the existing Auraria West Station to facilitate transfers between the West Corridor and the other light rail corridors. The West Corridor will link Downtown Denver and the Auraria Higher Education Campus (three education institutions serving over 40,000 students) to the residential neighborhoods in west Denver and Lakewood, the Denver Federal Center (a 670-acre campus with 6,000 employees and 4 million square feet of office space with a major expansion planned), Red Rocks Community College s Lakewood campus (serving more than 12,000 students), and the Jefferson County Government Center (a 180-acre campus with nearly 2,500 employees). See Exhibit 4-15 for a corridor map. Major construction activities are continuing throughout the corridor. The 6th Avenue Bridge was rolled across 6th Avenue in May, providing a very visible signal of construction along the corridor (see Exhibit 4-16). Major construction will occur along the length of the corridor as crews move closer to completion. A total of 425,186 square feet of retail, 280,000 square feet of office, and 900,000 square feet of medical space have been built or are currently under construction along the corridor. An additional 29,560 square feet of retail and 109,252 square feet of office space have been proposed February 2011

35 Exhibit 4-16: 6th Avenue Bridge Transit-Oriented Development The 6th Avenue Bridge, a basket-handle arch bridge, was rolled into place in May Construction activities continue along the entire length of the West Corridor. Federal-Decatur Station The City & County of Denver is developing a station area plan for the Decatur Station which is expected to be adopted in There is a large amount of land in public ownership and large tracts of surface parking creating a prime opportunity for TOD. Knox and Perry Stations Denver adopted the West Colfax Plan in September 2006, calling for a new urban neighborhood station zone to allow denser infill development to support transit near the Knox and Perry Stations. As part of Denver s 2010 zoning code update, the land around each station was zoned general urban mixed use and can support development heights of up to 5 stories. Sheridan Station Sheridan Boulevard is the boundary between the City and County of Denver and the City of Lakewood. Approved in 2009, Denver s station area plan for the site describes a need for higher density mixed-income housing closer to the station. As part of this plan s implementation, the Urban Land Conservancy purchased the land under the 62 unit Jody Apartments back in November 2007 and will work with NEWSED, the owner of the building, to redevelop the site. This two acre property will likely be redeveloped into permanent affordable or mixed-income housing following the completion of the West Corridor. Lamar Station The City of Lakewood approved the Lamar Station Area Plan in The plan emphasizes strong connectivity by bike, rail, foot, and bus at this walk up station. The plan calls for enhanced streetscapes and revitalization along West 14th Avenue while encouraging alternative parking solutions through the station area with new development February 2011

36 Wadsworth Station The City of Lakewood has invested local funds to upgrade the design of the Wadsworth station with enhanced urban design features such as unique station canopies and upgraded lighting. These enhancements are part of Lakewood s plan to make the Wadsworth station an identifiable gateway to the City. Garrison Station Weston Solutions broke ground on the first phase of its Garrison Station project at the corner of West Colfax and Garrison Street (see Exhibit 4-17). Phase 1 will have about 30,000 square feet of office space. Phase 2 will contain 13,560 square feet of retail and 109,252 square feet of office space. Phase 2 will be dependant on future market conditions. Exhibit 4-17: Garrison Station Weston Solutions broke ground on their Garrison Station project. The former brownfield site will be developed into a mix of office and retail uses. Oak Station The City of Lakewood has invested local funds to enhance the design of the Oak Station in ways similar to the Wadsworth Station. There is potential to redevelop some large underutilized commercial parcels near the station but market conditions have prevented site specific plans from getting off the ground. Federal Center Station The Romani Group and Catholic Health Initiative completed the OrthoColorado Hospital at the new St. Anthony Medical campus (see Exhibit 4-18). The 88,000 square foot dedicated orthopedic hospital cost $60 million and will eventually employ 200 people. The rest of the 900,000 square feet $500 million medical campus will open in The Cold Spring park-n-ride will close in Summer 2011 to make way for a new light rail tunnel that will travel underneath Union Boulevard just south of 6th Avenue. The facility will 4-17 February 2011

37 relocate to a 15-acre RTD owned parcel south of the eventual Federal Center Station platform and north of the St. Anthony Hospital campus. As the Federal Center Station is one of the four TOD Pilot Program participants, this parcel will play an important role in the future development of the station. The General Service Administration (GSA) owns approximately 40 acres north of the station platform adjacent to the RTD parcel which it is considering making available for private development through a federal land disposition process. As part of the TOD Pilot Program, RTD will work closely with the GSA and the City of Lakewood to position both parcels for joint development within the coming years. Exhibit 4-18: St. Anthony s Hospital Romani Group and Catholic Health Initiative are nearing completion of the new St. Anthony Hospital, the first and only hospital located in Lakewood. The hospital will be directly south of the future Federal Center Station February 2011

38 4.5 East Corridor The East Corridor will extend approximately 23 miles from Denver Union Station (DUS) through the emerging River North neighborhood and along the northern fringes of North Park Hill and Stapleton, into Aurora (a transfer point to the I-225 Corridor), then north along Peña Boulevard to Denver International Airport (DIA) (see Exhibit 4-19 for a corridor map). Exhibit 4-19: East Corridor Map In September 2009, RTD issued a Request for Proposals (RFP) for a publicprivate partnership (PPP) to design, build, finance, operate, and maintain (DBFOM) RTD s two-phase Eagle project. Phase 1 includes final design and construction of the East Corridor to DIA and the Commuter Rail Maintenance Facility near 48th and Fox Streets. Phase 1 also includes final design of the Gold Line. Phase 2 consists of construction of the Gold Line and the Northwest Electrified Segment (NWES) between DUS and South Westminster Station at 71st and Lowell Boulevard. Phase 1 is fully funded under RTD s current budget situation and phase 2 is contingent on RTD receiving over $1 billion from the Federal Transit Administration (FTA) through a Full Funding Grant Agreement (FFGA). In June 2010, RTD selected Denver Transit Partners (DTP) as the Eagle Project Concessionaire. DTP, lead by Fluor, John Laing, and Uberior have started pre-construction activities along the East Corridor following Financial and Commercial Close with RTD in August Ground breaking occurred in late August and major construction should begin in earnest in 2011 while some preliminary construction activities are already underway. A total of 19,000 square feet of retail, 20,000 square feet of office, and 216,322 square feet of government space have been built along the corridor, and an additional 48 condominiums and up to 500 hotel rooms have been proposed February 2011

39 38/Blake Station This station will be a transfer point between the East and Central Corridor, providing connections from the Whittier and Curtis Park Neighborhoods to destinations served along the East Corridor, including DUS and DIA. The City and County of Denver initiated a station area planning effort for the Welton and Downing Corridors in late 2009 through the Northeast Downtown Area Plan. A small area plan for the Northeast Downtown Neighborhoods study area and a station area plan for the existing light rail stops along Welton Street and future stations along Downing Street will be completed as part of this effort. The plan should be finalized in Central Park Boulevard Station Forest City s redevelopment of the area surrounding RTD s park-n-ride facility at Martin Luther King Boulevard and Syracuse Street required RTD to move to an interim location south of the planned Central Park Boulevard Station platform. This interim park-n-ride is located on 36th Avenue between Ulster Street and Central Park Boulevard. The future Central Park Boulevard Station will be located adjacent to Smith Road between Ulster Street and Central Park Boulevard. Building off previous planning efforts, Denver expects to initiate a station area planning process later in The Federal Bureau of Investigation (FBI) moved into their new Denver headquarters in June The highly secure 175,155 square foot facility is LEED certified and includes a 120,000 square foot parking structure. While designed and built for the FBI, the developer retains ownership of the building and will deposit lease payments from the FBI for the next 20 years. Denver International Airport DIA officials and architect Santiago Calatrava unveiled designs for the future DIA Station and accompanying DIA Westin Hotel as part of airport s future expansion (see Exhibit 4-20). The estimated $650 million project includes the 500-room hotel, train station, plazas, and bus terminal as well as an iconic bridge spanning Peña Boulevard just east of its interchange with E-470. The hotel and train station contain nearly 100,000 square feet of development space to help pay for the project. DIA officials are currently reviewing cost estimates to determine if the project can be completed as proposed or if cost-cutting measures need to be exercised. Construction on the hotel and train station will begin in 2011 with the hotel expected to be complete in 2015 and the train station operational when the East Corridor opens in late 2015 or early February 2011

40 Exhibit 4-20: DIA Construction Transit-Oriented Development DIA officials expect to begin construction on the South Terminal Expansion project in 2011, adding a long-awaited hotel, meeting, and additional retail space in addition to the terminus station for the East Corridor. This photo is from the August 2010 East Corridor groundbreaking ceremony February 2011

41 4.6 Gold Line Corridor The Gold Line Corridor will travel 11 miles from Denver Union Station (DUS) through north Denver before turning west into unincorporated Adams County and into the cities of Arvada and Wheat Ridge. The corridor will link Olde Town Arvada with Downtown Denver and the rest of the FasTracks network when complete in 2016 (see Exhibit 4-21 for a corridor map). Exhibit 4-21: Gold Line Corridor Map In September 2009, RTD issued a Request for Proposals (RFP) for a publicprivate partnership (PPP) to design, build, finance, operate, and maintain (DB- FOM) RTD s two-phase Eagle project. Phase 1 includes final design and construction of the East Corridor to DIA and the Commuter Rail Maintenance Facility near 48th and Fox Streets. Phase 1 also includes final design of the Gold Line. Phase 2 consists of construction of the Gold Line and the Northwest Electrified Segment (NWES) between Denver Union Station and South Westminster Station at 71st and Lowell Boulevard. Phase 1 is fully funded under RTD s current budget situation and phase 2 is contingent on RTD receiving over $1 billion from the Federal Transit Administration (FTA) through a Full Funding Grant Agreement (FFGA). In June 2010, RTD selected Denver Transit Partners (DTP) as the Eagle Project Concessionaire. DTP, lead by Fluor, John Laing, and Uberior, have started pre-construction activities along the East Corridor following Financial and Commercial Close with RTD in August Ground breaking occurred in late August and major construction should be begin in earnest in A total of 518 residential units (510 apartments and 8 condominiums), 283,324 square feet of retail, and 55,372 square feet of office have been built with an additional 378 apartments proposed along the Gold Line February 2011

42 Federal Station The TOD Group, LLC has proposed developing 768 residential units, 42,000 square feet of retail, and 203,000 square feet of office space on 21 acres west of Federal Boulevard. The developer and Adams County asked RTD to consider relocating the Federal Station platform west of Federal Boulevard to better accommodate the new development. RTD negotiated with FTA and Union Pacific about moving the station until Adams County withdrew their support for the project in December As a result, the Federal Station will remain on the east side of Federal Boulevard. Despite the station remaining on the east side of Federal Boulevard, the TOD Group will continue to pursue their development plan. Olde Town Arvada Station Along with the Welton Corridor, Alameda, and Federal Center, the Olde Town Arvada station is a TOD Pilot Program participant. Arvada has completed extensive planning and implementation efforts in support of future development around the Olde Town station. The Arvada Urban Renewal Authority contributed over $20 million to support streetscape improvements along Olde Wadsworth Boulevard and Grandview Avenue as well as funds for nearby developments. The City adopted not only a station area plan but also a pedestrian and bicycle access plan, a parking and transportation demand management plan, and an infrastructure financing plan. The City also funded a market study to help facilitate TOD. Currently the City is negotiating with CDOT for a future access to Wadsworth Blvd at 56th Ave in support of planned development around the station. Arvada Ridge Station The City of Arvada approved a 378-unit apartment development just south of the future Arvada Ridge station. The project will be built on 15 acres north of the existing Arvada Ridge Marketplace on Kipling Street. Developer Embry Partners anticipate beginning construction on the project once financing is secured in Ward Road Station The City of Wheat Ridge applied for and won an Environmental Protection Agency (EPA) Smart Growth Implementation Assistance grant in This grant will help the City identify financing mechanisms to fund the infrastructure improvements necessary to support higher density TOD around the station. Wheat Ridge staff have also initiated a process to modify RTD s original design of the Ward Road station. To better facilitate TOD, the proposed design provides more of a grid street pattern in support of the future development as well as the bus and vehicular access to the station February 2011

43 4.7 Northwest Rail/US 36 BRT Corridors Exhibit 4-22: Northwest Rail Map The Northwest Rail Corridor will extend approximately 41 miles from Denver Union Station (DUS) north to Longmont. With seven stations in Westminster, Broomfield, Louisville, Boulder, and Longmont, the corridor is the longest in the FasTracks system (see Exhibit 4-22 for a corridor map). The Northwest Rail Environmental Evaluation (EE) was completed and approved by the RTD Board of Directors in June A small portion of the Northwest Rail Corridor from DUS to the South Westminster Station at 71st and Lowell Boulevard will be built as part of the Eagle P3 Project. In June 2010, Denver Transit Partners (DTP) was selected as RTD s concessionaire. Construction will begin on the Northwest Electrified Segment (NWES) following award of a Full Funding Grant Agreement (FFGA) for the Eagle P3 Project, which is expected in mid The project will begin revenue service in early The remainder of the corridor north and west of the South Westminster Station is included in RTD s construction ready plan. Construction ready projects are ready to move forward into to final design and construction, but the timing of moving forward with design and construction is dependent on securing additional revenues in the future. The US 36 Bus Rapid Transit (BRT) Corridor includes approximately 18 miles of BRT service from DUS north along I-25 in the existing High-Occupancy Toll (HOT) lanes and along US 36 through Westminster, Broomfield, and Superior to the Table Mesa park-n-ride in Boulder (see Exhibit 4-23 for a corridor map). The BRT service will become local service at Table Mesa, terminating at either the Downtown Boulder Transit Center at 14th and Walnut Streets or the Boulder Transit Village at 30th and Pearl Streets. The BRT network along US 36 is being built in two phases with two funding mechanisms. Phase 1, which was completed in 2010, con February 2011

44 structed slip ramps at existing park-n-ride locations along US 36 for buses to leave the general purpose lanes to access bus stops, allowing for easy and quick access back to the highway. Phase 2 improvements are contingent upon the reconstruction of the highway by CDOT and would include a managed lane for transit, high-occupancy vehicles (HOVs) and the potential for HOT lanes along the whole length of the corridor. Exhibit 4-23: US 36 Corridor Map RTD and its partners along the US 36 Corridor applied through the Transportation Investments Generating Economic Recovery (TIGER 1) Program to extend the HOV/HOT lanes from their current terminus at Federal Boulevard north and west towards Boulder. While the application was unsuccessful, the US 36 Coalition did receive $10 million dollars through its TIGER 1 application to use as leverage to apply for a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan. Current plans extend the HOV/HOT lanes from Federal north and west to the Interlocken exit. A total of 1,594 residential units, 262 hotel rooms, 2,325,408 square feet of retail, 259,209 square feet of office, 180,000 square feet of convention space, and 17,373 square feet of cultural space have been built along both corridors. An additional 1,070 residential units, 305 hotel rooms, 110,259 square feet of retail, and 180,000 square feet of office space has been proposed February 2011

45 South Westminster Station The City of Westminster and RTD are working together on the draft of an inter-governmental agreement (IGA) governing the construction of a parking structure and other station area improvements at South Westminster Station. This structure would consolidate the required station parking while freeing up additional land for development. The City of Westminster has already purchased property for the structure and is finalizing an updated TOD-friendly station design. As part of this IGA, RTD will contribute the funds earmarked for the original South Westminster Station while the City of Westminster will finance the remaining amount. US 36 & Broomfield BRT Station. The former Broomfield park-n-ride location at 120th Avenue and Wadsworth was vacated in May 2010 and moved to the parking garage shared with the FirstBank Center (formerly the Broomfield Events Center). The new park-n-ride location has structured parking with more spaces and utilizes new slip ramps and a pedestrian bridge spanning US 36 to provide a smoother commute to Denver and Boulder. The park-n-ride was renamed the US 36 & Broomfield park-n-ride. FlatIrons/96th Avenue Station The FlatIrons Station is located north of FlatIron Crossing, one of the busiest malls in the Denver metro area, and just east of the future ConocoPhillips Global Training Center which is expected to complete its first phase in The station is also just north of the Interlocken Business Park, home to major employers such as Level 3 Communications, Sun Microsystems, and Vail Resorts. A Hyatt Summerfield Suites Hotel has been completed just east of the entrance to the ConocoPhillips Campus (see Exhibit 4-24). The four-story, $12 million hotel has 123 hotel rooms. Exhibit 4-24: Hyatt Summerfield Suites The Hyatt Summerfield Suites was completed in 2010 just north of the 96th/FlatIrons Station and directly east of the future Conoco Phillips Global Training Center February 2011

46 A.G. Spanos Companies has completed their Catania project at Via Varra and Midway Boulevard. The 297-unit apartment complex is located just north of the existing park-n-ride and future rail station. Boulder Transit Village In 2004, RTD and the City of Boulder purchased 11 acres at the corner of 30th and Pearl Streets to relocate the Foothills park-n-ride and develop a new regional bus facility. In the fall of 2010, RTD issued a request for proposals (RFP) soliciting plans from developers interested in constructing the bus facility on RTD s 3.2-acre portion of the site. In addition to constructing the bus facility funded by a $7.8 million grant, developers also have the option of proposing a joint development that includes commercial or residential space adjoining the transit elements. Prior to issuing the RFP, RTD worked with the City of Boulder to include its parcel in two new general improvement districts (GID) that fund transportation demand management programs. RTD s participation in the GIDs ensured that the site would be rezoned to support TOD prior to issuing the RFP, further facilitating a joint development. Five teams submitted responses in December Staff anticipate selecting a wining proposal and initiating contract negotiations in February st and Terry Station The City of Longmont is currently working on an RFP for consultant services for the development of a Downtown Longmont Station Area Plan. The City anticipates initiating the planning process by the second quarter of February 2011

47 4.8 North Metro Corridor The North Metro Corridor will travel approximately 18 miles from Denver Union Station (DUS) northeast through Denver into the Adams County cities of Commerce City, Northglenn, and Thornton (see Exhibit 4-25 for a map). The Draft Environmental Transit-Oriented Development Exhibit 4-25: North Metro Map Impact Statement (DEIS) was released in November 2009 and the Final Environmental Impact Statement (FEIS) and Record of Decision (ROD) is expected in early This project is considered part of RTD s construction ready plan. Construction ready projects are ready to move forward with final design and construction, but the timing of moving forward is dependent on securing additional revenue sources in the future. National Western Stock Show Station With input from the local community, RTD selected the National Western Stock Show Station site in early 2010 as the preferred site over one closer to the Denver Coliseum because of its accessibility to the surrounding neighborhood and redevelopment potential. The City and County of Denver is currently working on the National Western Stock Show Station Area Plan, which is expected to be complete and adopted by Denver City Council in The plan is being completed as Phase 1 of the larger Elyria-Swansea Neighborhood Plan. 72nd Avenue station The only station within Commerce City on the North Metro Corridor presents good visibility from I-76 and nearby large parcels open for redevelopment but it is situated in a largely industrial area with considerable adjacent quarry truck traffic. Although this use is not antici February 2011

48 pated to continue over the long-term, no future redevelopment plans are in place. Commerce City is in the process of updating its Comprehensive Plan with future land use designations that will complement the station in this location assuming annexation from Adams County. 88th Avenue Station A development plan from New Town Builders is in place for Thornton s 88th Avenue Station, providing for multi- and single-family residential units, with some adjacent commercial development. 162nd Avenue Station Thornton Gateway Properties is moving forward with its 135-acre mixed-use development called North End Station. The project is still in the early planning stages, but developers believe the project can support around 3,000 housing units and 750,000 square feet of retail and office space. Groundbreaking on the project is tentatively expected in 2012 or February 2011

49 4.9 I-225 Corridor The I-225 Corridor will extend light rail approximately 10 miles from the existing Nine Mile Station north along I-225 through a new planned Aurora city center into the Anschutz/Fitzsimmons Medical Campus (includes the University of Colorado Health Sciences Center, Colorado Science + Technology Park, the Children s Hospital, the new Denver Veteran s Administration (VA) Medical Center location, and a mixed-use development project), ending at the Peoria/ Smith Station, a transfer point with the East Corridor to either downtown Denver or DIA (see Exhibit 4-26 for a map). RTD completed the I-225 Environmental Evaluation (EE) in Exhibit 4-26: I-225 Map In 2010, RTD completed final design for the corridor section between the Nine Mile and Iliff Stations to help facilitate accelerated construction and ease parking congestion at the Nine Mile Station. Construction timing for this segment and the rest of the corridor is uncertain and dependent on RTD securing access to additional revenue sources in the future. RTD, in partnership with CDOT, submitted a Transportation Investments Generating Economic Recovery (TIGER 2) grant in August While the grant was ultimately unsuccessful, it demonstrates RTD s commitment to securing other sources of funding to build out the I-225 Corridor. Much of the development along the corridor is focused in and around the Anschutz/Fitzsimmons Medical Campus at East Colfax and I-225, site of the former Fitzsimons Army Medical 4-30 February 2011

50 Center. A total of 838 apartments, 153 hotel rooms, 81,793 square feet of retail, 160,000 square feet of office, 5.22 million square feet of medical space, 19,475 square feet of convention space, and 1,379,606 square feet of educational space have been completed or are currently under construction. An additional 767 condominiums, 303 hotel rooms, 265,480 square feet of retail, 62,150 square feet of office, and million square feet of medical space have been proposed along the corridor. Nine Mile Station The Colorado chapter of the National Association of Industrial and Office Properties (NAIOP) has selected Nine Mile Station as the location of 2011 s Rocky Mountain Real Estate Challenge. The University of Colorado and the University of Denver will each prepare a development alternative for a site near the station that will be judged by a panel of experts from the Denver area. CU and DU will present their proposals on May 3rd, Florida Station The City of Aurora held its last public meeting for the Florida Station Area Plan in October Planning staff is currently writing the plan and anticipates a final approval by City Council in June Fitzsimons-Colfax Station Pre-construction activities are continuing on the site of the future Denver VA Medical Center. The Senate Appropriations Committee approved a bill including $451 million for construction of the new facility, which will serve Colorado, Kansas, Nebraska, and Wyoming. The new facility is expected to be open by May The Children s Hospital is in the process of adding 124 beds to its Anschutz Medical Campus facility through a new $228 million expansion project (see Exhibit 4-27). The 350,000 square foot expansion will include space for several different hospital units, including pedatric intensive care and maternal fetal medicine. The project will be completed by the end of 2012 and is expected to add at least 500 permanent jobs to the hospital s 4,000-strong workforce February 2011

51 Exhibit 4-27: Children s Hospital Expansion Transit-Oriented Development Children s Hospital is adding on to their facility at the Anschutz Medical Campus through a $228 million expansion project. The project will add 500 permanent jobs to the hospital. The first phase of Corporex s Fitzsimons Village project is currently under construction on the south side of East Colfax, across the street from the Anschutz Medical Campus (see Exhibits 4-28 and 4-29). The first phase includes a six-floor, 170,000 square foot office building and a 153-room hotel. The first phase is expected to be complete in Corporex has an option on five other parcels with the Fitzsimons Village site and plans call for a conference center and more hotel space. Exhibit 4-28: Fitzsimons Village Corporex s Fitzsimons Village project combines a hotel and offices for Children s Hospital into one development, connected to the Anschutz Medical Campus through a pedestrian bridge spanning East Colfax Avenue February 2011

52 Exhibit 4-29: Fitzsimons Village Transit-Oriented Development Corporex s Fitzsimons Village project combines a hotel and offices for Children s Hospital into one development, connected to the Anschutz Medical Campus through a pedestrian bridge spanning East Colfax Avenue. The I-225 and East Colfax interchange is currently undergoing a $43 million reconstruction project to realign and expand capacity to the highly utilized intersection just east of the Anschutz Medical Campus. The project is expected to be complete in 2011 and will allow for easier access to the Anscutz Medical Campus. Montview Station The University of Colorado Hospital began a $400 million expansion which will construct new operating rooms, double the size of the emergency room and add up to 260 beds in a 12-story, 700,000 square foot tower. The project will be completed in A subsequent $20 million expansion of the University of Colorado Cancer Center will add 36,000 square feet including patient examination rooms and expanded radiation therapy rooms. The University of Colorado has broken ground on a $40 million, 93,000 square foot health and wellness center on the Anschutz Medical Campus. The facility is being partially funded through a $15 million grant from Philip Anschutz. The center will be complete in Opus Northwest has completed the University Physicians, Inc. (UPI) headquarters within the Colorado Science + Technology Park (see Exhibit 4-30). The six-story, 195,000 square foot structure replaces UPI s former headquarters which was located just east of Children s Hospital. That structure will be renovated and integrated into the new VA Medical Center February 2011

53 Exhibit 4-30: UPI HQ Transit-Oriented Development Opus Northwest s University Physician s Inc. (UPI) headquarters will replace their existing located on the south edge of the Anschutz Medical Campus. The old facility will be incorporated into the future VA Medical Center February 2011

54 WORKS CITED Transit-Oriented Development Dougherty, C. (2010, September 29). New Vow: I Don t Take Thee. The Wall Street Journal. GWL Realty Advisors. (2010). Drivers of Apartment Living in Canada for the Twenty-First Century. Jackson, M. (2010, June 14). Apartment seekers willing to pay more to be near light rail. Denver Post. Linn, A. (2010, November 4). Carmakers next problem: Generation Y. Retrieved from msnbc.com: Market, F. a. (2009, July). Newsroom. Retrieved September 2009, from Fresh and Easy Neighborhood Market: Metro Denver Economic Development Corporation. (2010, November). Metro Denver. Retrieved from Monthly Economic Summary, November 2010: metro-denver-economy/monthly-summary/2010/november-2010.html Misonzhnik, E. (2010, October 27). Mall Developers Look to Outlet Centers as New Avenue for Growth. Retail Traffic. Moore, P. (2010, November 10). Apartment vacancies at 3-year low in Denver area. Denver Business Journal. Ostroff, J. (2010, September 14). Generation Y Giving Cars a Pass. The Kiplinger Letter. Pardy, S. M. (2008, May 14). Don t Miss These Hot Retailers at ICSC RECon Co- Star Group News. Rebchook, J. (2010, November 11). Foreclosures down 15 percent. Retrieved from Inside Real Estate News: Retail Traffic. (2010, June 14). Retail Pipeline Remains Dormant. Retail Traffic. TRB. (2010). Relationships Between Streetcars and the Built Environment: A Synthesis of Transit Practice. WASHINGTON, D.C.: TRANSPORTATION RESEARCH BOARD. Urban Land Institute. (2010). Finding Certainty in Uncertain Times. Wallace, A. (2010, November 10). Apartment rental market tightens in Denver/Boulder. The Daily Camera. 1 February 2011

55 Appendix A 2010 APPENDIX A DEVELOPMENT PROJECT TRACKING METHODOLOGY RTD tracks real estate development projects within an approximate half-mile radius of its existing and planned transit station in a TOD database. (See Exhibit 1-1 for a map of FasTracks and existing transit corridors). RTD does not currently evaluate whether project design, orientation and access provide strong pedestrian connectivity to its transit facilities, one of the key definitions of TOD. Because these criteria require some degree of subjectivity, RTD does not comment on each project s consistency with these generally accepted TOD design principles. As a result, RTD s TOD database includes all development within the area of potential transit influence. However, discretion has been exercised regarding projects located on the periphery of the ½-mile radius from a given station. In cases where there is an existing street network and built environment, projects on the periphery have been included. In cases where there are poor street connections or significant pedestrian obstacles (including natural barriers such as waterways or man-made barriers including cloverleaf-style interchanges), projects on the periphery have been excluded. The transit station s influence on a particular development decision is clearly more tenuous in the latter case than in the former. RTD has designated development projects using four status levels: Completed projects already built; Projects currently under construction; Proposed projects either in some phase of development review process with a local government jurisdiction, or with detailed development programs already articulated for each type of use by the developer; and Expected projects announced by a developer or local jurisdiction, but have not yet been submitted for review, or do not yet have detailed development programs. Some of the latter phases of built, under construction, and proposed projects are classified as expected since their final buildout depends on future market conditions. While some proposed projects will be changed based on the review process and market conditions, expected projects are even more speculative. In an effort to represent actual market conditions rather than best-case scenarios, RTD reports on the completed, under construction, and proposed projects, but not the expected projects even if they have detailed development programs. The tracking of development along FasTracks corridors began in November of 2004, when the ballot initiative was passed. Similarly, development along the Southeast Corridor was tracked beginning in November of 1999, when the ballot initiatives to fund the Transportation Expansion (T-REX) project were passed. It is reasonable to assume that the public commitment to fund these transit projects removed enough uncertainty for developers to begin planning real estate projects in the vicinity of expected stations. A-1 February 2011

56 Appendix A 2010 The starting point for inclusion of development in the vicinity of stations along RTD s original Central Corridor, which began operations in October 1994, is Since it was Denver s first operational fixed-guideway rail corridor in nearly 45 years, the Central Corridor was unlikely to influence development decision until its success became apparent. RTD has accounted for this uncertainty with a two-year lag between corridor opening and inclusion of any nearby development in the TOD database. All development projects included in the TOD database for the Southwest Corridor were tracked since the beginning of service in All projects included for the Central Platte Valley Spur were tracked since 2001, when RTD purchased Denver Union Station with the City & County of Denver, the Denver Regional Council of Governments, and the Colorado Department of Transportation. Information in RTD s TOD database is gathered from a variety of sources, including: Published or broadcast news reports; Meetings and interviews with individual real estate developers; Meetings and interviews with planning and development staff from local government jurisdictions; and Other published reports, studies, and plans. RTD verifies data accuracy and provides periodic updates by confirming details with individual developers and local jurisdictions. Historical data for the Central Corridor was obtained from research provided by the Downtown Denver Partnership, Grubb & Ellis, Denver Urban Renewal Authority, Denver Housing Authority, and a variety of websites. It should be noted that some projects which were included in previous TOD Status Reports have been removed from the database because of changes in the status of individual corridors (i.e., changes in station location or the elimination of proposed stations, or finalization of development location) and further investigation that determined that some projects were outside the ½-mile radius of a station area.). Because of the large number of development projects captured within the regional scope of FasTracks and the volatile nature of real estate development due to market, regulatory, and community processes, it is possible that some of the information in RTD s TOD database is not completely up to date at the time of publication. While it is not humanly possible to have a completely accurate picture of so many projects simultaneously, RTD believes its published reports have a reasonable enough degree of accuracy to provide a representative view of development near transit in the Denver region. A-2 February 2011

57 APPENDIX B TOD DEVELOPER SURVEY DECEMBER 2010 Appendix B 2010 Methodology As part of the 2009 TOD Status Report, RTD developed an online survey to gather developers thoughts on which types of projects were affected by the downturn the most, ideas of how RTD could help, and estimations on recovery time. This survey was sent to 70 different developers and was successful in helping better understand the scope of the issues facing TOD. In order to assess the current perceptions of TOD developers, the annual survey was revised with more focused questions for the 2010 report and sent to a list of real estate developers in the Denver metro area that were identified by RTD staff. A total of 34 responses were received resulting in a 59.6 percent response rate which is excellent for an online survey. Development Specialization Respondents were asked to identify which type of development in which they specialize. A majority of respondents identified themselves as mixed-use developers. Overall, the survey captures a wide array of developers from all sectors. Percentage of Respondents 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% What specific type of development do you specialize in? a. Residential b. Commercial c. Mixed-use d. Other (please specify) B-1 February 2011

58 Appendix B 2010 Developer s Market Confidence Respondents were asked to assess the confidence they have in the current real estate market. According to the survey, residential for lease development is considered to be somewhat better compared to last year, however residential for sale development is seen as slightly worse as compared to last year. Overall none of the market conditions for the various property types are thought to be much better than last year. 5 = Much better to 1 = Much worse Residential for lease In your opinion, how are market conditions now for the following property types compared to last year? Residential mixed Office Retail Residential for sale Projected Project Advancement Current economic and market conditions have prevented many projects from obtaining the financing necessary to enter development. An overwhelming majority of respondents indicate that it will be more than 1 year before their projects will progress to the next phase of development. Not a single respondent indicated that projects will advance to the next phase of development in the next 6 months. When do you expect projects that are currently on hold to enter the next phase of development? 0.0% 6% 3% Less than 6 months 6 months less than 1 year 1 year less than 2 years 2 or more years Not sure/ Don't know 44% 47% B-2 February 2011

59 Appendix B 2010 Investment Factors Respondents indicate that current market potential in the station area was the most important factor in deciding to invest in developments near light rail stations. The ability to partner with RTD owned land for joint development is the least important factor in deciding to invest near RTD light rail stations; however each factor is rated at least somewhat important. 5 = Most impoertant to 1 = Not at all imprortant Current market potential in station area is high. In your opinion, how are market conditions now for the following property types compared to last year? Project is within an existing or funded corridor under construction. Futher commitment by local jurisdiction shown by enacting TOD supportive zoning or contributing funds to capital improvements. 3.9 Jurisdiction has a station area plan adopted. 3.7 Ability to partner with RTD owned land for a joint development. B-3 February 2011

60 Appendix B 2010 Parking Near Light Rail Respondents were asked to evaluate the viability of reducing the parking requirements for different types of development if located near a station. For retail development near light rail stations, the overwhelming consensus is the same amount of parking is needed. For office, residential for lease, and residential mixed income/affordable development, the consensus is that 25% less parking is appropriate if located proximal to light rail transit % 90.0% 80.0% 70.0% 60.0% 72% How much less parking is required a development within walking distance of a light rail station to reamin viable compared to a similar development not near a station? 69% 69% The same amount of parking, 25 percent less parking, Half the parking, 75 percent or higher less parking Not sure/ Don't know 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 24% 3% 0%0% 17% 3% 0% 3% 45% 38% 17% 3% 0% a. Retail b. Office c. Residential for sale 21% 10% 10% 7% 0% d. Residential for lease 41% 28% 14% 7% e. Residential mixed income/affordable B-4 February 2011

61 Appendix B 2010 Proximity to Transit and Vacancy Respondents were asked to assess the effect which proximity to transit has had on vacancies during the economic downturn. A majority of respondents either strongly or somewhat agree that properties located proximal to transit have maintained higher revenues and lower vacancies during the economic downturn. In your experience, do you agree with the following statement?: Developments within walking distance to transit have experienced lower vacancies and maintained higher revenue during the economic downturn? 0.0% 11.8% 0.0% 8.8% 41.2% 38.2% 5 = Strongly agree 4 = Somewhat agree 3 = Neither agree nor disagree 2 = Somewhat disagree 1 = Strongly disagree Not sure/ Don't know RTD s Role in TOD Lastly, respondents were asked to assess RTD s role in TOD. A majority of respondents agree that RTD should play a larger role in TOD. A very small percentage of respondents believe that RTD should play a smaller role in TOD. What is you overall impression of the role RTD has taken concerning TOD? 3.0% RTD should be less involved in TOD RTD s involvement is about right 18.2% 24.2% I would like to see RTD have a larger role in TOD Not sure/ Don't know 54.5% B-5 February 2011

62 Appendix B 2010 B-6 February 2011

63 FEDERAL BLVD TOD Projects by Status and Type - Central & CPV Corridors Appendix C 2010 NWSS/Coliseum Station 85 Station COLFAX AVE 6TH AVENUE FWY Federal Boulevard Station 38TH AVE GF ") ") ") GF #* #* #* GF GF GF GF #* #* GF GF Denver Union Station GF #* #* #* #* ") #* GF #* #* #* GF 18th & Stout Station #* GF #* GF GF 20th & Welton ") Station 18th & California #* Station 16th & Stout Station GF GF #* ")GF #*#* 16th & California #* Station #* #* #* #* Mile High Station Convention Center Station GF #* #* Auraria West Station GFGF #* GF GF Auraria Station Pepsi Center/Six Flags Station 10th & Osage Station ALAMEDA AVE ") GF 25 BLAKE ST GF GF KALAMATH ST #* 41st Avenue Station FOX ST 23RD ST SPEER BLVD SANTA FE DR 25 #* BLAKE ST PARK AVE ") BROADWAY Alameda Station LINCOLN ST LARIMER ST Denver County I-25 & Broadway Station 38TH ST SPEER BLVD GF BRIGHTON BLVD LAWRENCE ST denver 35th and Downing#* 33rd and Downing 29th & Welton Station 27th & Welton Station 25th & Welton Station PARK AVE 38th and Blake Station 30th & Downing Station COLFAX AVE 1ST AVE 40TH AVE 85 Colorado Boulevar COLORADO BLVD Project Status and Type ( Completed * Expected F Proposed ) Under Construction " Hotel " Institutional " Mixed " Office " Residential " Retail Corridor Type Bus Rapid Transit Commuter Rail Existing Light Rail Light Rail Rail Station Half Mile Buffer COLORADO BLVD 70 COLFAX LEETSDALE DR Miles glen Louisiana Station C-1 February 2011

64 Appendix C 2010 TOD Projects by Status and Type - Southwest & Southeast Corridors 1ST AVE ALAMEDA AVE Alameda Station I-25 & Broadway Station Louisiana Station #* Evans Station denver University Station #* ") #* LEETSDALE DR glendale Colorado Center Station PARKER RD HAVANA ST mar 285 FEDERAL BLVD BOWLES AVE sheridan ") Englewood Station #* englewood Oxford Station Littleton Station Bates Station BROADWAY HAMPDEN AVE cherry hills village Arapahoe County Yale Station #* BELLEVIEW AVE greenwood village Belleview Station Nine Mile Station Southmoor Station #* Dayton Station #*#* #*#*#* Orchard Station 225 columbine valley littleton ") Mineral Station UNIVERSITY BLVD Project Status and Type ( Completed * Expected centennial F Proposed ) Under Construction " Hotel #*#* GF #* #* GF#* Arapahoe Station 25 ARAPAHOE RD Dry Creek Station 85 SANTA FE DR C470/Lucent Blvd Station #* highlands ranch C 470 Douglas County " Institutional STATE HWY C 470 " Mixed " Office " Residential " Retail Corridor Type Existing Light Rail Future Light Rail Rail Station Half Mile Buffers acres green Sky Ridge Station County Line Station #* #* Lincoln Station heritage hills GF#*#* #* lone tree carriage club ") meridian Lone Tree Town Center Station Ridge Gate Parkway Station TITAN RD Miles C-2 February 2011

65 WADSWORTH BLVD SANTA FE DR ALAMEDA AVE 6TH AVENUE FWY Appendix C 2010 TOD Projects by Status and Type - West & Gold Line Corridors da Project Status and Type golden golden west pleasant view applewood Jefferson Government Center Station east pleasant view ") #* Arvada Ridge Station GF Ward Road Station #* #*#* arvada wheat ridge Federal Center Station GF ") #* Olde Town Station #* Sheridan Station lakeside mountain view edgewater #* GF #* GF South Westminster Station berkley Pecos Station Federal Station 41st Avenue Station #*#* #* #* #* GF sherrelwood DENVER BOULDER TPKE GF 287 twin lakes GF GF north wa Denver Union Station Red Rocks Community College Station Oak Street Station Garrison Street Station Wadsworth Boulevard Station Lamar Street Station Sheridan Boulevard Station Perry Street Station Federal Boulevard Station Knox Court Station FEDERAL BLVD KIPLING ST WARD RD INDIANA ST ( Completed * Expected F Proposed ) Under Construction " Hotel 64TH AVE " Institutional " Mixed " Office " Residential " Retail Bus Rapid Transit Commuter Rail Existing Light Rail Future Light Rail Rail Station Half Mile Buffers Miles «58 64TH AVE 76 38TH AVE SPEER BLVD COLFAX AVE LINCOLN ST WADSWORTH BLVD BROADWAY 25 6TH AVE Alamed C-3 February 2011

66 74TH AVE Appendix C 2010 northglenn 104th Station 104TH AVE Adams County commerce city 88th Station on orth washington welby derby 72nd South Station commerce city DIA Station n Station 85 #* Colorado Boulevard Station GF #* #* 40TH AVE #* GF Central Park Blvd Station #* 38th and Blake Station Peoria Station GF 40th and Airport Station 225 denver Denver County Montview Station Colfax Station 13th Avenue Station aurora 2nd Avenue/Abilene Station City Center Station ") s COLFAX AVE 6TH AVE TOD Projects by Status and Type - East Corridor HIGHWAY 2 E 470 PENA BLVD «2 Project Status and Type ( Completed * Expected F Proposed AIRPORT BLVD COLORADO BLVD TOWER RD PARK AVE 1ST AVE LINCOLN ST HAVANA ST BROADWAY COLFAX AVE 70 ) Under Construction " Hotel " Institutional " Mixed " Office " Residential " Retail Corridor Type Bus Rapid Transit Commuter Rail Existing Light Rail Light Rail Rail Station Half Mile Buffers Miles HIGHWAY 30 C-4 February 2011

67 107TH ST Appendix C 2010 TOD Projects by Status and Type - NorthWest Rail/US 36 BRT Corridors (Southern Section) 287 erie ARAPAHOE RD tion DENVER BOULDER TPKE 95TH ST 96TH ST Downtown Louisville Station #*#* 287 lafayette #* EMPIRE RD BASELINE RD Boulder County «7 NORTHWEST PKWY 168TH AVE NORTHWEST PKWY 25 #* louisville US36/McCaslin Station 112TH ST superior #* GF 287 Flatirons Crossing Station GF broomfield Broomfield County ( Completed * Expected F Proposed ) Under Construction " Hotel " Institutional " Mixed broomfield WADSWORTH PKWY «128 DENVER BOULDER TPKE #* GF GF US36/116th BRT Station GF #* GF #* Church Ranch Station westminster FEDERAL BLVD 120TH AVE northglenn " Office " Residential arvada " Retail Bus Rapid Transit Commuter Rail HIGHWAY 72 Existing Light Rail Light Rail Rail Station INDIANA ST Half Mile Buffer Miles WADSWORTH BLVD #* GF #* federal heights Westminster Center Station #* #* sherrelwood South Westminster Station twin lakes 25 64TH AVE 64TH AVE arvada C-5 February 2011

68 107TH ST Appendix C 2010 TOD Projects by Status and Type - NorthWest Rail/US 36 BRT Corridors (Northern Section) «7 FOOTHILLS HWY FOOTHILLS HWY longmont Downtown Longmont Station 107TH ST MAIN ST 287 3RD AVE Project Status and Type DIAGONAL HWY niwot MINERAL RD ( Completed * Expected F 287 Proposed ) Under Construction " Hotel 107TH ST " Institutional Gunbarrel Station " Mixed 28TH ST gunbarrel 287 " Office " Residential BROADWAY ST « TH ST " Retail Corridor Type 287 Bus Rapid Transit Commuter Rail erie «7 CANYON BLVD GF GF boulder Boulder Transit Village ARAPAHOE AVE ARAPAHOE RD 95TH ST 287 Existing Light Rail Light Rail Rail Station Half Mile Buffers Miles BASELINE RD BROADWAY ST Table Mesa Station MARSHALL DR DENVER BOULDER TPKE US36/McCaslin Station #* louisville #* Downtown Louisville Station #*#* lafayette EMPIRE RD Boulder County 112TH ST NORTHWEST PKWY C-6 February 2011

69 4TH AVE Appendix C 2010 «7 168TH AVE NORTHWEST PKWY TOD Projects by Status and Type - North Metro Corridor HIGHWAY 7 northglenn #* 162nd West Station 160TH AVE brighton BRIDGE ST todd creek «51 144th West Station E 470 SABLE BLVD thornton 120TH AVE 124th Station brighton «51 «51 120TH AVE 112th West Station 85 northglenn 25 #* #* 88th Station 104th Station 104TH AVE Adams County Project Status and Type ( Completed * Expected F Proposed ) Under Construction " Hotel " Institutional derby " Mixed sherrelwood twin lakes 70TH AVE welby HIGHWAY 224 «2 72nd South Station " Office " Residential " Retail Corridor Type 85 commerce city Bus Rapid Transit Commuter Rail ley north washington Pecos Station Existing Light Rail Light Rail Rail Station st Avenue Station 25 * NWSS/Coliseum Station Colorado Boulevard Station #* Central Park Blvd Station GF #* NorthMetro_buffers Miles C-7 February 2011