PLANNING AND IMPLEMENTING TOD: KEY FACTORS FOR SUCCESS. Sujata Srivastava Knowledge Corridor TOD Workshop June 5, 2013

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1 PLANNING AND IMPLEMENTING TOD: KEY FACTORS FOR SUCCESS Sujata Srivastava Knowledge Corridor TOD Workshop June 5, 2013

2 6-year old partnership dedicated to improving practice through technical assistance, research, and policy reform Creating a national marketplace for TOD, working with cities, transit agencies, developers, investors, and communities Developing new tools and collaborative and equitable planning models Online Clearinghouse of TOD + Transit Best Practices

3 Presentation overview Benefits of TOD Corridor examples and factors for success Local strategies Concluding thoughts

4 Benefits of TOD

5 Transit Ridership at 40 Year High! Up 32% Since 1995

6 Transit expansion projects in nearly every state Source: Center for Transit-Oriented Development

7 Changing demographics are driving demand Demographic groups growing most quickly use transit more Singles will soon be the new majority 55% of households by 2030 Echo Boomers are now one-third of the population Almost half the U.S. population will be non-white by 2050

8 Growing recognition of benefits of TOD Reduced auto dependence and greenhouse gases Reduced transportation costs Creating a sense of place Housing diversity Connections to jobs Health and equity Economic development

9 Benefits to households

10 Benefits to businesses Jobs near transit Employment by sector in station areas compared to regions overall 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 30% 25% 20% 15% 10% 5% Transit Regions Transit Sheds 2,000, % Source: Center for Transit-Oriented Development

11 This can translate into higher property values. Land Use Single Family Residential Range of Property Value Premium +2% w/in 200 ft of station to +32% w/in 100 ft of station (San Diego Trolley, 1992) (St. Louis MetroLink Light Rail, 2004) Condominium +2% to 18% w/in 2,640 ft of station (San Diego Trolley, 2001) Apartment +0% to 4% w/in 2,640 ft of station to +45% w/in 1,320 ft of station (San Diego Trolley, 2001) (VTA Light Rail, 2004) Office +9% w/in 300 ft of station to +120% w/in 1,320 ft of station (Washington Metrorail, 1981) (VTA Light Rail, 2004) Retail +1% w/in 500 ft of station to +167% w/in 200 ft of station (BART, 1978) (San Diego Trolley, 2004) Source: Center for Transit-Oriented Development

12 And stronger fiscal health for local governments Building Better Budgets Infrastructure Savings - 42% in Champaign, IL Lower service costs - Reduction of 13% in Nashville, TN Higher tax revenues - Increase of 350% in California Source: Smart Growth America and Strategic Economics

13 TOD Success Factors

14 TOD at the Corridor Scale Destination Connectors Commuter Corridors District Circulators

15 The Minneapolis- St Paul Central Corridor Townhouses Condominiums Live/Work Lofts

16 Pittsburgh Typology

17 Lessons learned from peer regions Charlotte Cleveland Pittsburgh Twin Cities Denver Medium size regions Similar industry mix Strong knowledge-based and eds/meds economies Some are slower growth places All have successfully implemented TOD in existing and new stations

18 Peer regions: industry mix 100% 40.0% Percentage of Jobs by Industry Group 90% 80% 70% 60% 50% 40% 30% Other Retail Health Care and Social Assistance Industrial Entertainment Public Admin. Half-Mile Transit Shed Share of Region Jobs 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 20% Education 10% Knowledge-Based 0% Cleveland Pittsburgh Charlotte CRCOG/PVPC Region of Transit Shed Industry Group Cleveland Pittsburgh Charlotte CRCOG/PVPC

19 Development trends on 3 new rail corridors Hiawatha Line (Minneapolis) Southeast Corridor (Denver Region) Blue Line (Charlotte)

20 Significant amount of development in station areas along these lines 12,000,000 Estimated Square Feet of New Development 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 Minneapolis Hiawatha Line ( ) Denver SE Corridor ( ) Charlotte Blue Line ( ) Commercial Residential

21 But the pattern of development is uneven Hiawatha Line Context of Opportunity Sites and Development Downtown/Urban Center Suburban Center 0% 50% 100% Legacy Industrial Area Mixed-Use Neighborhood Commercial Corridor Industrial/Distribution Area Percent Vacant/ Underutilized Share of Development Low Density Residential Major Greenfield/Infill Other

22 What types of places attracted development? YES In or near downtowns or employment centers Legacy industrial districts Districts where plans were in place and strategic investments were made NO Small infill sites on strip corridors Very large greenfield sites on the edge Large formerly industrial sites

23 BRT - Cleveland Health Line BRT line opened in 2008 Connects major employment centers along Euclid Avenue (Eds/Meds) RTA moved existing Red line stops Cleveland Clinic hospital and Cleveland State University redesigned campus Cleveland Clinic partnered with University Hospital to rebrand HealthLine + 5,000 jobs ~$5 billion in new development Source: New York Times

24 Factors that determine where development happens Market conditions (of course) Frequency & quality of transit service NOT TECHNOLOGY! Proximity to employment centers Accessibility by many modes (car, bike, ped) Planning and place-making

25 Local strategies for TOD

26 TOD is not one size fits all! Plan and build to your market / context Building Type Example Townhome Townhome Multifamily 2-3 stories Multifamily 2-3 stories Multifamily 4-5 stories Urban Block/Texas Wrap Parking Approx. Density/ac. Surface Park 20 Tuck-under/ Garage 30 Surface/ carport 35 Garage 45 Podium/ Garage 75 Wrapped Garage 90 Const. Type Wood frame Wood frame Wood frame Wood frame Wood frame Over concrete Wood frame

27 Common perception of density Developer Profit in Jillions $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $ Density

28 But in reality higher density projects can be less profitable to developers b1 b1 b2 b2 b3 b3 b4 b4 Stories Underground Parking Units FAR 55' 75' 85" 100' 120' 140' 180' Seventeen Five story Seven story Seven story Nine story Eleven story Thirteen story story Story 7-Story 7-Story 9-Story 11-Story 13-Story 17-Story

29 Sometimes removing regulatory barriers can make a big difference $70 3-Story Residential Building (in millions of dollars) $70 5-Story Residential Building (in millions of dollars) $60 $60 $50 $50 Land Costs $40 $40 Other Costs 1 $30 $20 $10 Land Costs Other Costs 1 City Fees Construction Costs $30 $20 $10 City Fees Construction Costs $0 Construction Costs Developer Revenues $0 Construction Costs Developer Revenues 1 "Other costs" include design, legal, financing, and marketing, and other "soft" costs. Source: Strategic Economics

30 Providing incentives can also make a big difference Standard parking ratios Residual Land Value per SF $50 $0 ($50) ($100) ($150) Townhome 4 Stories over Podium ($200) Units per Acre Urban block with wrapped parking garage 6 Stories + Source: Strategic Economics 2010

31 Providing incentives can also make a big difference Reduced parking ratios: Townhome 4 Stories Urban block over Podium with wrapped 6 Stories + parking garage Residual Land Value per SF $50 $0 ($50) ($100) ($150) ($200) Units per Acre Source: Strategic Economics 2010 New Partners for Smart Growth February Conference 6,

32 Public realm improvements are critical for spurring private investments in slower markets Category Type Description Impact Surface Streetscape General streetscape improvements 28% increase in home values Surface Open space Presence of neighborhood parks and playgrounds 3 15% increase in home values Surface Walkability Walkscore improved from 20 to 80 points 54% price premium for office and retail property Site Site remediation Remediation of brownfield sites 3 11% increase in housing prices Transit Transit Proximity to transit Transit Transit Proximity to transit 2 32% price premium for single family homes 1-120% price premium for commercial real estate

33 Concluding thoughts

34 Lesson 1: There is no single recipe for success There is no one set of tools or strategies for implementing TOD

35 Lesson 2: Have a plan that reflects market realities Having an implementable plan in place makes it easier for projects to be shovel ready.

36 Lesson 3: Partnerships are essential Look for partners who benefit from TOD like major employers, universities, hospitals, community groups.

37 Lesson 4: Look for long-term value Simple neighborhood improvements can pay dividends over the long-term, especially with respect to property values and retail sales.

38 Lesson 5: Leadership is Essential All successful projects have champions, but they also have implementers. Both are essential.

39 Resources Center for Transit-Oriented Development Rails to Real Estate, 2010 Transit and Regional Economic Development, Strategic Economics, Infrastructure Financing Options for Transit-Oriented Development (funded by U.S. EPA) Smart Growth America, Building Better Budgets,

40 Early Research on the Economic Benefits of BRT Pittsburgh, PA: A single-family home 1,000 feet away from a station is valued approximately $9,745 less than a property 100 feet away, all else equal (Perk and Catala) Boston Silver Line: A condo 1,000 feet away from a station sells for $45 per square foot less than a condo 100 feet away, all else equal (Perk) Eugene, OR: Between 2004 and 2010, the number of jobs within 0.25 miles of the EmX BRT line grew by 10%, while jobs in the metro area declined by 5% (Nelson et al.) The EmX BRT line. Source: Lane Transit District,

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