Charlotte LYNX Blue Line Economic Development Impact and Land Use Patterns National Governors Association Policy Academy on Shaping a New Approach to Transportation and Land Use Peter Zeiler Economic Development Division Neighborhood and Business Services
Planning Overview Growth Framework: Centers, Corridors, and Wedges Long-term growth and development framework Three geographic classifications: Activity Centers, Growth Corridors or Wedge Encourage higher density development in Centers and Corridors and lower density in Wedges Outlines desired characteristics of future development in each area
LYNX Blue Line Opened November 2007 9.7 miles 15 total stations of light rail in existing rail ROW 7 Park and Ride stations 2010 actual ridership: 15,000 16,000 daily rides o 2010 projected 9,500 o 2019 projected 15,450 $465 MM construction cost $50 MM companion infrastructure program
Main Land Use Types Uptown Center City core Southend - Scaleybark aging industrial and residential Madison Park Starmount aging retail / commercial and residential South Charlotte new strip retail and newer residential
South Corridor Improvement Program $50 million bond issue separate from LYNX construction and funding Enhance connectivity to transit stops Create new Upgrade existing 0.5 mile of new street network 5.5 miles of street enhancement 9 miles of pedestrian and bicycle access 6 Signature intersections 16 miles of new sidewalk 12 Enhanced intersection projects
South Corridor Improvement Program
South Corridor Improvement Program
TOD Response Uptown little to no response, own market Southend - Scaleybark very strong response Madison Park Starmount some response, SCIP enabled South Charlotte very strong Park n Ride use
Transit Response - Development Development Impacts through June 2010 Proposed Under construction Completed Total Construction (millions) $945 $490 $451 $1,886 Acreage 161.43 46.43 40.60 248.47 Residential Units 3,257 2,206 1,196 6,659 Retail SF 423,300 16,550 221,391 661,241 Office SF 571,300 16,421 222,251 809,972
Transit Response - Land Value Land Value Impacts 65 land sales in six years (2003-2009) 11 Paired land sales Rezoned TOD: 36% 143% annualized increase Not rezoned: 5% - 16% annualized increase
Transit Response Land Value $1.88 B Total Projected Investment (2005-2013) Annual Tax Revenue: $20.4M City Tax Revenue: $ 7.1M County Tax Revenue: $13.3M Does not include increased revenue from land appreciation
TOD: The Ashton COMPLETED
TOD: The Circle COMPLETED The Circle Leed Certified 360 Units Street retail Aug. 09 Open Brownfield site ROW Encroachment
TOD: THE CIRCLE
TOD: Many Different Forms
TOD: Developer Agreements ROW Encroachments in exchange for: Enhanced design Higher density Screening of traction power substation
Recession Reaction - Infill Small scale infill Quarter to one acre sites active in sale market as owners realize assembly unlikely in near to mid horizon Regional banks actively looking for $1M-$5M deals Quicker and easier absorption Boutique feel appealing to buyers & tenants
Reaction - Infill
Recession Reaction - Reposition Developers are redesigning projects Trinity Townhomes was 80 unit, 5 story mid rise now 6 clusters of 12 townhouses Clusters being sold sequentially for easy take down Wider sales market as units now FHA eligible
Recession Reaction Prepare for Rebound Developers are moving forward with infrastructure Developers with liquidity are positioning projects to be first to market
TOD: Scaleybark Joint Development Project BEFORE South Boulevard
TOD: Scaleybark Site Public / Private Decked Park and Ride Affordable Housing Open Space Private Residential Retail / office / mixed Hotel
Lessons Learned Transit enhances markets, does not create markets Each community is unique - no set formula for TOD What makes a place hasn t been codified It s a marathon, not a sprint Process takes time there will be bumps!