Download - Capital Metro Transit Oriented Development
June 2010 update
Transit Oriented Development
Transit Oriented Development- Why?
Ridership— TOD housing provides riders. TOD commercial and retail developments provide destinations.
Revenue— Sales tax. Development revenue. For other local governments, property tax.
Community choice— TOD adds another lifestyle choice to the regional portfolio
Who Lives in TODs Now?
Majority of TOD residents are adult households– Empty-nesters – Young urban professionals
TOD households tend to be higher income– Reflective of newer construction– Property values shown to be ~10% higher within ¼ mile of
transit
TOD households own fewer cars– Twice as likely not to own a car– Tend to own roughly ½ as many cars as the “average” US
household
2025 TOD Market: 14.6 m households
9%
15%
64%
12%Singles & Couples without children
Married couples w/ children
Other households w/o children
Other households w/ children
Source: Center for Transit Oriented Development
TOD and the Future Elderly
71% of older households want to live within walking distance of transit. —AARP survey
More than 600,000 people aged 70 and older stop driving each year and become dependent on others for transportation.—GAO Driving Life Expectancy Report
“Home buyers aged 45 and older who prefer dense, more compact housing alternatives will account for 31 % of total homeowner growth during the 2000-2010 period.” —Housing Policy Debate, Fannie Mae Foundation
Transit Oriented Development
What is it and how is it different from conventional development?
TOD = Traditional Neighborhood Development
Connected streets
Short blocks
Mixed uses
Mixed housing types
Density gradient
Ability to evolve with the market
Traditional Neighborhood Development
Conventional Development
Transit and Development: Connecting the two
Both designs provide
Same land uses
Same transit
Same parking
One is walkable neighborhood
One is car-access only
Source: PB PlaceMaking
Transit Oriented Development
Density—Urban development, not suburban
Diversity—Mixed use, mixed income
Design—Walkable development
Density—Urban development, not suburban
Diversity—Mixed use, mixed income, mixed everything, as many people and activities as possible
Design—Walkable, pedestrian friendly
Transit Oriented Development
Capital Metro
MetroRail TOD Projects
Each Station is unique in its place, opportunities, and challenges
Station TOD updates•Leander•Crestview•MLK, Jr.•Plaza Saltillo
Leander StationPlace: Leander, one of the fastest growing towns in the region, adopted an award-winning form-based code in 2005.
Opportunities: Mixed use town center, adjacent to new ACC campus.
Challenge: Financing parking garage for replacement parking.
Status: Development partner selected in 2007. Final entitlements expected by Fall 2010. Grant application for street & parking infrastructure pending.
Approximately 600-1,000 housing units, 50,000-100,000 SF commercial space are planned.
Leander plans
Aerial photo of Leander Park and Ride. Capital Metro’s 14 acres are outlined in white.
Leander plans
Crestview Station
Place: Intermodal hub, good neighborhoods. and corridors with extensive redevelopment potential.
Opportunity: Urban village in close-in location. Easily accessible to multiple employers.
Challenge: Lamar & Airport corridor needs redesign. Austin Energy property needs redevelopment.
Status: Existing Joint Development Agreement with award-winning Midtown Commons. Encouraging other nearby developments.
Midtown Commons
Midtown Commons
MLK, Jr. Station
Place: Strong historic neighborhoods with a sense of history and local culture.
Opportunity: Community building developments including nonprofits, church, mixed income housing, affordable housing, daycare, etc..
Challenge: Balance new and old elements to serve both newcomers and long-time residents.
Status: Chestnut Commons is occupied, PeopleFund is under construction, Redeemer Lutheran educational center is open, affordable housing (M Station by Foundation Communities) broke ground May 12.
MLK, Jr. TOD in progress
MLK, Jr. TOD in progress
MLK, Jr. TOD in progress
MLK, Jr. TOD in progress
Plaza Saltillo
Place: Near Downtown, a distinct neighborhood composed of established communities and industrial uses.
Opportunity: Redevelopment of industrial sites can add residents, businesses, and affordable urban living without disturbing existing single-family housing.
Challenges: Environmental cleanup, infrastructure, and community concerns must be addressed.
Status: Feasibility study for Capital Metro property based on adopted Station Area Plan will be completed Summer 2010, with possibility of issuing an RFP for development within the next year.
Plaza Saltillo renovations
Plaza Saltillo renovations
Many potential sites
Final stop locations give potential development locations
Coordination with private developments
MetroRapid TOD Projects- future
Many potential sites
Final stop locations give potential development locations
Coordination with private developments
MetroRapid TOD Projects- future
TOD programs
Information & Outreach– Transit Ready Development Guide– July/August Urban Land Highlights Ad– Market Studies– Ridership and density analysis– Meetings with developers, brokers, and other stakeholders
Coordinated Planning– City of Austin Comprehensive Planning, Corridor Plans, Station Area
Plans– City of Leander Planning & Development– CAMPO planning– Bike/Ped coordination– Local and national CNU– Local ULI
Summary
Good walkable urban development needs transit to reduce parking demand and traffic impact on surrounding areas.
Transit needs good development to reach its full potential.
The market for TOD is large and growing.
Austin has many opportunities with MetroRail and MetroRapid.
Capital Metro works with our partners, both public and private, to create good transit-oriented development.
Questions?