tod toolkit: tod potential at the hi-lake station along hiawatha corridor developed by support from...
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TOD Toolkit:TOD potential at the Hi-Lake
Station along Hiawatha Corridor
Developed by
Support from
WORKING DRAFT
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Twin Cities Regional Transit Vision
Hiawatha Light Rail Corridor
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● By 2030, between 110,000 – 124,000 Twin Cities’ households will have a potential demand for living near transit (roughly 6% of region’s households)
● Nationally, demand for housing near transit could double to over 15 million households.
● Household size is shrinking, with singles and couples without children being the new majority.
● 49% of the households with a potential demand for living near transit qualify as Low Income
● 4,000-9,000 new housing units could potentially be located on underutilized sites in the Hiawatha corridor to accommodate projected future demand
Demand for Housing Near Transit
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● As of December 2006, 11,931 housing units and 1,054,436 square feet of commercial space have been built, are under construction, planned or proposed within a half mile of the 17 stations.
● 7,000 units of housing have already been either proposed or built within a half mile of the Hiawatha Line since 2000.
● The majority of these projects, (65 out of 108 total projects and 45 out of 72 residential and mixed use/residential projects), are within the half-mile areas surrounding the four Downtown stations
● Transit investment has leveraged higher-density TOD in historic industrial areas
● “Hot Market” for Downtown station areasRecent Planned and Proposed Development, since 2003
Tremendous Development Response in Last 3 Yrs.
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Courtesy Metropolitan Council
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● Corridor has a median household income of $31,000, versus $54,000 for region
● Only 37% of units are owner-occupied (versus 70% for the region) creating potential for displacement
● Out of 72 new residential projects since 2003, only 25% (18) are affordable or mixed income
Residential Development along
Hiawatha since 2003
Need to Ensure Long-Term Affordability
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● Variety of distinct land uses and development types
● Civic uses (i.e. airport, VA Hospital, Fort Snelling) dominate the corridor at 54% of total land uses and limit redevelopment potential
● Multiple funding sources and jurisdictions, including Federal, impede coordination
Land Constraints in the Corridor
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● Little coordination of housing and transit policies have resulted in missed opportunities
● 504 underutilized acres identified as potential redevelopment sites along the corridor
● Many new development projects outside downtown are smaller infill projects and not the larger “catalytic” projects necessary to promote a rider-transit link
Lessons & Opportunities
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● Located roughly mid-point on the Hiawatha line, divided by transportation infrastructure, with a number of large underutilized sites. The majority of households are low-income (median income in 1999 of only $23,342) and transit-dependent.
● Available sites are being bought up by speculators or developers building small projects that are not making highest and best use of property near the station.
● Plans for improvements and connections are now in place or moving forward but better coordination during initial planning and design would have ensured critical development.
2001 preferred concept
Station Example: Hiawatha and Lake Street
¼-mile and ½-mile radius around Hi-Lake station Station area plan developed in 2001
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Corcoran Midtown Revival Plan
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Yield Analysis Site
Selected Area for Yield Analysis Development Scenarios
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Yield Analysis: Two Strategies Tested
1) Critical Mass/ Master Developer Approach
Single developer creates plan, obtains entitlements, prepares site, then sells for development of may develop some or all of site
2) Transit-Oriented Development Parking Ratios
Assumes fewer parking spaces to help reduce costs and improve affordabilty
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Yield Analysis: Results of 3 Scenarios
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Scenario 1: Keep Existing Office
A - Commercial
Existing Office Bldg - 55,200 SF
Freestanding Retail - 12,500 SF
Retail Plaza & Open Space
B - 4-Story Residential
Condos or Apts - 190 units
C - Rowhouses
52 Units + New Street
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Scenario 2: Higher Density Mixed Use & Residential
A - 6-Story Mixed-Use Building
Condos or Apts - 144 units
Retail - 10,800 SF
Ground Level Office - 8400 SF
Retail Plaza
B - 4- Story Residential
Condos or Apts - 141 units
Park
C - Rowhouses
56 Units + New Street
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Option 3 – 4 story mixed use & rowhouses
A - 4-Story Mixed-Use
Condos or Apts - 192 units
Retail - 10,800 SF
Ground Level Office - 84,00 SF
Day Care - 4,500 SF
Retail Plaza
Park
B - Rowhouses
77 Units + New Street
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Key Hard Cost Assumptions
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Revenue Assumptions
• Condominiums: Average $250 per SF or $236,000 per Unit (946 Net SF)Note: Lower Value for Apartments
• Row Houses: Average $225 per SF or $360,000 per Unit (1,600 Net SF)
• Retail & Office: $1.25 per SF/Mo. triple net
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Preliminary Findings
• In the current market, development on the site would not generate enough value to pay to relocate the school district activities
• Lower-density development is more financially feasible in the short-term
• Over the longer term, higher densities may be possible, but timing will depend on the housing market and construction costs
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Implications for Implementation
• A master developer approach is not a good idea at this site currently– current market conditions are not conducive to desired type of development– inability to assemble the land and wait to develop it later
• A “pioneering” project on the MnDOt site could help to increase development potential
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Next Steps
• Generate a Master Plan for the site– Include flexibility to maintain
existing office building
• Continue dialogue with the School District about future development options
• Monitor market conditions vis-à-vis timing of RFP for development of MinnDot site