Transit Oriented Development: The Basics Elements of Success and Local Examples

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1 6/11/2010 Transit Oriented Development: The Basics Elements of Success and Local Examples Presented by Forest City Real Estate Services and Woolpert

2 Forest City $12 billion national real estate company housing, retail, office and bio science Investment management and 3 rd party advisory practice of Forest City A proven legacy as a real estate investor, manager and developer, community builder and creator of economic growth. We provide our talent and experience to you. We can handle every aspect of investment, management, development and redevelopment. Transit Oriented Development 2

3 Woolpert A/E/P firm founded in 1911 Largest Ohio firm TOD Master Planning Engineering Architecture Transportation Leader in Ohio Rail Program Transit Oriented Development 3

4 Experience Matters Over 29 Projects in the portfolio with TOD Metro Tech Brooklyn, NY Atlantic Yards Brooklyn, NY East River Harlem, NY Tower City Cleveland, OH San Francisco Center San Francisco, CA Bayside San Francisco, CA Wiregrass Tampa, FL Gulfstream Hallandale Beach, FL Station Square Pittsburgh, PA New York Times New York, NY Stapleton Denver, CO Victoria Gardens Rancho Cucamonga, CA MIT Cambridge, MA Central Station Chicago, IL M.K. Ferguson Plaza Cleveland, OH East 29 th Street Town Center Denver, CO Transit Oriented Development 4

5 Transit Oriented Development (TOD): What is it? Economic development opportunities that are created around the station Tends to be higher density than surrounding areas due to LIVE, WORK, PLAY. Transit Oriented Development 5

6 Elements of Successful TOD Walkability Density Mix of Uses Travel Options Public Spaces Community Engagement Create Residential Living Live, Work, Play Economic Development Transit Oriented Development 6

7 Successful TOD Walkable Density Public Space Live, work, play 1.5 Million sq. ft. Westfield San Francisco Centre in San Francisco, California Transit Oriented Development 7

8 Successful TOD Connectivity Pedestrian oriented design Bicycle accommodations Regional Bus lines 4,700 Acres 13 Million sq. ft. commercial 8,000 Multifamily units 1,100 Acres of parks and recreation Transit Oriented Development 8

9 24 hour atmosphere, not just 9-5 Convenience Handle daily needs without driving Create Vibrancy Successful TOD Housing Retail Office Recreation Entertainment Live, Work, Play 500 Room hotel 8,500 Housing units 2.5 Million sq. ft. commercial Central Station, Chicago, Illinois Transit Oriented Development 9

10 Unsuccessful TOD Metropark Train Station No density No live, work, play No convenience No travel options No 24 hour atmosphere Isolation Penn Station, Newark Barrier No walkability No pedestrian oriented design Transit Oriented Development 10

11 Successful TOD Mixed use University Park at MIT in Cambridge, Massachusetts Office Residential Bio-tech Parks 27 Acres 1.7 Million sq. ft. 210 Hotel rooms 400 Residential units Transit Oriented Development 11

12 TOD Creates Cleaner, Greener and more Sustainable Smart Growth strategy Lower transportation costs (air vs. car vs. train) Improve air quality (lowered emissions) Reduce oil dependences Energy Conservation Transit Oriented Development 12

13 Local Benefits of TOD Increased property values Revitalization Expanded Housing Choices Sustainable Development Economic Growth Transit Oriented Development 13

14 Successful TOD Increase Property Values Dallas, within ¼ mile of DART Residential values up 32% Office values up 25% Washington D.C. Every 1,000 ft. reduction in distance to rail station raises value of commercial property $2.30/sq.ft. San Diego premiums near Coaster commuter rail 46% for condominiums 17% for single family housing. 91% for commercial Source: Reconnecting America Transit Oriented Development 14

15 TOD Ridership and Environmental Benefits Increased ridership and connectivity Reduce energy consumption Reduces greenhouse gas emissions Meets market demand Integration of new energy (ie wind, solar, etc.) Transit Oriented Development 15

16 Summary of a Successful TOD 1. Environment Sustainability Energy Savings 2. Economic Growth Increase Property Value New development 3. Connectivity Local and regional 4. Create Live, Work, Play Transit Oriented Development 16

17 Ohio Hub System with Incremental Corridors Transit Oriented Development 17

18 Requirements for Train Station Planning The study will incorporate the following The city to identify the best location for the station and provide ODOT with a master plan that meets the following criteria Transit Oriented Development 18

19 Criteria 1. Proximity and access to the tracks. 2. Identify the infrastructure cost for the location of the station. 3. Will the station be in the best location to drive economic growth? 4. Identify the economic growth that will occur within a 5 mile radius of the station and how the station location will help drive those economics. 5. Describe and identify how local stakeholders will be brought into the planning process. Transit Oriented Development 19

20 Criteria (continued) 6. Describe and identify how local developers will be involved in the planning process and the implementation of the master plan 7. Identify projects that can happen and what economics the projects will produce along with a time schedule. 8. Provide a market study of the master plan area that addresses the demographics, office, retail, residential & industrial market and absorption. 9. Describe how the train station will be marketed with the other stations within the communities. Transit Oriented Development 20

21 Criteria (continued) 10. Describe coordination with other commuter modes of transportation and how this station will be intermodal. 11. How will the station and the area be branded and coordinated with other stations? 12. Provide a transportation report that addresses the impact on the area and any mitigation for ingress and egress. 13. Describe how sustainability and green plans will be incorporated into the implementation plan. Transit Oriented Development 21