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?

TOD@capmetro.org