What Makes Other Places Attractive?
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Transcript of What Makes Other Places Attractive?
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What Makes Other Places Attractive?
Denver’s Skyline
Source: Denver CityScape
Source: PPS – Jon Winslow
Portland’s Pearl District
Faneuil Hall, Boston
Source: Faneuil Hall Marketplace
Liberty Street, Ann Arbor
Source: Arbor Update
Main Street, Royal Oak
Source: Detroit Rising
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Transit-Oriented Development
1. A mix of uses
2. Walkable
3. Compact development
4. Near a transit stop
Many people want places with:
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Existing conditions – built around cars, not people
Difference Between Most Michigan Development and TOD
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Allow Mixed-Use
Mix uses and build closer to the sidewalk
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Walkable
Slow down traffic and make streets for people, not just cars
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Compact
Increase density by focusing development
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Convenient Public Transit
Density supports more transportation options
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Higher Density Around Transit Stations, Lower Elsewhere
Source: EPA and WMATA
Arlington, VA has focused development along the Metro line.
23% of Arlington’s workforce take the Metro to work, the national average is
about 4%.
TOD has provided Arlington residents
with the lowest taxes in Metro D.C.
$9 billion of real estate investment
along line
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Every TOD Is Different
Denver, CO
TOD Station
Area Types
Center City
Major Urban Center
Urban Center
Urban Neighborhood
Commuter Town Center
Suburban Main Street
Campus / Stadium
Source: http://www.denvergov.org/TOD/StationTypology/tabid/395260/Default.aspx
TOD is built differently in
different settings
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The Wall Street Journal June 11, 2007
“In dozens of cities -- from Charlotte, N.C., to Denver to Portland, Ore. -- the hottest
redevelopment project is happening next to the
local train station.”
Business 2.0July 7 2006
“Dense settlements, not sprawling ranch
houses, are the future of housing - and could
make for a smart real-estate investment.”
USA Today
June 10, 2007
“Transit-oriented developments are
so popular with re
sidents who crave
the opportunity to liv
e in a walkable
community that at least a dozen citie
s
and suburbs across the USA are
embracing the concept – even if they
don’t have ra
il.”
Emerging Trends in Real Estate 2007 ULI and Pricewaterhouse Coopers
Transit Oriented Development Rated #1 Real Estate Investment
TOD is HOT
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The Hottest Type of Development Is TOD
16 million households will desire TOD by 2030- Estimate from Reconnecting America- Dana Belzer,2004
But the demand is not being met• Over 30% of housing demand is for
townhouses, apartments, and condos in compact, walkable, urban style neighborhoods
• Only 2% of new housing starts is meeting this demand
Source: Center for TOD
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Economic Trends Support TODYoung professionals want vibrant mixed use
neighborhoods near transit
“To retain and attract millennials, the region and state need to create more of the urban, mixed-use neighborhoods they seek.”
- Laurie Volk, Market Analyst with Zimmerman/Volk Associates Inc. talking about Southeast Michigan
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Demographic Trends Support TOD
80% of Americans over age 45 decide where to live based on proximity to
the things they need as they become less mobile – AARP National Survey
Portland, ORCredit: Dan Burden
The Elderly Desire:
OPTIONS IN: Housing Transportation
ACCESS TO: Services Entertainment Public Spaces
Credit: Dan Burden
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TOD is Economic Development
Dallas, TX
• $3.3 billion in private investment near DART stations• Property values rose 39-53% faster near transit stations• 32,000 jobs created within 6 years• Local property tax revenue annually from TOD: $78 million
Mockingbird Station, Dallas’ first TODPhotos and Info Courtesy: Dallas Area Rapid Transit