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What Makes Other Places Attractive?

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What Makes Other Places Attractive?

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  1. What Makes Other Places Attractive? Faneuil Hall, Boston Denver’s Skyline Portland’sPearl District Source: Denver CityScape Source: Faneuil Hall Marketplace Main Street, Royal Oak Liberty Street, Ann Arbor Source: PPS – Jon Winslow Source: Detroit Rising Source: Arbor Update

  2. Transit-Oriented Development A mix of uses Walkable 3. Compact development 4. Near a transit stop Many people want places with:

  3. Difference Between Most Michigan Development and TOD Existing conditions – built around cars, not people

  4. Allow Mixed-Use Mix uses and build closer to the sidewalk

  5. Walkable Slow down traffic and make streets for people, not just cars

  6. Compact Increase density by focusing development

  7. Convenient Public Transit Density supports more transportation options

  8. Higher Density Around Transit Stations, Lower Elsewhere 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%. $9 billion of real estate investment along line TOD has provided Arlington residents with the lowest taxes in Metro D.C. Source: EPA and WMATA

  9. Every TOD Is Different Center City UrbanNeighborhood TOD is built differently in different settings Denver, CO TOD Station Area Types Campus / Stadium Major Urban Center Commuter Town Center Urban Center Suburban Main Street Source: http://www.denvergov.org/TOD/StationTypology/tabid/395260/Default.aspx

  10. TOD is HOT Emerging Trends in Real Estate 2007 ULI and Pricewaterhouse Coopers Transit Oriented Development Rated #1 Real Estate Investment Business 2.0 July 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 residents who crave the opportunity to live in a walkable community that at least a dozen cities and suburbs across the USA are embracing the concept – even if they don’t have rail.” TheWall 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.”

  11. 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

  12. Economic Trends Support TOD Young 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

  13. Demographic Trends Support TOD • The Elderly Desire: • OPTIONS IN: • Housing • Transportation • ACCESS TO: • Services • Entertainment • Public Spaces 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, OR Credit: Dan Burden Credit: Dan Burden

  14. TOD is Economic Development Mockingbird Station, Dallas’ first TOD Photos and Info Courtesy: Dallas Area Rapid Transit 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