Sustainable Transit & The Role of the Master Developer


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Jim Richardson, senior vice president of Forest City Developers, shares his thoughts on innovative funding of transportation projects at the 2012 Charlotte Chamber Transportation Summit.

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Sustainable Transit & The Role of the Master Developer

  1. 1. Sustainable Transit &The Role of the Master Developer James Richardson Senior Vice President Forest City Enterprises, Real Estate Services Real Estate Services
  2. 2. What You Already KnowSOCIAL• Improved transportation options, particularly for non- drivers• Reduced consumer transportation costs• Expanded labor market shed for employers• Improved access to job opportunities for workers• Neighborhood revitalization• Improved social cohesion through positive interactions Instead, what can be done• among people in a community Improved fitness and health as a result of increased on a national level to walking and biking create a system that is• Reduced traffic accidents both operationally andENVIRONMENTAL• Reduced traffic congestion economically sustainable?• Reduced fuel consumption• Better air quality• Reduced sprawl• Conservation of open space * Source: Center for Transit –Oriented Development Real Estate Services
  3. 3. Sustainable Transit It’s about more than planning a place that is livable & accessible Vs.Metropark Train Station Westfield San Francisco Real Estate Services
  4. 4. Sustainable TransitIt’s about implementation a strategy that maximizes economic potential Vs. Real Estate Services
  5. 5. Station Area Planning• Physical Site Assessment• Market Feasibility Assessment• Public Involvement• Brand Development• Station and Station Area Master Plan Real Estate Services
  6. 6. Station Area PlanningPhysical Site Assessment• Base mapping and aerialphotography• Land use and Zoning• Surface transportation – access,capacity• Utilities and storm water• Natural Features• Environmental and cultural features• Project character and visual impact• Opportunities and constraints• Connectivity to other modes oftransportation (shuttles, busses, rental cultural recreationcar, car service, university shuttle, office medicalbicycles etc.) commercial educational entertainment housing Real Estate Services
  7. 7. Station Area PlanningMarket Feasibility Assessment• Economic and demographic trendscompare ridership to local marketsto help determine developmentopportunities• Supply and demand analysis• Benchmark against similar projects• Assess market segments • Retail, office, hospitality, residential, institutional and civic uses cultural recreation office medical commercial educational entertainment housing Real Estate Services
  8. 8. Station Area PlanningPublic Involvement• Interviews, public meetings, designcharrettes, surveys, stakeholdermeetings, public open houseBranding Development• Vision/pattern book to createproject identity and tie local stationand surrounding development to thebrand of the overall transit network.In addition, market to other stations,“station to station marketing”program Expressed Station Identity Real Estate Services
  9. 9. Station Area PlanningStation and Station Area Master Plan• Site and Land Use Plan• Infrastructure• Station rail facilities• Open space• Design guidelines• Mixed use leasable space – part of station• Adjacent transit oriented development – retail, office, residential,civic uses• Master Development Program that identifies individual projects,phasing, development rights, cost and financing sources• What is the income and value created?• Job growth – How many jobs created Real Estate Services
  10. 10. Station Area PlanningIn some places, character and brand are already established POTENTIAL POTENTIAL POTENTIAL POTENTIAL POTENTIAL Others need to be created and defined Real Estate Services
  11. 11. TOD ModelThe following is a possible model which establishes a PPP (PublicPrivate Partnership) where all parties are true partners and sharein the value created and profits from the TOD. The concept is to hire a qualified Master Planning Development Administrator (MPDA) that will coordinate with all partners to help locate, prepare economic analysis and manage the TOD Real Estate Services
  12. 12. TOD Public Private Partnership MPDA AdministratorPartnership Structure MPDA Administrator Local FRA/HSIPR Host Rail Amtrak RR State Developer Government Real Estate Services
  13. 13. TOD Public Private Partnership MPDA AdministratorMission: Maximize the income from the system and system stations,manage the real estate and distribute profits to the partnership Real Estate Services
  14. 14. Transit Development Its More than Connecting Locations1 Mile And getting from “A” to “B”… Real Estate Services
  15. 15. Transit DevelopmentIts about Understanding Station Identity, Expressing Identity and Maximizing the Economic Value & Benefits 1/4 mile 1/2 mile Real Estate Services
  16. 16. Transit Development …To Develop a Sustainable System that not onlyBuilds Value around Station Areas but Creates Economic Potential POTENTIAL POTENTIAL POTENTIAL POTENTIAL 1 Mile Real Estate Services
  17. 17. Questions?Real Estate Services