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RV 2014: TOD Market Dreams + Realities by Michael Horsting

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TOD Market Dreams + Realities

The station is in, the riders are coming and the development has been proposed. Now everybody wants retail. But is there a market for it? Will it be supported? Or would other uses be more appropriate and generate additional riders? Everyone expects TOD to generate a mix of uses -- to create a 24/7 environment at every station. How do market realities change that equation? Learn what it takes to support that mixed-use environment that everyone expects; how to assess the market and what residents really want; and how to manage expectations if the market doesn't deliver.

Moderator: William M. Velasco, Chair of Board TOD Committee, DART, Dallas, Texas
Christine Maguire, AICP, EDFP, Senior Manager, Development Planning and Finance Group, Austin, Texas
Anne B. Ricker, Principal/Owner, Ricker Cunningham, Centennial, Colorado
John Breitinger, Vice President, Investment and Development, United Properties, Bloomington, Minnesota
Michael Horsting, AICP, Principal Analyst, Regional Transportation Authority, Chicago, Illinois

Published in: Real Estate
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RV 2014: TOD Market Dreams + Realities by Michael Horsting

  1. 1. www.RTAchicago.org REGIONAL SURVEY OF TOD RESIDENTS Rail~Volu)on 2014 Minneapolis, MN Michael Hors)ng, AICP
  2. 2. RTA Region • 3rd Largest Transit System in North America • 3,700 Square Mile Area • 6 Coun)es Including Chicago • Popula)on of 8.3 Million • 2 Million Daily Trips • 144 Heavy Rail Sta)ons • 238 Commuter Rail Sta)ons • $36 Billion in Assets
  3. 3. OVERVIEW OF RTA RTA Regional Planning, Oversight, and Funding CTA Chicago & adjacent suburbs Metra Commuter Rail Pace Suburban Bus ADA Paratransit
  4. 4. COMMUNITY PLANNING PROGRAM 4 • Local Governments in Six-­‐County Region • Transit Service Providers Eligible Applicants • Transit-­‐Oriented Development Plans • Corridor, Sub-­‐regional and Local Planning Projects Improvement Plans • TOD Zoning Code Updates • TOD Developer Discussion Panels • Pedestrian Access Improvement Recommenda)ons Implementa)on Projects
  5. 5. NEED FOR TOD DATA • Demographics of TOD Residents • Does living near transit influence travel habits • Lifestyle changes of residents in TOD areas • Mo)va)ng factors for residents to move to a TOD
  6. 6. TOD RESIDENT SURVEY • 14 Suburban Sta)on Areas • ½ Mile Radius • 37,980 Households • High, Medium and Lower Development • Ques)ons were asked “Before living in TOD Area” and “Living in TOD Area”
  7. 7. TOD AREAS SURVEYED
  8. 8. REASONS RESPONDENTS SELECTED CURRENT NEIGHBORHOOD 1 • Safety 2 • Close to Transit Service 3 • Can Walk to Des)na)ons 4 • Shops / Services Nearby 5 • Less Dependent on a Car
  9. 9. TOD RESIDENT DEMOGRAPHICS TOD Areas RTA Region (Excluding City of Chicago) Gender Female 56% 50.5% Male 44% 49.4% No Children 80% 65% Average Household Size 2.09 2.53 Average Age 48 36.97 Income Up to $25,000 12.48% 19.6% $25,000 – 75,000 38.51% 38.6% More than $75,000 49.01% 41.8%
  10. 10. RESIDENT DEMOGRAPHICS Annual Household Income 8% 5% 11% 15% 12% 15% 17% 17% Less than $15K $15,000-­‐24,999 $25,000-­‐39,999 $40,000-­‐59,999 $60,000-­‐74,999 $75,000-­‐99,999 $100,000-­‐149,999 $150,000 and up
  11. 11. CHANGE IN WORK STATUS 14.3% 64.3% 13.7% 7.7% Full Xme Part Xme Not Working ReXred Current Home Previous Home 3.4% 75.8% 12.2% 8.7%
  12. 12. CHANGE IN COMMUTE MODE 400 300 250 200 150 100 50 0 350 Previous Home Current Home
  13. 13. CHANGE IN NON-­‐COMMUTE MODE 450 400 350 300 250 200 150 100 50 0 Carpooled Drive Alone Walked Bicycled Transit Previous Home Current Home
  14. 14. CHANGE IN VEHICLE OWNERSHIP 1.5 1.3 Previous Home Current Home
  15. 15. WHAT DO RESIDENTS WANT? • Proximity to Transit Service • Proximity to Retail Shops and Services • A Walkable Environment • Less Driving • Safety • An Environment for Re)rees
  16. 16. RECOMMENDATIONS • Focus on Including full Neighborhood Ameni)es in TOD Areas • Invest in and improve walkability, safety and pedestrian access to transit • Improve TOD marke)ng efforts • Right-­‐Size residen)al parking • Encourage Employers to be Transit-­‐Suppor)ve
  17. 17. wwwwww..RRTTAAcchhiiccaaggoo..oorrgg THANK YOU! Michael Hors)ng, AICP hors)ngm@rtachicago.org
  18. 18. AUTO-­‐OWNERSHIP VS. PARKING 18% 24% 57% Increased # of Cars Decreased # of Cars Kept Same # of Cars Increased # of Cars Owned A`er Moving 5% 26% 69% Lost Parking Gained Parking Maintained Parking AVAILABILITY RESPONDENTS WHO INCREASED # OF CARS OWNED AFTER MOVING
  19. 19. 18% 24% 57% Increased # of Cars Decreased # of Cars Kept Same # of Cars Decreased # of Cars Owned A`er Moving 24% 5% 71% Lost Parking Gained Parking Maintained Parking AUTO-­‐OWNERSHIP VS. PARKING AVAILABILITY RESPONDENTS WHO DECREASED # OF CARS OWNED AFTER MOVING
  20. 20. AUTO-­‐OWNERSHIP VS. PARKING RESPONDENTS WHO KEPT THE SAME # OF CARS OWNED AFTER MOVING 18% 24% 57% AVAILABILITY Increased # of Cars Decreased # of Cars Kept Same # of Cars Kept Same # of Cars A`er Moving 6% 15% 79% Lost Parking Gained Parking Maintained Parking
  21. 21. LONGEVITY IN TOD VS. AGE 0% 20% 40% 60% 80% 100% 65+ 45-­‐64 25-­‐44 18-­‐24 Moved to TOD in Last 3 Years Moved 3+ Years Ago
  22. 22. AVERAGE YEARS IN TOD AREA 16 14 12 10 8 6 4 2 0 18-­‐24 25-­‐44 45-­‐64 65+ Average # of Years in TOD Area Age
  23. 23. OFF-­‐STREET PARKING AVAILABILITY Previous Home 74% 26% Current Home 79% 21% Available Not Available

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