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RV 2014: Equitable Development- TOD in a Distressed Economy

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Equitable Development: TOD in a Distressed Economy AICP CM 1.5
Equitable development starts with a commitment to robust community engagement, continues with strategic public investments to "prime the pump," and ends with development that meets community needs and allows investors to make a buck or two. Learn how public and private partners can work together to lay the groundwork to finance and deliver TOD in the face of a distressed local development market. In Minneapolis: A community along a future BRT corridor plans for future investments in transportation, economic development, housing and placemaking. In Pittsburgh: A diverse community adjacent to a busway station attracts public and private investments for a successful project. In Phoenix, nonprofits working together to ready publicly-owned property for development and create a loan program to bring affordable and market rate residential mixed use to the light rail.
Moderator: Melinda Pollack, Vice President, Enterprise Community Partners, Denver, Colorado
Daniel Klocke, Downtown Phoenix CDC, Phoenix, Arizona
Patricia Fitzgerald, Economic and Community Development Division Manager, Hennepin County, Minneapolis, Minnesota
Ernie Hogan, Executive Director, Pittsburgh Community Reinvestment Group, Pittsburgh, Pennsylvania

Published in: Real Estate
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RV 2014: Equitable Development- TOD in a Distressed Economy

  1. 1. { EQUITABLE TOD & PHOENIX???
  2. 2. HOW DO MANY PEOPLE VIEW PHOENIX AND ARIZONA?
  3. 3. HOW DO I GET OUT? WELCOME TO MY HOME! LOVE MY PEDESTRIAN FRIENDLY NEIGHBORHOOD!
  4. 4. BUT THERE IS A METRO PHOENIX MOST PEOPLE DO NOT KNOW
  5. 5. We are very diverse---Caucasian Population-62.6% in USA, 56.7 Arizona, Phoenix 46.5% We are working on bikeshare We are figuring out this sustainability thing! Light Rail is Booming Downtown Phoenix is growing rapidly We are eclectic and interesting
  6. 6. Longest starter segment ever=20 miles---linked job centers, Arizona State University, Sky Harbor Airport, entertainment venues, etc. Metro Light Rail Opened at the end of 2008
  7. 7.  Picture of train going over a cliff So just as light rail opened you know what happened with the economy at the end of 2008
  8. 8. But with the CRASH came opportunities LIGHT RAIL RIDERSHIP Predicted when open 26,000 weekday and 16,000 weekend End 2013-Average 39,000 EVERY DAY LAND PRICES Values fell 25-75%
  9. 9. Our Eureka Moment BUT even with that crisis---between 2010 to 2050 the Phoenix metro area will grow by 4 million people—that is like sticking Los Angeles or 10 Minneapolis’ in your region
  10. 10. Sustainable Community Collaborative Local governments LISC and RAZA Development Regional Planning Entity Valley Metro-light rail and bus Local CDCs Private sector Foundations & Local Organizations State government
  11. 11. a. TOD Housing Demand Study b. TOD scorecard and evaluation guide for neighborhoods c. Sustainable Communities Fund d. Arizona Dept of Housing re-tooling of the LIHTC qualified allocation plan e. Reinvent PHX f. Land Bank-we tried….. The Sustainable Community Collaborative led to…
  12. 12. Demand for TOD housing along the 20 mile light rail alignment was huge 0 20000 40000 60000 80000 100000 120000 140000 Immediate Demand Demand 2010-2040 Total Demand by 2040 Demand under 80% AMI
  13. 13. TOD Scorecard and Evaluation Guide for Neighborhoods
  14. 14. $$20 million from LISC and RAZA Development for land acquisition and pre-development Over $10 million distributed to date Sustainable Communities Fund
  15. 15. Three years ago the State made a deliberate change to the QAP and how the Low Income Housing Tax Credit applications were to be scored **Heavy emphasis on proximity to light rail and frequent bus service **Heavy emphasis on sustainable development RESULT: 1,266 units built near light rail in 4 years since the policy change Arizona Department of Housing- Qualified Allocation Plan
  16. 16. Projects built/coming in this new environment
  17. 17. Re-Invent PHX TOD Planning and zoning changes to make way for development when the time is right
  18. 18. Where we failed……. LANDBANKING 5.5 acre parcel where price fell 60% Light Rail Stop
  19. 19. Conceptual planning of publicly owned TOD site in Downtown Phoenix ¼ mile

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