2
PACIFIC OCEAN LONG BEACH EL MONTE PASADENA WHITTIER NORWALK BURBANK SANTA MONICA WARNER CENTER REDONDO BEACH SOUTH GATE CARSON RANCHO PALOS VERDES LAX UCLA VENTURA BL SAN FERNANDO BL FLORENCE WILSHIRE SANTA MONICA BL WESTERN VERMONT BROADWAY AVALON BL LONG BEACH BL WILMINGTON AV SEPULVEDA PICO WILSHIRE SUNSET TORRANCE BL A G E N E I C A L WHITTIER BL MANCHESTER CENTURY IMPERIAL ROSECRANS ARTESIA BL WILLOW SLAUSON MARTIN LUTHER KING JR BL SEPULVEDA BALBOA VAN NUYS BL LAUREL CYN BL RESEDA BL CANOGA AV TAMPA AV WINNETKA AV DE SOTO VICTORY CHANDLER COLORADO BL CESAR E CHAVEZ BL C I T N A L T A CRENSHAW BL HAWTHORNE BL ALAMEDA 110 60 91 47 90 2 101 210 5 405 10 5 710 105 605 405 110 10 170 118 134 101 Completed Metro Rail and Stations Crenshaw/LAX Line Future Sites Active Metro Busway and Stations Metrolink Joint Developments Existing Service Under Construction Metro Purple Line Extension Regional Connector Completed Projects (15) Active Projects (11)* Future Sites (5)* Hollywood/Highland Hollywood/Vine Hollywood/Western Wilshire / Western Wilshire / Vermont Apts and School Westlake / MacArthur Park (Phase A) Grand Central Market One Santa Fe 1st/Boyle Union Station (Metro HQ) Taylor Yard Lots 1, 3, 4 Taylor Yard Lots 2a, 2b, 5a, 5b North Hollywood 1st / Soto 1st / Lorena Cesar Chavez/Soto Union Station Vermont/Santa Monica Mariachi Plaza Cesar Chavez/Fickett El Monte Expo / Crenshaw Little Tokyo/Arts District Wilshire/Crenshaw Division 6 Wilshire/La Brea Sepulveda Park & Ride Metro Joint Development Program Del Mar Fillmore Sierra Madre Villa Willow Foothill Extension Gold Line Sites Metro currently has in construction; is in negotiations with a developer; is conducting community engagement to inform Development Guidelines; or has an active Request for Proposals (RFP) out. Sites Metro expects to release a RFP for in the next 1-3 years. * * Metro’s Joint Development sites are a gateway to the Metro transit system and are some of the most valuable properties in LA County. Joint Development (JD) is the real estate development program through which Metro collaborates with qualified developers to build transit-oriented developments on Metro-owned properties. Joint Development Program metro.net/jointdevelopment

Joint Development Program - media.metro.netmedia.metro.net/projects_studies/joint_development/... · units in the JD portfolio be affordable to households earning 60% of area median

  • Upload
    others

  • View
    2

  • Download
    0

Embed Size (px)

Citation preview

Page 1: Joint Development Program - media.metro.netmedia.metro.net/projects_studies/joint_development/... · units in the JD portfolio be affordable to households earning 60% of area median

PACIFIC OCEAN

LONG BEACH

EL MONTE

PASADENA

WHITTIER

NORWALK

BURBANK

SANTAMONICA

WARNER CENTER

REDONDOBEACH

SOUTHGATE

CARSON

RANCHOPALOS VERDES

LAX

UCLA

��

VENTURA BL

SAN FERNANDO BL

FLORENCE

WILSHIRE

SANTA MONICA BL

WESTERN

VERMO

NT

BROA

DW

AY

AVA

LON

BL

LON

G BEA

CH BL

WILM

ING

TON

AV

SEPULVEDA

PICO

WILSHIRE

SUNSET

TORRANCE BL

AGE

NEI

C AL

WHITTIER BL

MANCHESTER

CENTURY

IMPERIAL

ROSECRANS

ARTESIA BL

WILLOW

SLAUSON

MARTIN LUTHER KING JR BL

SEPULVED

A

BALBO

A

VAN

NU

YS BL

LAU

REL CYN BL

RESEDA

BL

CAN

OG

A A

V

TAM

PA A

V

WIN

NETKA

AV

DE SO

TO

VICTORY

CHANDLER

COLORADO BL

CESAR E CHAVEZ BL

CIT

NAL

TA

CRENSH

AW

BL

HA

WTH

ORN

E BL

ALA

MED

A

110

60

91

47

90

2101

210

5

405

10

5

710

105

605

405

110

10

170

118

134

101

Completed

Metro Railand Stations

Crenshaw/LAX Line

Future Sites

Active

Metro Buswayand Stations

Metro Expo LinePhase 2

Metro Purple Line

Regional Connector

Metrolink�

Joint Developments

Existing Service

Under Construction

Completed

Metro Ra il and Stations

Crenshaw/LAX Line

In Negotiations

Opportunity Sites

Under Construction

Metro Buswayand Stations

Metro Expo LinePhase 2

Metro Purple LineExtension

Regional Connector

Metrolink�

1111

Joint Developments

Existing Se r vice

Under Construction

Completed Projects (15) Active Projects (11)* Future Sites (5)*

Hollywood/Highland

Hollywood/VineHollywood/Western

Wilshire/Western

Wilshire/Vermont Apts

and School

Westlake/MacArthur Park (Phase A)

Grand Central Market

One Santa Fe1st/Boyle

Union Station (Metro HQ)

Taylor Yard Lots 1, 3, 4

Taylor Yard Lots 2a, 2b, 5a, 5bNorth Hollywood1st/Soto1st/LorenaCesar Chavez/Soto

Union Station

Vermont/Santa MonicaMariachi Plaza

Cesar Chavez/Fickett

El Monte

Expo/Crenshaw

Little Tokyo/Arts District

Wilshire/Crenshaw

Division 6

Wilshire/La Brea

Sepulveda Park & Ride

Metro Joint Development Program

Del Mar

Fillmore

Sierra Madre Villa

Willow

Foothill ExtensionGold Line

Sites Metro currently has in construction; is in negotiations with a developer; is conducting community engagement to inform Development Guidelines; or has an active Request for Proposals (RFP) out.

Sites Metro expects to release a RFP for in the next 1-3 years.

*

*

PACIFIC OCEAN

LONG BEACH

EL MONTE

PASADENA

WHITTIER

NORWALK

BURBANK

SANTAMONICA

WARNER CENTER

REDONDOBEACH

SOUTHGATE

CARSON

RANCHOPALOS VERDES

LAX

UCLA

■■

VENTURA BL

SAN FERNANDO BL

FLORENCE

WILSHIRE

SANTA MONICA BL

WESTER

N

VERM

ON

T

BR

OA

DW

AY

AVA

LON

BL

LON

G B

EAC

H B

L

WILM

ING

TON

AV

SEPULVEDA

PICO

WILSHIRE

SUNSET

TORRANCE BL

LA C

IENEG

A

WHITTIER BL

MANCHESTER

CENTURY

IMPERIAL

ROSECRANS

ARTESIA BL

WILLOW

SLAUSON

MARTIN LUTHER KING JR BL

SEPU

LVEDA

BA

LBO

A

VAN

NU

YS BL

LAU

REL C

YN B

L

RESED

A B

L

CA

NO

GA

AV

TAM

PA

AV

WIN

NETK

A A

V

DE SO

TO

VICTORY

CHANDLER

COLORADO BL

CESAR E CHAVEZ BL

ATLA

NTIC

CR

ENSH

AW

BL

HA

WTH

OR

NE B

L

ALA

MED

A

110

60

91

47

90

2101

210

5

405

10

5

710

105

605

405

110

10

170

118

134

101

Completed

Metro Rail and Stations

Metro Orange LineExtension

Metro Expo LinePhase 2

In Negotiations

Opportunity Sites

Under Construction

Metro Busway and Stations

Metrolink■

1111

Joint Developments

Existing Service

Under Construction

Completed

Metro Rail and Stations

Crenshaw/LAX Line

In Negotiations

Opportunity Sites

Under Construction

Metro Buswayand Stations

Metro Expo LinePhase 2

Metro Purple LineExtension Phase 1

Regional Connector

Metrolink■

1111

Joint Developments

Existing Service

Under Construction

Completed

Metro Rail and Stations

Metro Orange LineExtension

Metro Expo LinePhase 2

In Negotiations

Opportunity Sites

Under Construction

Metro Busway and Stations

Metrolink■

1111

Joint Developments

Existing Service

Under Construction

Completed

Metro Rail and Stations

Crenshaw/LAX Line

In Negotiations

Opportunity Sites

Under Construction

Metro Buswayand Stations

Metro Expo LinePhase 2

Metro Purple LineExtension Phase 1

Regional Connector

Metrolink■

1111

Joint Developments

Existing Service

Under Construction

Metro’s Joint Development sites are a gateway to the Metro transit system and are some of the most valuable properties in LA County.

Joint Development (JD) is the real estate development program through which Metro collaborates with qualified developers to build transit-oriented developments on Metro-owned properties.

Joint Development Program

metro.net/jointdevelopment

17-1

261j

p ©

2016

lac

mta

Completed (13) Under Construction (2) In Negotiations (8) Selected Opportunities (11)*

Hollywood/HighlandHollywood/VineHollywood/WesternWilshire/WesternWilshire/Vermont Apts and School Westlake/MacArthur Park (Phase A)Grand Central MarketOne Santa Fe1st/BoyleUnion Station (Metro HQ)Taylor Yard Lots 1, 3, 4

Taylor Yard Lots 2a, 5a North HollywoodWestlake/MacArthur Park (Phase B)1st/Soto1st/LorenaCesar Chavez/SotoTaylor Yard Lots 2b, 5bWest Hollywood (Division 7)

Sepulveda Park/Ride Vermont/Santa Monica

Mariachi PlazaCesar Chavez/FickettEl Monte Expo/Crenshaw1st/CentralFairview HeightsDivision 6Wilshire/La BreaUniversal City

Metro Joint Development Program

*Selected opportunities represent sites for which Metro expects to release RFPs within the next three years.

Page 2: Joint Development Program - media.metro.netmedia.metro.net/projects_studies/joint_development/... · units in the JD portfolio be affordable to households earning 60% of area median

Why Transit-Oriented Communities?

> 80 affordable apartments (under construction)> 4,000 ft2 of ground floor retail

> 438 apartments> 88 affordable

> 79,000 ft2 of retail and commercial space, including Metro Operations

> 375 apartments> 78 affordable> 305-room W Hotel

> 143 W condominiums> 59,000 ft2 of ground floor retail> New bus layover facility

> Nationwide, transit-oriented developments (TODs) consistently outperform their non-TOD counterparts in terms of price premiums and long-term returns.

> Metro takes the idea of TOD one step further and is committed to supporting creation of Transit Oriented Communities (TOCs). TOCs look beyond the individual project and seek to have impact on the broader corridor, creating compact, bikeable and walkable projects in a holistic community context.

> Metro is currently undergoing the largest transit expansion in the country with the power to activate a network of sites; as more destinations come on line, that power increases exponentially.

In July 2015, the Metro Board of Directors adopted an updated JD Policy. This document clarifies the JD process and emphasizes the importance of collaboration with municipal partners and community members. It also includes new policies to encourage development of much-needed affordable housing in LA County:

> 35% Portfolio-Wide Goal

> Proportional Land Discounting

Affordable Housing Policies

Joint Development Process

Contact Us

Facts at a Glance Portfolio

initial community outreach

developer solicitation& selection

project refinement, jd agreement, negotiations

permitting & construction

6 – 8 months 6 – 8 months 18 – 30 months 18 – 24 months

> Metro brings relationships with jurisdictions, grant makers, community leaders and other public agencies that can support the streamlined delivery of development projects and support creation of TOCs.

> Before beginning any joint development effort, Metro engages in a comprehensive outreach campaign to engage stakeholders in the creation of development guidelines. These guidelines generate the stakeholder buy-in needed to get a project off the ground.

> Metro projects contribute to a strong sense of place and identity in the communities they serve; these projects become their own landmarks in LA and add to your portfolio.

35% Portfolio-Wide Goal

Metro established a goal that 35% of total housing units in the JD portfolio be affordable to households earning 60% of area median income (AMI) or below.

Proportional Land Discounting

Metro may discount JD ground leases below the fair market value to accommodate affordable housing with an income target of 60% AMI or below. The discount is based on the development’s percentage of affordable units with a maximum discount of 30%.

hollywood/vine

1st/boyle

one santa fe

metro gold line

metro red/purple line rail yard

metro red line

Completed

> 2138 housing units> 370 ownership units> 1768 rental units, of which 702

(40%) are affordable> 305 hotel rooms> 824,000 square feet of retail> 650,000 square feet of office

(Metro Headquarters)

In Construction

> 162 rental housing units, of which all (100%) are affordable

> 54 for-sale units (market rate)

In Negotiations

> 1751 rental housing units, of which 589 (34%) are affordable

> 380,000 square feet of office> 175,000 square feet of retail

[email protected]

metro.net/jointdevelopment