Sustainable Transit & The Role of the Master Developer

Real Estate Services

Sustainable Transit &

The Role of the Master Developer

James Richardson

Senior Vice President

Forest City Enterprises, Real Estate Services


What You Already Know

ENVIRONMENTAL • Reduced traffic congestion

• Reduced fuel consumption

• Better air quality

• Reduced sprawl

• Conservation of open space

* Source: Center for Transit –Oriented Development

SOCIAL • 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 among people in a community

• Improved fitness and health as a result of increased walking and biking

• Reduced traffic accidents

Instead, what can be done on a national level to create a system that is both operationally and economically sustainable?


Sustainable Transit

Westfield San Francisco Metropark Train Station

It’s about more than planning a place that is livable & accessible

Vs.


Sustainable Transit

It’s about implementation a strategy that maximizes economic potential

Vs.


Station Area Planning

• Physical Site Assessment • Market Feasibility Assessment • Public Involvement • Brand Development • Station and Station Area Master Plan



Physical Site Assessment • Base mapping and aerial photography • 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 of transportation (shuttles, busses, rental car, car service, university shuttle, bicycles etc.)

cultural

office

commercial

entertainment

recreation

medical

educational

housing



Market Feasibility Assessment

cultural

office

commercial

entertainment

recreation

medical

educational

housing

• Economic and demographic trends compare ridership to local markets to help determine development opportunities • Supply and demand analysis • Benchmark against similar projects • Assess market segments

• Retail, office, hospitality, residential, institutional and civic uses



Public Involvement • Interviews, public meetings, design charrettes, surveys, stakeholder meetings, public open house

Branding Development • Vision/pattern book to create project identity and tie local station and surrounding development to the brand of the overall transit network. In addition, market to other stations, “station to station marketing” program

Expressed Station Identity



Station 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



In some places, character and brand are already established

POTENTIAL

POTENTIAL

POTENTIAL

POTENTIAL

POTENTIAL

Others need to be created and defined


TOD Model

The following is a possible model which establishes a PPP (Public Private Partnership) where all parties are true partners and share in 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


TOD Public Private Partnership MPDA Administrator

Partnership Structure

MPDA Administrator

FRA/HSIPR Host Rail Amtrak RR State Local

Government Developer


TOD Public Private Partnership MPDA Administrator

Mission:

Maximize the income from the system and system stations, manage the real estate and distribute profits to the partnership


1 Mile

Transit Development

Its More than Connecting Locations

And getting from “A” to “B”…


Transit Development Its about Understanding Station Identity, Expressing Identity and

Maximizing the Economic Value & Benefits

1/4 mile

1/2 mile


Transit Development

1 Mile

POTENTIAL

POTENTIAL

POTENTIAL

POTENTIAL

…To Develop a Sustainable System that not only Builds Value around Station Areas but Creates Economic Potential


Questions?

News & Politics

Sustainable Transit & The Role of the Master Developer