Realizing Successful TOD

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Realizing Successful TOD

• Community perspectives of TOD
• Traditional Development Model
• Model for successful TOD
• TOD study

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• Realizing Successful TOD
• Tom Hester

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Community Perspectives of TOD
Elected officials
Transportation
Businesses
Public works
Residents
Planning
Private equity
Commercial lenders
Developers
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Community Perspectives of TOD

• Elected Officials Concerns
• Quality community development
• Quality economic development
• Increasing revenue through tax dollars

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Community Perspectives of TOD

• Transportation Department Concerns
• Increasing ridership
• Mode changes
• Additional safety risks
• Relationship to capital budget
• Public Works Department Concerns
• Provision of services
• Relationship to capital budget

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Community Perspectives of TOD

• Planning Department Concerns
• Creating worthwhile places
• TOD planning principles
• Greater density than the community average
• Quality pedestrian environment
• A mix of uses
• A defined center
• Transit designed for TOD

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Community Perspectives of TOD

• Planning Department Concerns
• Land use regulations
• Zoning ordinances
• Authentic urban design solutions for climate

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Community Perspectives of TOD

• Local Businesses Concerns
• Higher volume of people benefit to my business
• Growth through increased sales opportunity
• Residents Concerns
• Increased traffic congestion
• Increased transportation options

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Community Perspectives of TOD

• Commercial Lenders Concerns
• Proforma detailing costs revenues over time
• Business marketing plan
• Parking ratios based on single uses
• Pre-sales pre-leases
• Private Equity Concerns
• Fast return on capital

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Community Perspectives of TOD

• Developers Concerns
• More complicated development
• May not control site due to transit regulations
• Difficult to finance
• Entitlement issues
• More risk

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Realizing Successful TOD

• Community perspectives of TOD
• Traditional Development Model
• Location
• Quality
• Cost
• Model for successful TOD
• TOD Study

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Traditional Development Model

• Location Market follows transportation
• Main Street gets 1st generation development
• Typical development form compact, small blocks
• By-pass road gets 2nd generation development
• Moves some demand from Main Street
• Main street cant attract new businesses because
  rents are cheaper goods can be sold cheaper
• Typical development form strip malls and mid box
• Regional highway gets 3rd generation development
• Moves some demand from By-pass and Main Street
• Typical development form Big box, superblocks

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Traditional Development Model

• Quality of development
• Current market dynamics
• Development will not create a market
• Development based on market demand
• Quality based on expectations
• Expectations defined by lease rates
• Commercial financing requirements
• Parking ratios, proformas, presales
• Developer risk management
• Market competition
• Market shift or relocation
• Absorbing demand in specified time

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Traditional Development Model

• Cost of development
• New development is cheaper than redevelopment
• Extension of infrastructure enables development
• Land costs are lower where there is less demand
• People will travel to destination uses
• Housing
• Offices jobs
• Superblocks malls, supercenters

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Realizing Successful TOD

• Community perspectives of TOD
• Traditional Development Model
• Model for successful TOD
• Integrate public policies
• Form progressive models
• Create public private partnerships
• TOD Study

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Model for successful TOD

• Integrate public policies
• Zoning
• Enable vertical mixed use
• Enable shared parking
• Land use
• Map future land uses based on market demand
  models
• Design Standards
• Ensure future development will be of high
  quality
• Provide assurance for longer term investors

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Model for successful TOD

• Integrate public policies
• Transportation
• Integrate transportation into development
• Economic Development
• Reduce risk for private sector
• Create competitive opportunities for private
  sector development
• Public works
• Modify policies to enable successful development
• Allow for creative solutions to drainage and
  provision of services

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Model for successful TOD

• Form progressive development models
• Create equity for complex ownership
• Promote longer term investment returns through
  phased mixed use
• Offset shared development costs
• Create opportunities reduce risk through
  partnerships

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Model for successful TOD

• Public Private Partnerships
• Public sector strengths
• Can affect public policy
• Zoning Land use
• Taxing districts Service districts
• Can own acquire lease land for public benefit
• Has access to state federal monies
• Can provide infrastructure
• Can provide economic incentives
• Issue bonds Tax abatements
• Other economic benefits that enable competition
  for the private sector to build

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Model for successful TOD

• Public Private Partnerships
• Private sector strengths
• Provide equity and funding
• Build development
• Aid in the development of infrastructure
• Manage development

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Model for successful TOD

• Public Private Partnerships
• Form agreements that enable development not
  viable through the competitive market for the
  public benefit
• Phase infrastructure
• Reimbursement of infrastructure
• Contamination risk management
• Affordable housing through zoning bonuses
• Economic incentives for public benefit
• Parks, Parking garages
• Public realm improvements

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Model for successful TOD

• Traditional Joint Development
• Selecting a Project
• R.F.P.
• Single Offering
• Public Land
• Local Developers

• Master Developer Approach to TOD
• Selecting a Partner
• R.F.Q.
• Bundled Offering
• Public Private Land
• National, Regional Local Developers

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Realizing Successful TOD

• Community perspectives of TOD
• Traditional Development Model
• Model for successful TOD
• TOD Study

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Greenwood Village, CO

• I-25 Corridor Study

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Greenwood Village, CO

• Division by freeway
• Superblock form
• Minimum connectivity
• Poor street orientation
• Lack of pedestrian amenity
• Similar uses separated by surface parking
• Lack of Town Center

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Greenwood Village, CO

• Large superblock patterns
• Undeveloped land

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Greenwood Village, CO

• Street character
• Surface parking

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Regional Context

• 4 Transit Stations along I-25
• Green connection at Arapahoe
• Retail corridor on Arapahoe
• Residential on periphery
• Suburban Business Park

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Land Use

• Concentration of office
• Commercial support services
• Surrounded by residential

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Metro Districts

• Quasigovernmental entity
• Established for geographic areas
• Property assessments are levied to pay for social
  and physical improvements within the area

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Block Overlay

• Scale comparison showing downtown Denver block
  pattern
• 30 blocks long
• Automobile oriented pattern

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Figure/Ground

• Shows built form homes and buildings
• no consistent pedestrian scale or street edge
  environment

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Parking

• High percentage of land for surface parking
• Some structured parking exists

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Density

• Majority of development low density

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Opportunity Sites

• Determined land utilization
• Compared density with the cost of land to
  improvements

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Framework Plan

• Recommendations for development focus

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North Circulation Improvements

• Identify new future street along property lines
  and across vacant parcels

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South Circulation Improvements

• Identify new future street along property lines
  and across vacant parcels

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South Land Use Opportunities

• Improved character and land use pattern based on
  market demand

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Developed Town Center Plan
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Existing
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New Roads
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Town Center
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Opportunities
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Greenwood Village, CO
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Realizing TOD success

• Prepare market economic study
• Identify the markets and locations for
  development
• Work with your stakeholders early in the process
• Understand issues, benefits and obstacles
• Assemble your partnerships
• Prepare and adopt plans
• Implement your plans

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• Tom Hester
• hester_at_pbworld.com
• 602-418-8091