Residents, private stakeholders and town officials are working together to revitalize Downtown Framingham, MA. Photo via Choose Framingham.
TriMet’s joint development program in Portland, OR, helped build the Patton Apartments (above) on land once occupied by the Crown Motel. Photo via SERA Architects.
Developing land owned by transit agencies boosts ridership and supports local economies. So how come more agencies don’t do it?
New guidelines from the Federal Transit Administration (FTA) encourage transit agencies to do just that. In guidance issued on August 25, 2014, the FTA came out in support of joint development—cooperation between local transit agencies and real estate developers to make the most of agency-owned land. The new guidance is the first time the FTA has publicly recognized the multiple benefits of such cooperation, which include increased ridership, better transit access for the community, greater revenue for the transit agency, and broader economic development. From the document:
The Director’s Legislative Bulletin is an exclusive, bi-monthly service with the actionable news, and data on public policies impacting smart growth real estate. As a member of LOCUS, you will receive timely updates that cuts through the noise to ensure you stay ahead of the curve.
Festival Italiano in walkable sub-urban Belmar, Denver, CO. Photo via Flickr.
Walkable real estate is in high demand in America’s large metros, and tomorrow’s most successful cities will be the ones that capture that market—but the walkable places they build may not look like today’s downtowns.
In Foot Traffic Ahead, our June report co-released by our LOCUS coalition and the Center for Real Estate and Urban Analysis at the George Washington University School of Business, we ranked America’s largest metropolitan areas based on their projected future growth in development of walkable places. That list of nascent future walkable real estate hot spots included surprise contenders like Atlanta, Denver, and Los Angeles—far from the usual suspects for such rankings. Meanwhile, some famously walkable cities like Portland, Pittsburg, and Baltimore were projected to fall behind.
The difference owes to walkable sub-urban places, an unconventional category that includes both historic town-center type suburbs and modern transit-oriented developments. In our highest-projected metro areas—from Washington, DC to Atlanta, GA—a large percent of new growth is expected to take the walkable sub-urban form.
Today, President Obama announced the launch of the Build America Investment Initiative, a new government-wide initiative to invest in the nation’s transportation infrastructure by expanding opportunities for the public and private sectors to partner and better leverage each other’s resources to grow jobs and strengthen the economy.
In addition, the initiative will create the Build America Transportation Investment Center within the US Department of Transportation, tasked with providing cities and states with both the tools and other forms of technical assistance needed to create innovative financing solutions such as TIFIA to fund transportation infrastructure improvements and the support necessary to remove regulatory barriers that prevent the public and private sectors from collaborating on ways to fund infrastructure.
The third annual LOCUS Leadership Summit: Closing the Next [Smart Growth] achieved unprecedented success by assembling over 100 top real estate developers and over 30 local elected officials from across the country at Hotel Monaco in Washington, DC last week.
Walkable real estate development projects and places are on the rise nationwide, but certain metro regions are progressing faster than others, according to a new report released today by the Center for Real Estate and Urban Analysis at George Washington University School of Business in conjunction with LOCUS: Responsible Real Estate Developers and Investors, a program of Smart Growth America.
A new survey of development trends will reveal which regions are building most walkable neighborhoods.
Photo via DC: The WalkUP Wake-Up Call, 2013.
Our major metropolitan regions are racing to capture the market demand for walkable urban places. Do you want to know who is winning?
Join us for the release of Foot Traffic Ahead: Ranking Walkable Urbanism in America’s Largest Metros on June 17, 2014 at 2:00 PM EDT, live streamed from Washington, DC during the 2014 LOCUS Leadership Summit.