U.S. Secretary of Transportation Anthony Foxx testified before the Senate Committee on Environment and Public Works this morning on a number of issues related to the next transportation bill. Senator Edward Markey (D-MA) asked the Secretary what role, if any, transit-oriented development should play.
“When you build a transit station, it captures the imagination of real estate developers,” Secretary Foxx replied, “and they start to build dense developments and bring amenities to communities. I would urge that we do more to partner with local communities, and to help them develop the tools to utilize land use opportunities.”
“Transit-oriented development is a crucial part of building strong regional economies and a great way for the federal government to catalyze private investment in America’s communities,” said Christopher Coes, Director of LOCUS: Responsible Real Estate Developers and Investors. “We applaud Secretary Foxx for recognizing its importance in the next transportation bill.
“Specifically, we encourage Congress to include a transit-oriented development financing provision in the Transportation Infrastructure Finance and Innovation Act (TIFIA) as part of the next transportation bill authorization. This would provide a much needed tool for local communities to help leverage greater private sector investment and economic development around public transportation.
“With MAP-21 set to expire in the coming months, the new Congress and the Administration have a unique opportunity to support transit-oriented development now. The new bill should provide the tools and resources to give every American the option to live in great, vibrant, economically strong neighborhoods.
LOCUS looks forward to working with Committee members as the bill moves through the Committee and the Senate.”