Post on 04-Jan-2016
transcript
City of CarrolltonTransit Oriented Development
January 5, 2008
Peter J. Braster
TOD Manager
Agenda
• Carrollton’s DART Stations• Doing the Homework• Importance of a Catalyst Project• High Street Project
Peter J. Braster
TOD Manager
DART Green LineDART Green Line
DART System MapDART System Map
DART LRT StationDART LRT Station
Crosstown PlatformCrosstown Platform
Frisco PlatformFrisco Platform
Downtown Station By 2030
Belt Line
Transit Hall North/South Elevations
Station Complex Concept
• Tax Increment Reinvestment Zone• Transit Center Zoning• Renaissance Plan Update• Station Master Plan• Infrastructure Study• Transportation Study• Parking Study• Drainage Study• Land Acquisition• Incentive Program
Doing our Homework
Completed TOD Initiatives:
Importance of a Catalyst Project Importance of a Catalyst Project
What Defines a Catalyst Project?
– Stimulates an area immediately and over time
– Spurs redevelopment / revitalization
– Leverages community resources and benefits
– Neighborhood renewal & community vision
– Brings new residential and retail investment into a community
– Qualities not much different from suburban catalysts
• But with much better transit and parking
Catalytic Qualities:
– Lays a foundation
– Establishes connectivity and linkage
– Jumpstarts revitalization
– Activates other uses
– Attracts more spending / new businesses
– Creates interest and excitement
– Dynamic involvement
Catalyst Drivers:
– Important to establish residential first
• “Rooftops before retail”
– Achieve initial critical mass
– More density over time reinforces catalyst drivers
– Public support – key for “groundbreaking” projects
– Broad-based support needed to continue momentum
• Public (City)
• Private (Developers)
• Community/ Citizens
• Business
Catalyst TOD Project Life Cycle
Residential base, some retail
Retail, office, more support residential
Integrated w/ transit areas, parks, plazas, open/green space, civic facilities & shared parking
More office, retail, hotel, entertainment
Value Proposition - $$$
– Across America, TODs have significantly greater value than property not close to transit
– Increased property tax values
– Increased sales tax values
– Increased foot traffic for local businesses = more $$$
– “Ripple-effect” – each dollar goes further
Value Proposition – Other Benefits
– Catalytic potential not just limited to $$$
• Rich mix of housing, jobs, shopping and recreational choices
• Reduces transportation expenditures
• Safer, cleaner neighborhoods
• Conserves fuel consumption, reduces emissions
• Reduces traffic congestion
– Encourages every price point to live around transit
The Basis for Investment in TODs
– From the Perspective of the Public Partner:
• Jumpstart an area with a catalyst project
• Generate tax revenue from development of TODs
• Ripple-effect of spending & value multipliers
• Time value of investment
– From the Perspective of the Private Partner:
• Receive premium rental rates over time
• Increase density of development / capture additional demand
• Increase retail sales from transit riders
Downtown Carrollton Station
– Breathes life into Downtown Carrollton (“bodies bring retail”)
– Attracts corporate attention
– Key connection between Downtown and Belt Line gateway
– Once built, easier to finance more subsequent development
– Mixed-uses attracts wealthier households
• Escalating real estate values
• Upscale conversions
• Rising rents, but still “affordable”
Downtown Master Plan – 2025
STATION
SQUARE
Land Use Plan PHASE 1 2010 - 2015
STATION
SQUARE
Master Plan – Phase 1 Area
Master Plan – Phase 1
STATION
SQUARE
STATION
SQUARE
Master Developer
Downtown Carrollton:• 295 Class A Apartments• 15,550 sf shopping/flex Retail• 252,000 sf in 4 Buildings• Parking Garage: 5 levels, 460 spaces which includes
125 municipal spaces• Overall Development Budget: $44,700,000