Transit-oriented development (TOD) is usually a public/private partnership that combines transportation facilities with mixed-use activities. A successful partnership allows the partners to share risks, costs and rewards.
Typically, local government or a transit agency supplies the transportation infrastructure, while the private sector's role is the design and development of a variety of mixed-uses including retail, commercial and residential projects. Such developments can generate jobs and increase ridership, tax revenues and real estate values.
As TOD becomes more popular throughout the country, more developers are learning that the right retail mix is an important factor in the success of the development. This begins by understanding the customer base surrounding the development, as well as who will be utilizing the public transportation system. A number of transit-oriented developments include office space and housing options, therefore a number of consumers are already built-in to the development.
FACTORS DRIVING THE TREND TOWARD TOD
-Rapidly growing, mind-numbing traffic congestion nation-wide
-Growing distaste for suburbia and fry-pit strip development
-Growing desire for quality urban lifestyle
-Growing desire for more walkable lifestyles away from traffic
-Changes in family structures: more singles, empty-nesters, etc
-Growing national support for Smart Growth
-New focus of Federal policy
"Transit Oriented Development as an approach to combat traffic congestion and protect the environment has caught on all across the country. The trick for real estate developers has always been identifying the hot transportation system. Today, highways are out; urban transit systems are in." -The Urban Land Institute (ULI)
COMPONENTS OF TRANSIT ORIENTED DESIGN
-Walkable design with pedestrian as the highest priority
-Train station as prominent feature of town center
-A regional node containing a mixture of uses in close proximity including office, residential, retail, and civic uses
-High density, high-quality development within 10-minute walk circle surrounding train station
-Collector support transit systems including trolleys, streetcars, light rail, and buses, etc
-Designed to include the easy use of bicycles, scooters, and rollerblades as daily support transportation systems
-Reduced and managed parking inside 10-minute walk circle around town center / train station
BENEFITS
-Higher quality of life
-Better places to live, work, and play
-Greater mobility with ease of moving around
-Increased transit ridership
-Reduced traffic congestion and driving
-Reduced car accidents and injuries
-Reduced household spending on transportation, resulting in more affordable housing
-Healthier lifestyle with more walking, and less stress
-Higher, more stable property values
-Increased foot traffic and customers for area businesses
-Greatly reduced dependence on foreign oil
-Greatly reduced pollution and environmental destruction
-Reduced incentive to sprawl, increased incentive for compact development
-Less expensive than building roads and sprawl
-Enhanced ability to maintain economic competitiveness
(http://www.transitorienteddevelopment.org/)
http://en.wikipedia.org/wiki/Transit-oriented_development~ for more information
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