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Home My WebLink AboutAgenda - 01-22-2019 7-b-1 Go Triangle presentation slides F � R TOD Guidebook ACONiMUNITY INVESTMENT IN TRANSIT AL i ic�N STEPS Orange County : • , • of County • • January 1 • - r +� s F ► - ;: _ ti' I Today's Agenda • The Opportunity • What We Found Action Steps 4: . FORWARD . l COMMUNITY TRANSIT The Opportunity • Coordinate neighborhood planning , the market for walkable TOD, and the design of light rail • Collaborate across local governments, universities, and transit • Facilitate economic development GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT Outcomes That Could Be Realized Within 1/4 mile of the stations, an opportunity for: 43,500 New Jobs 44,000 New Residents 4 Million New Annual Transit Trips (2040) A. •3N F - \ GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT Affordable Zoning Housing Streets Public Space The TOD Guidebook Economic Catalytic Development Infrastructure & Parking • FORWARD TRANSITA COMMUNITY INVESTMENT IN Economic Development DOLRT Corridor Station Areas (basis for all financial estimates below) 7,026 acres Potential Redevelopment Areas Within Station Areas 1,361 acres Net New Property Value $3.3 to $4.5 billion Net New Annual Tax Revenue $45 to $60 million Net New Accumulated Tax Revenue (through 2057) $1.4 to $1.9 billion Financial estimates are reported as discounted present value based on an inflation-adjusted discount rate of 2.5 GO FORWARD GD A COMMUNITY INVESTMENT IN TRANSIT • Net New Tax Revenue By Jurisdiction L.—Net New - • Tax Revenue by • • 1 Chapel Hill / Carrboro Schools $25M to $35M Town of Chapel Hill $100M to $135M Orange County $110M to $150M City of Durham $480M to $650M Durham County $680M to $920M Total $1.4 to $1.9 billion Financial estimates are reported as discounted present value based on an inflation-adjusted discount rate of 2.5% GP GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT Action Step n. Work that is part of an intentional and coordinated leadership-driven game plan built on community goals. GO FORWARD Action Steps • Prioritization • Affordable Housing • Infrastructure • Parking • Partnerships • Streets and Public Space • Zoning 1b GO FORWARD 11 ACOMMUNIN INVESTMENT IN TRANSIT Gateway + Patterson Place A TOD Opportunity Legend Q Statinn Park and Ride • Rail Operatinns and DukeNA Medical Centers Maintenance Facility ,eI LRT alignment LaSalle Street Bu'-h�nan 6o�levard �Aerial sections of LR7 Ninth Street Durham Station 0 (as of Sept—her 2DI61 Dii Street 0 9B Ahn, Avenue I0 v Squ Durham Ni 7Q SouSouthate� CIE7 55� Martin LutheF Cng]r Parkway Q R5 Gateway(] Patterson Place]� Chapel Hill s Durham-Orange so-1 Leigh Village 0 UNC Hospitals 54 Woadmwt Harnil—Road Frlday Center Drive 0 Mason Farm Road Q Ls 3 Miles NORTH Mep Qala 6r Esi�,AECAM aM other_CpryHght 2a16 GoT.Ungle_RII rights rsery cd_R�tiu�d 3aplembe.2616_ GO FORWARD ' A COMMUNITY INVESTMENT IN TRANSIT Patterson Place � I Station dft mod. s Eastowne �► (UN' Health Care) jop M OR do ateway Station r' i, .. # it �"" " r i Infrastructure Highlights TOD PUBLIC INVESTMENT INFRASTRUCTURE PRIORITIES The following station area projects have been identified as the key projects the City and other partner entities should undertake to support catalytic station area development. 7 LP.-I tv pip Sewer Pump Station Danziger Drive Complete U.S. 15-501 Bike and Sewer Pump Station needed Street Connection Pedestrian Connections to support continued growth A new connection across Bike and pedestrian within the station area 1-40 is needed to connect to connections to improve local Gateway; an improved Old connectivity across U.S. 15-501 f 771 FORWARD UNITY INVESTMENT IN TRANSIT C-P Emerging Affordable Housing Research : _ o0 Key Findings: • At the regional level, additional market-rate and additional subsidized housing BOTH reduce displacement pressure • Each subsidized affordable home reduces displacement pressure as much as two market-rate homes -Miriam Zuk & Karen Chapple, Institute of Governmental Studies 2016 GO FORWARD G A COMMUNITY INVESTMENT IN TRANSIT Musical Chairs & Housing Markets 000 OO (D ao A Lease Renews; Higher Music Stops; Faster People Income People Beat Lower Beat Slower People to Chairs Income People to Homes Adding More Chairs or More Homes Reduces Competition and Lets More People Participate I k 1 GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT Two Ways to Reduce Competition 0 0 (1) 0 00 0 00 00 F1 New Market Rate Home New Permanently Affordable Reduces Competition for Home Reduces Competition Existing Home Serving Low For Income-Qualified Resident Income Resident Z:1GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT Zoning / Streets / Public Space Adopt transit-supportive future land use map designations and policies Establish TOD standards and review processes — Building Placement and Size — Streetscape — Public Spaces Remove barriers to building Missing Middle Housing near light rail stations GO FORWARD n n A COMMUNITY INVESTMENT IN TRANSIT Affordable Housing Leverage new property values to fund affordable homesF1 Incentivize landlords to rehabilitate and preserve affordable homes Remove regulatory barriers to housing and recalibrate density bonus programs I Z: GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT The Power of Cross-Department Coordination • We learned Patterson Place needs a sewer lift station to support greater density (Market Study) • The Lift Station acts as a catalyst for next round of development in station area (Infrastructure) • Zoning changes allow more intense development + newAH density bonus (Zoning) • New Development yields tax revenue for community goals (Economic Development) • Leadership allocates some of that revenue towards affordable housing/other community goals (Community Priorities) GO FORWARD A COMMUNITY IN IN TRANSIT • Net New Tax Revenue By Jurisdiction L.—Net New - • Tax Revenue by • • 1 Chapel Hill / Carrboro Schools $25M to $35M Town of Chapel Hill $100M to $135M Orange County $110M to $150M City of Durham $480M to $650M Durham County $680M to $920M Total $1.4 to $1.9 billion Financial estimates are reported as discounted present value based on an inflation-adjusted discount rate of 2.5% Z:I[:2 FORWARD UNITY INVESTMENT IN TRANSIT Discussion } rs � r GP ff7ACO�MMUNITY FORWARD INVESTMENT IN TRANSIT A Conservative Market Study • Triangle Region Has Grown 3% - 5% per year over past 30 years • Durham / Chapel Hill has historically captured 20% — 25% of that growth "To develop and fill the types and amounts of new building proposed in this Guidebook, based upon the findings of the market study, Durham and Chapel Hill would have to capture about 13% of expected regional growth, about half of what they have captured in the past. " - The TOD Guidebook, page 33. 3 GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT A Conservative Market Study : Multifamily MULTIFAMILY RESIDENTIAL MARKET FDRECASTS ,CO3oao G0,000 Light Rail Submarket 801wo Demand 7Oj040 through 2057: wpm 65k -100k homes 30POO TOD M oo Guidebook ,ao06 Concept homes: 0 ooaP � o � aoa � ooepsg � � � � � � � � � � � 24,800 DUR N N N N N N (ay N N N N H MwketGrow At HWorics I Avempa Rde —Oft*M Pr*eD on HO/Low —09,eIop mw*Pr opined In CuW et** 3,200 CH GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT A Conservative Market Study : Office OFFICE MARKET FORECASTS 45 Light Rail °° Submarket 36 Demand through 2057: 28m to 43m s25GSF 5E 3 p 0 15 2 io TO D a Guidebook 5 Concept GSF: a O pp pp p o po pp p pp p pp po pp p6 p Qp p p If MorkatOmm at Historical AvermgeRste -Market Prajectlm Hlgh/Low spa Wopr rd Proposed in Qrid@book -1 6 m D U R -4.2 m CH GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT Final Thought : Paris & Chicago s AAf� SEE � 3 Paris is more than twice as dense as Chicago GO FORWARD A COMMUNITY INVESTMENT IN TRANSIT