Transit Impacts on Jobs, People and Real Estate Volume 5 Improving Transit Impacts by Reconsidering Design and Broadening Investment Resources

Fixed route transit (FRT) station planning (the process leading to locations) and design (how stations are integrated with transport systems and nearby land uses) can dictate (a) use of the system by passengers, (b) development outcomes around the station, sometimes to a few miles away, and (c) real estate markets. Unfortunately, the statistical evidence presented throughout this study, indicates that poor station planning and design can undermine the very purposes and promises of transit in America. The authors conclude that there does not appear to be an easy way to predict transit station development outcomes based on transit station planning and design. This is an area where new research is needed. Nonetheless, the research demonstrates that FRT systems confer both regional and local benefits. Regionally, they elevate overall economic performance as well as provide a wide range of public goods such as lower levels of greenhouse gas emissions and more mobility options. Locally, they generate value to private property that is spatially related to transit station proximity. Based on economic development, real estate value added, and fiscal benefits, there is much to be said for expanding existing systems and launching new ones. However, in these days of declining federal support for fixed-guideway transit capital investments, new sources of funding are needed. The inventory is surprisingly large but largely untapped. In some cases, state enabling legislation may be needed but in others local popular and political support needs to be generated. The choice of funding option can make a difference. In this Volume, the authors introduce the role of fixed-guideway transit in creating value, identify numerous transit funding options, review criteria that may be used to choose those options that maximize key public finance objectives including capturing part of the value created by transit investments, and posing a funding approach that captures part of the value-added to regions and to areas around transit stations in relation to the distance of benefiting property from those stations. Adequately financing, planning and designing transit systems and stations will be needed if we are to meet the market demand for housing near transit stations to the middle of this century.

• Record URL:
  https://ppms.trec.pdx.edu/media/project_files/NITC-RR-1253_Transit_Impacts_on_Jobs_People_and_Real_Estate_Volume_5.pdf
• Supplemental Notes:
  • This document was sponsored by the U.S. Department of Transportation, University Transportation Centers Program.
• Corporate Authors:

  University of Arizona, Tucson

  College of Architecture, Planning and Landscape Architecture
  Tucson, AZ  United States 

  National Institute for Transportation and Communities

  Portland State University
  P.O. Box 751
  Portland, OR  United States  97207

  Office of the Assistant Secretary for Research and Technology

  University Transportation Centers Program
  Department of Transportation
  Washington, DC  United States  20590

  Utah Department of Transportation

  Salt Lake City, UT  United States 
• Authors:
  • Nelson, Arthur C
  • 0000-0003-2578-3884
  • Hibberd, Robert
  • 0000-0002-6606-6753
  • Currans, Kristina
  • 0000-0001-6522-0758
  • Iroz-Elardo, Nicole
• Publication Date: 2021-4

Language

• English

Media Info

• Media Type: Digital/other
• Edition: Final Report
• Features: Appendices; Figures; Maps; Photos; References; Tables;
• Pagination: 265p

Subject/Index Terms

• TRT Terms: Financing; Public transit; Transit oriented development
• Subject Areas: Finance; Public Transportation;

Filing Info

• Accession Number: 01778844
• Record Type: Publication
• Report/Paper Numbers: NITC-RR-1253
• Contract Numbers: NITC-UA-1253
• Files: UTC, TRIS, ATRI, USDOT, STATEDOT
• Created Date: Aug 9 2021 9:44AM