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TOD Toolkit: TOD potential at the Hi-Lake Station along Hiawatha Corridor Developed by Support from WORKING DRAFT.

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Presentation on theme: "TOD Toolkit: TOD potential at the Hi-Lake Station along Hiawatha Corridor Developed by Support from WORKING DRAFT."— Presentation transcript:

1 TOD Toolkit: TOD potential at the Hi-Lake Station along Hiawatha Corridor Developed by Support from WORKING DRAFT

2 Twin Cities Regional Transit Vision Hiawatha Light Rail Corridor

3 ● By 2030, between 110,000 – 124,000 Twin Cities’ households will have a potential demand for living near transit (roughly 6% of region’s households) ● Nationally, demand for housing near transit could double to over 15 million households. ● Household size is shrinking, with singles and couples without children being the new majority. ● 49% of the households with a potential demand for living near transit qualify as Low Income ● 4,000-9,000 new housing units could potentially be located on underutilized sites in the Hiawatha corridor to accommodate projected future demand Demand for Housing Near Transit

4 ●As of December 2006, 11,931 housing units and 1,054,436 square feet of commercial space have been built, are under construction, planned or proposed within a half mile of the 17 stations. ●7,000 units of housing have already been either proposed or built within a half mile of the Hiawatha Line since 2000. ●The majority of these projects, (65 out of 108 total projects and 45 out of 72 residential and mixed use/residential projects), are within the half-mile areas surrounding the four Downtown stations ●Transit investment has leveraged higher-density TOD in historic industrial areas ●“Hot Market” for Downtown station areas Recent Planned and Proposed Development, since 2003 Tremendous Development Response in Last 3 Yrs.

5 Courtesy Metropolitan Council

6 ●Corridor has a median household income of $31,000, versus $54,000 for region ●Only 37% of units are owner-occupied (versus 70% for the region) creating potential for displacement ●Out of 72 new residential projects since 2003, only 25% (18) are affordable or mixed income Residential Development along Hiawatha since 2003 Need to Ensure Long-Term Affordability

7 ●Variety of distinct land uses and development types ●Civic uses (i.e. airport, VA Hospital, Fort Snelling) dominate the corridor at 54% of total land uses and limit redevelopment potential ●Multiple funding sources and jurisdictions, including Federal, impede coordination Land Constraints in the Corridor

8 ●Little coordination of housing and transit policies have resulted in missed opportunities ●504 underutilized acres identified as potential redevelopment sites along the corridor ●Many new development projects outside downtown are smaller infill projects and not the larger “catalytic” projects necessary to promote a rider-transit link Lessons & Opportunities

9 ●Located roughly mid-point on the Hiawatha line, divided by transportation infrastructure, with a number of large underutilized sites. The majority of households are low-income (median income in 1999 of only $23,342) and transit-dependent. ●Available sites are being bought up by speculators or developers building small projects that are not making highest and best use of property near the station. ●Plans for improvements and connections are now in place or moving forward but better coordination during initial planning and design would have ensured critical development. 2001 preferred concept Station Example: Hiawatha and Lake Street ¼-mile and ½-mile radius around Hi-Lake station Station area plan developed in 2001

10 Corcoran Midtown Revival Plan

11 Yield Analysis Site Selected Area for Yield Analysis Development Scenarios

12 Yield Analysis: Two Strategies Tested 1)Critical Mass/ Master Developer Approach Single developer creates plan, obtains entitlements, prepares site, then sells for development of may develop some or all of site 2) Transit-Oriented Development Parking Ratios Assumes fewer parking spaces to help reduce costs and improve affordabilty

13 Yield Analysis: Results of 3 Scenarios

14 Scenario 1: Keep Existing Office

15 Scenario 2: Higher Density Mixed Use & Residential

16 Option 3 – 4 story mixed use & rowhouses

17 Key Hard Cost Assumptions

18 Revenue Assumptions Condominiums: Average $250 per SF or $236,000 per Unit (946 Net SF) Note: Lower Value for Apartments Row Houses: Average $225 per SF or $360,000 per Unit (1,600 Net SF) Retail & Office: $1.25 per SF/Mo. triple net

19 Preliminary Findings In the current market, development on the site would not generate enough value to pay to relocate the school district activities Lower-density development is more financially feasible in the short-term Over the longer term, higher densities may be possible, but timing will depend on the housing market and construction costs

20 Implications for Implementation A master developer approach is not a good idea at this site currently – current market conditions are not conducive to desired type of development –inability to assemble the land and wait to develop it later A “pioneering” project on the MnDOt site could help to increase development potential

21 Next Steps Generate a Master Plan for the site –Include flexibility to maintain existing office building Continue dialogue with the School District about future development options Monitor market conditions vis-à- vis timing of RFP for development of MinnDot site

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