RTD Board of Directors April 2, 2013

Roles in TOD Process

RTD’s Role in TOD Reporting Annual TOD Status Report –Market research –Inventory of all planning development within ½ mile of a station Research Planning Work with jurisdictions to develop station area plans Over 40 plans adopted since 2004 Facilitating Development TOD Pilot Program TOD Design Criteria Various other non-pilot development (DUS, Boulder Junction, etc.)

TOD Strategic Plan Overall TOD Policy document for RTD (Est. 2006, Rev. 2010) Primary goals include: 1.Foster partnerships to support TOD 2.Encourage sustainable development that supports transit 3.Support multimodal access to transit 4.Protect and enhance RTD assets

TOD Status Report: System Wide Summary Complete or Under Construction 24,439 residential units 6,336 hotel rooms 5.4 million SF retail 6 million SF office 2.3 million SF civic 164,373 SF cultural 7 million SF medical 1.9 million SF education Proposed 6,923 residential units 1,429 hotel rooms 642,000 SF office 2.4 million SF medical

TOD Status Report: Market Trends Demographics –Milennials, Echo Boomers, Generation Y Moving out (finally) Getting married and starting families later –Baby boomers downsizing Car Ownership –VMT declined 3% since 2007 –16 – 34 year olds decreased driving 34% between 2001 & 2009 –Transit increase 40% nationally –Bicycle use increase 24% nationally Shifting preferences –Less interest in ownership –Less space in a better place at the same price

TOD Residential Market Trends “Quiet before the storm” – only 700 units completed in 2012 but… Over 5,000 units currently under construction and on schedule for 2013 openings Multi-family, for-rent sector continues to be strong in Denver, but some worry about over building Rents pushing $2.50/SF in certain submarkets

TOD Office Market Trends Office construction declined over the past few years due to the recession and an increase in vacancies throughout the region Development now picking up again with single tenant buildings and a few new mixed tenant buildings.

TOD Retail Market Trends Retail has been struggling since the recession started Recent construction due in large part to TOD-specific zoning regulations that require ground floor activation

TOD Pilot Program - Goals –Proactively work on fostering livable communities by testing an expanded role for RTD in facilitating TOD –Develop “model” TOD projects for the region

TOD Pilot Program – Objectives + Projects Pilot Program Objectives –Learn from a diversity of projects –Focus on stations with the greatest opportunity for success –Allow sufficient time for implementation –Catalyze additional development in station area –Leverage resources through Public- Private Partnerships TOD Pilot Projects include: –Alameda Station –Federal Center Station –Welton Corridor –Olde Town Arvada Station

TOD Pilot Program – New Tools Provide flexibility where appropriate: – Reduce or relocate parking in some individual situations – Use land as equity in partnership w/ others consistent with FTA guidelines – Seek grant funding for TODs with an emphasis on community – Joint venture with other government agencies on development offerings

Alameda Station Pilot

Olde Town Arvada Pilot Goal to have structured parking and integrated development by 2016 Arvada and AURA closed on property to help facilitate TOD RFQ for a master developer partner released on March 1 Master developer to be selected by mid-June

Welton Corridor Pilot Conducted financial and site design modeling for 28 th /Welton with help of ULI Housing Committee. Concluded: –Development difficult, not impossible –Constraints include small site, zoning constraints, infrastructure requirements FPBD drafting corridor-wide revitalization plan with partners prior to determining next steps Intent for development on RTD land is to be catalytic within the corridor

Federal Center Pilot Working with Lakewood on integrated development framework and a RFQ for a master developer for both RTD and GSA properties

Denver Union Station: Historic Building Master Lease w/ USA signed in December 2012 Construction initiated in December 2012 Hotel will open in summer 2014 Plan to issue an RFP for Wynkoop Plaza Special Event Management in late April or May

University of Denver Station University Station Affordable Senior Housing –60 units income restricted senior affordable housing units –Ground breaking February 26 th –Completion by spring/summer 2014

University of Denver Station Retail Space in Parking Garage –Difficulty in leasing out retail space –2 failed attempts at RFPs –Reaching out to subject matter experts to come up w/ new strategy for commercial space

Boulder Junction Prior to TOD, original concept for facility a simple bus loop and garage Public-private partnership allows for something bigger and better –71 units of income restricted affordable housing –140 room hotel –Redevelopment of historic depot Anticipate closing April 2013; station opening January 2015

I-225 Corridor TOD Working w/ City of Aurora on a broader strategy for TOD in the corridor Will be initiating a real estate market assessment for the corridor –Will fully investigate TOD opportunity on RTD land at 13 th Avenue Station site

QUESTIONS? Bill Sirois Senior Manager, Transit-Oriented Development and Planning Coordination