east liberty station: realizing the potential - City of Pittsburgh

DRAFT
Financing TOD
Urban, mixed-use TOD projects are
overburdened with additional costs
when compared to competing real estate
investments. TOD has significantly more
expense than other suburban or even infill
real estate products. These additional cost
factors include: 9
TOD
Urban Land
Upgraded Utilities
Environmental
Remediation
Other Real Estate
‘Greenfield’ Land
New Utilities
Low Impact Past Use
The figure at right illustrates a few of
the numerous parties are involved in
TOD implementation. This includes
groups responsible for delivering transit,
developing real estate and financing
transactions. The process includes
government entities at all levels as well as
for-profit and non-profit entities. Special
interest groups throughout the community
are often involved in transactions especially
in their efforts to advocate for initiatives
such as affordable housing, living wage
jobs and other local benefits.
Private
Funding
Sources
Transit
Agency
Developer
TOD
Community
Public
Funding
Sources
Local
Government
93
Mid/High Rise
Construction
Low Rise Construction
Mixed-Use Buildings
Single Use Buildings
Higher Interior Finish
Standard Finishes
Complex Street
Network
Minimal Street
Network
Multi-Modal
Accommodations
Auto-oriented Design
Higher costs result in TOD facing a
difficulty in competing for investment
dollars versus other products. This
inherent gap often requires some type of
subsidy/inventive to ensure TOD projects
attract private financing and equity
sources. TRID can provide the public
financial assistance necessary to facilitate
TOD projects within the study area.
*Source: Fostering
Equitable and Sustainable
TOD, CTOD (Feb 2009)
9 Fostering Equitable and Sustainable TOD, CTOD (Feb 2009)
GSP Consulting | Studio for Spatial Practice | Fitzgerald & Halliday