st.louis regional transit -oriented development best ... - Metro Transit

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loans that last for five to thirty years after the project is constructed. Many TOD projects also use some form of “gap financing,” such as bridge or mezzanine loans, to cover the period between construction and long-term loans. POTENTIAL BARRIERS TO TOD AND OTHER CONSIDERATIONS FINANCING The historically low values and prices of land in the region – a by-product of unrestrained “greenfield” development in the suburbs – exert pressure against financing for higher-density development. Also, few of the firms that provide development financing are comfortable with the unconventional concepts and terms associated with TOD financing. This lack of familiarity with TOD makes it more difficult for developers to secure financing. DESIGN TOD is design-intensive, often requiring assemblage of multiple parcels; compliance with form-based codes and robust design guidelines; substantial landscaping; and plans for supportive infrastructure such as roads or bike trails. These factors often increase startup costs for initial planning and design work. PARKING Structured parking can add costs to TOD, while innovative parking design and traffic circulation engineering may delay implementation. HOLDINGS TOD may require developers to hold property for a longer term than is usually required for single-use development—that is, for seven or ten years as opposed to five, which makes it more difficult to turn a quick profit. LIMITATIONS OF THE TRANSIT NETWORK TOD relies not only on the characteristics of the development area, but also on the transit connectivity of that TOD to other desirable locations within the region. If the regional transit network is limited, the attractiveness of a station for TOD is similarly limited. ECONOMIC DEVELOPMENT Some critics argue that proximity to transit fails to generate new economic activity, arguing instead that TOD simply relocates economic activity that may have occurred elsewhere under market conditions. This criticism makes it difficult for elected officials to maintain the long-term perspective necessary to support investments that may take ten or more years to complete. RESISTANCE TO HIGH-DENSITY DEVELOPMENT Residents in and around a proposed TOD area will often oppose higher-density development, fearing the potential negative impacts on the existing character of their neighborhood. TOD Best Practices Guide January 14, 2011 26
OUTDATED ZONING POLICIES The most common barriers to TOD are outdated zoning codes that sustain car-oriented land use policies. Winning community support for making zoning ordinances more supportive of sustainable growth and transit-oriented development may require significant time, money, and political capital. GENTRIFICATION AND DISPLACEMENT Economic growth and neighborhood redevelopment are vital to the long-term health of any community, but they can also encourage gentrification – the influx of middle- and upper-class individuals into previously lower- and working-class areas. Although this may be the end goal of many redevelopment projects, and often is a positive outcome, there can also be negative consequences associated with gentrification. For example, while new development can increase demand for housing, it often results in higher property values and rents. Consequently, the higher cost of living may force long-term but lowerincome residents to find housing elsewhere. Their new neighborhood may make it impossible or far more difficult to get to work, may not provide adequate opportunities for local employment, and likely would not offer the same social network and familiar support services. Therefore, instead of effectively combating poverty, impoverished residents may simply be pushed from place to place, creating concentrations of low-income households in new areas. Absent proactive planning, the region’s economically-disadvantaged residents may be locked into a cycle of poverty and displacement. One method for managing gentrification and displacement is to merge traditional land development with a holistic approach to community development, one that combines affordable housing policies with sustainable workforce development programs. True community development encourages new growth while retaining existing residents through sustainable housing, job opportunities, education, and other services. In order to achieve this, everyone involved in redevelopment and TOD – including developers, community development corporations, municipalities, and the general public – should consider a range of strategies for mitigating the harmful effects of gentrification from the very beginning of the TOD planning process. Such strategies may include legal requirements and incentives for affordable housing as well as alternative financing options, such as: Affordable housing: Over recent decades in major U.S. cities, affordable housing programs have emerged as an important component of redevelopment efforts. Most of these programs aim at keeping the cost of housing at or below 30% of a household’s income. Varieties of affordable housing types include: o o Mixed-income housing offers housing units that are affordable to a variety of incomes, in an attempt to encourage higher levels of integration and cross-cutting social relations, as well as sustaining strong communities by avoiding concentrations of poverty. Workforce housing provides affordable housing options near places of employment. Some programs target “essential workers,” such as police officers, firemen, teachers, and nurses, while others qualify anyone with income levels between 50 and 120 percent of the Area Median Income, regardless of their type of employment. TOD Best Practices Guide January 14, 2011 27
Page 1 and 2: ST. LOUIS REGIONAL TRANSIT-ORIENTED
Page 3 and 4: Fortunately, the region boasts seve
Page 5 and 6: COMPACT DEVELOPMENT PATTERNS One of
Page 7 and 8: FIGURE 1 JOBS/HOUSING BALANCE By br
Page 9 and 10: STAKEHOLDERS Perhaps the most criti
Page 11 and 12: y-lot development or specific zonin
Page 13 and 14: FIGURE 4 Credit: URS Corporation ZO
Page 15 and 16: FIGURE 5 TRANSPORTATION: TRANSIT A
Page 17 and 18: TRANSPORTATION: PARKING For the mos
Page 19 and 20: TOD more financially feasible. Port
Page 21 and 22: Pedestrian improvements Bicycle imp
Page 23 and 24: epay TIF bonds may encourage hurrie
Page 25: sewerage/stormwater infrastructure.
Page 29 and 30: Business incubators: These are inst
Page 31 and 32: Coordination between stakeholders m
Page 33: equirements, increased density/dens

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