City of Carrollton Transit Oriented Development January 5, 2008 Peter J. Braster TOD Manager

City of CarrolltonTransit Oriented Development

January 5, 2008

Peter J. Braster

TOD Manager

Agenda

• Carrollton’s DART Stations• Doing the Homework• Importance of a Catalyst Project• High Street Project

Peter J. Braster

TOD Manager

DART Green LineDART Green Line

DART System MapDART System Map

DART LRT StationDART LRT Station

Crosstown PlatformCrosstown Platform

Frisco PlatformFrisco Platform

Downtown Station By 2030

Belt Line

Transit Hall North/South Elevations

Station Complex Concept

• Tax Increment Reinvestment Zone• Transit Center Zoning• Renaissance Plan Update• Station Master Plan• Infrastructure Study• Transportation Study• Parking Study• Drainage Study• Land Acquisition• Incentive Program

Doing our Homework

Completed TOD Initiatives:

Importance of a Catalyst Project Importance of a Catalyst Project

What Defines a Catalyst Project?

– Stimulates an area immediately and over time

– Spurs redevelopment / revitalization

– Leverages community resources and benefits

– Neighborhood renewal & community vision

– Brings new residential and retail investment into a community

– Qualities not much different from suburban catalysts

• But with much better transit and parking

Catalytic Qualities:

– Lays a foundation

– Establishes connectivity and linkage

– Jumpstarts revitalization

– Activates other uses

– Attracts more spending / new businesses

– Creates interest and excitement

– Dynamic involvement

Catalyst Drivers:

– Important to establish residential first

• “Rooftops before retail”

– Achieve initial critical mass

– More density over time reinforces catalyst drivers

– Public support – key for “groundbreaking” projects

– Broad-based support needed to continue momentum

• Public (City)

• Private (Developers)

• Community/ Citizens

• Business

Catalyst TOD Project Life Cycle

Residential base, some retail

Retail, office, more support residential

Integrated w/ transit areas, parks, plazas, open/green space, civic facilities & shared parking

More office, retail, hotel, entertainment

Value Proposition - $$$

– Across America, TODs have significantly greater value than property not close to transit

– Increased property tax values

– Increased sales tax values

– Increased foot traffic for local businesses = more $$$

– “Ripple-effect” – each dollar goes further

Value Proposition – Other Benefits

– Catalytic potential not just limited to $$$

• Rich mix of housing, jobs, shopping and recreational choices

• Reduces transportation expenditures

• Safer, cleaner neighborhoods

• Conserves fuel consumption, reduces emissions

• Reduces traffic congestion

– Encourages every price point to live around transit

The Basis for Investment in TODs

– From the Perspective of the Public Partner:

• Jumpstart an area with a catalyst project

• Generate tax revenue from development of TODs

• Ripple-effect of spending & value multipliers

• Time value of investment

– From the Perspective of the Private Partner:

• Receive premium rental rates over time

• Increase density of development / capture additional demand

• Increase retail sales from transit riders

Downtown Carrollton Station

– Breathes life into Downtown Carrollton (“bodies bring retail”)

– Attracts corporate attention

– Key connection between Downtown and Belt Line gateway

– Once built, easier to finance more subsequent development

– Mixed-uses attracts wealthier households

• Escalating real estate values

• Upscale conversions

• Rising rents, but still “affordable”

Downtown Master Plan – 2025

STATION

SQUARE

Land Use Plan PHASE 1 2010 - 2015

STATION

SQUARE

Master Plan – Phase 1 Area

Master Plan – Phase 1

STATION

SQUARE

STATION

SQUARE

Master Developer

Downtown Carrollton:• 295 Class A Apartments• 15,550 sf shopping/flex Retail• 252,000 sf in 4 Buildings• Parking Garage: 5 levels, 460 spaces which includes

125 municipal spaces• Overall Development Budget: $44,700,000