A multifamily building where 30% of residents commute via subway will be significantly less likely to default on the mortgage than the same building located within 1,000 feet of a freeway corridor, according to the findings of a study funded by Fannie Mae.
Transit-Oriented Development (TOD) has been embraced around the country as a means to achieve sustainability goals, including reduced auto dependency and traffic congestion, as well as improved economic competitiveness. However, the process of actually implementing TOD varies based on a variety of physical, economic, and market conditions.
Transit-oriented development (TOD) – typically defined as compact, mixed-use development within walking distance of a transit station – has emerged in recent years as a key strategy for fostering quality neighborhoods and reducing auto dependence. Despite the emphasis on TOD in many policy discussions, however, only limited information is available to help communities understand the likely development impacts of new transit investments. This report builds on a 2010 study by the Center for Transit-Oriented Development (CTOD), Rails to Real Estate: Development Patterns along Three Recently Constructed Rail Lines, to examine the opportunities and challenges involved in promoting TOD in different types of neighborhoods, and the strategies that may be appropriate to catalyze TOD depending on the neighborhood context. By examining development patterns and public investment strategies through the lens of “development context” or “neighborhood type,” this report…
Transit-Oriented Development in the Chicago Region, 2000–2010
Mixed-use centers anchored by public transit are essential to the triple bottom line, or the economic, environmental, and social sustainability of the Chicago Region. With the publication of GO TO 2040 in 2010, the Chicago Metropolitan Agency for Planning (CMAP) put forth a vision to grow the transit-oriented development (TOD) areas of the Region and make them communities of choice. In 2012 the Center for Neighborhood Technology (CNT) built on this vision with the publication of Prospering In Place, which honored GO TO 2040 for its commitment to reconnect land use, transportation, and the economy, and recommended the locations in the Chicago Region that had the best prospects for growth—and hence warranted priority access to public and private resources. Prospering in Place was also a cautionary story of how a blueprint alone, without a place-based framework for development, will not reverse the…