Estimated Development Potential Around Five Proposed LRT Transit Stations
In March of 2009 University City Partners engaged Noell Consulting Group to identify development potential around five proposed area transit stations and estimate the potential incremental value of that development and the tax revenue it generates over the coming 27 years. The five stations examined include:
- University City Boulevard;
- JW Clay Boulevard;
- UNC-Charlotte; and
- Mallard Creek Church Road.
This engagement builds on recent efforts conducted by Noell Consulting Group for the City of Charlotte, which examined long-term (through 2035) development potential around each of 41 existing or proposed transit stations across all four transit corridors. That larger study identified the potential depth and capture of transit-supportive land uses around each of the 41 station areas. Transit-supportive land uses were identified as being: attached residential (including rental and for-sale product), high-density single-family development (e.g. TND communities, cluster product), office, and retail uses. Except where otherwise identified, station areas were generally defined by a ¼-mile radius around the proposed transit station and included any development delivered in 2008 and year-to-date 2009.
This current effort for University City Partners is intended to utilize many of the same assumptions and analyses incorporated into a similar assessment conducted for the North Corridor stations by RCLCO in 2007. That study examined growth around all North Corridor stations utilizing a larger 1/2-mile radius and included conventional single-family development; a land use not incorporated into this analysis.