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Capturing the Value of Transit: Harnessing Connecticut's Future To Springfield Capturing Enfield Windsor the Value Locks Windsor of Transit Hartford West Hartford New Britain Harnessing Newington Connecticut’s Future to Create Berlin Healthy Transit Neighborhoods Meriden Wallingford A report by Partnership for Strong Communities and the University of Connecticut Center for Land Use Education North Haven and Research for the Capitol Region Council of Governments and the Sustainable Knowledge New Haven Corridor Consortium PARTNERSHIP FOR STRONG COMMUNITIES 227 LAWRENCE STREET, HARTFORD, CT 06105 860.244.0066 PSCHOUSING.ORG LYCEUMCENTER.ORG This report was prepared for the Capitol Region Council of Governments and the Sustainable Knowledge Corridor Consortium by Partnership for Strong Communities and the University of Connecticut Center for Land Use Education and Research. The work that provided the basis for this publication was supported by funding under an award from the U.S. Department of Housing and Urban Development. The substance and findings of the work are dedicated to the public. The author and publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Government. For more information, contact: David Fink Policy Director Partnership for Strong Communities [email protected] 860-244-0066 Bruce Hyde Land Use Educator University of Connecticut Center for Land Use Education and Research (CLEAR) [email protected] 860-345-5229 Mary Ellen Kowalewski Director of Community Planning Capitol Region Council of Governments [email protected] 860-522-2217 Page 2 Capturing the Value of Transit The new New Haven-Hartford-Springfield commuter rail line and CTfastrak Bus-Rapid-Transit line put Connecticut state and municipal officials, community leaders and residents at a critical Thriving Communities crossroads: they can either recognize the profound Across the country many places opportunities the new transit lines present and have seen TOD property values rise capitalize on them, to help transform our economy significantly more than property away and their communities, or they can risk continued from transit. A sampling: economic difficulty because they failed to act • Santa Clara, CA – decisively. +17-28% in apartment values1 For many years Connecticut’s pace of housing • Arlington, VA – production has not kept pace with market demand, +81% hike in land values around 5 causing high prices that strain our economy. But stations over 10 years2 the upside is that our real estate market is ripe for • Dallas, TX – transit-oriented development (TOD). Like other +29.9% rise in retail property states and regions that have married transit, values, +10.3% in office values3 housing, environmental, recreational and place- • San Diego County, CA – making policy, TOD can bring significant growth +91% commercial, +46% condos, in economic activity and property values, and that +17% single-family homes & future growth can help pay for the transit and other multifamily rental4 infrastructure we need right now. • Eastern Massachusetts – TOD’s economic and fiscal benefits are not +9.6% to +10.1% for all types of inevitable. They depend on choices, cooperation, property5 and the political will to move quickly. • Atlanta, GA, Beltline – +15-30% single-family homes, even TOD could create tremendous value in the future, before transit built6 but Connecticut and its municipalities need money • Minneapolis, MN, Hiawatha Line – now to build out the transit systems and invest in +10% multifamily, +4% single- infrastructure, streets, planning, administration and family7 much more that will support vibrant development. • Chicago, IL, Midway transit line – 8 This paper frames two key questions: How can we +10% single-family home values orient public policy toward creating economic value • Portland, OR – with TOD? And how can we harness that value to +31% vacant residential fund the investments to enable that value creation? parcels during two years after announcement of rail plans9 The answer is tied to the common Catch-22 felt by state and local officials: they lack revenue to invest Center for Housing Policy - in development, but need to spur development Public Transit’s Impact on Housing to raise revenue. Connecticut can use innovative Costs: A Review of the Literature financing approaches to bridge the gap between http://goo.gl/JEFtx current needs and future revenue growth. Other states and cities have done it. Page 3 Value Capture • There is tremendous pent up demand for “Value capture” is a term increasingly used housing. Connecticut has the 8th highest to describe ways that governments recoup rents in the U.S., driven by an undersupply or capture public investment and use that of housing. Over the last decade Connecticut captured value to create and operate transit is 50th in housing production per capita even and foster other development around though developers can command a high price stations. for housing they produce. Restrictive zoning, a confusing morass of regulations, and disinvestment This approach acknowledges that publicly-funded in our cities has kept the homebuilding industry transit and related infrastructure typically create from creating enough housing to satisfy market significant private-market value, by spurring new demand. Connecticut’s undersupply is greatest in development and increasing the value of existing modestly-sized, modestly-priced apartments and development. The new value would not exist smaller starter homes in walkable neighborhoods – without the public investment. Value capture allows exactly the housing most conducive to TOD. governments and residents/taxpayers to share the benefits of the value they create – and help pay for the Even without transit, demographic and economic investments that make it possible. forces have combined to create demand for tens of thousands of smaller, denser, more affordable, Market Potential: Greater In Connecticut energy-efficient units. Putting much of that housing Connecticut may be poised for even greater success near transit makes them even more valuable than many other transit-served markets: because households living in them can reduce their transportation expenses. CTfastrak Service Routes B l o o m f ie ld A BURLINGTON AVON v e Albany Ave ve A s ill H e lu New Britain-Hartford Busway Service Plan Routes B e v PlainvilleAve A n o t g n i l r u B Waterville Rd WEST HARTFORD Te rryv ille Farmington Ave Ave FARMINGTON Farmington Ave North St Sc ot t S w a m p Park St R d Union Station t State Highway 508 HARTFORD S t Morgan St s BRISTOL e Park Street W Sigourney Street School St Main St South Rd Trout Brook Connector Whitehead Hwy King St Kane Street M e e m v o A ria Birdseye Rd l e l Bl l Wolco vd i tt St v n o Flatbush Avenue i n Colt Hwy State Highway 504 U South Main St Broad St I-84 Main St Elmwood Ne Forestville Ave w B Middle St East Rd rita S in Ave ta te Newington Rd H i gh Farmington Ave w ay 72 Newington Junction Main St Hartford Rd PLAINVILLEN Airport Rd ew Woodford Ave B r i t e a Av East St i ford n Hart A v e t ked S oo t r S C y e l n a t S Cedar Street Jordan Ln Washington St Town Line Rd Cedar St Main St Birch St Allen St East St Queen St NEW BRITAIN East Street Russell Rd Mountain Rd St ate High West St way 72 Corbin Ave DRAFTDowntown New Britain Wells Rd State Highway 3 Newington Ave Robbins Ave WETHERSFIELD East Main Street Arch St NEWINGTON Arch Street Hartford Newington LocalState Highway 3 Franklin Sq N ew B ritain Ave Berlin Turnpike Hospitals - Capitol Connector Prospect St Maple St e v Willard Ave A Berlin Turnpike (Cromwell) New Britain-Hartford Shuttle n to ing ns Ke Main St Bristol Local Newington Circulator Main St Berlin Tpke Bristol Shuttle Newington Junction Busway Shuttle Sta SOUTHINGTON te H I-91 ighw ay 5 Burritt Street Oak Street 71 Richard St High Rd CCSU Connector Plainville/Bristol S ta te Main St H i Capitol - Berlin Tpk via Willard Stanley-Westfarms-Hartford g F h a w r m a in y g New Britain Rd 9 to Charter Oak Marketplace UConn Health-Westfarms-Hartford n A v e Cheshire Express Waterbury Express Main St Oakland Rd N Combined South and East Streets West Hartford - Bishops Corner ew Britain Ave ve Berlin St y l A w iva BERLIN D e S H erc Wilbur Cross Hwy m i R Corbin Avenue West Hartford Place via Park P ng d i n l i a a l s r e D b e m ElmwoodROCKY via New Britain HILL Ave a West Hartford Place via Park and Kane a n h e Elm St e C v H A l w l e Farmington Avenue Westfarmsy via Park w Gla Mill St m I-91 sto o n East St r bur C y Southington Rd BuswayA vStatione Ken Worthington Ridge M s ingto e n I R r Norton St d i West St d e Main St Town Boundary n Mill St GLASTONBURY ↓ To Cheshire A Clark St v High St and Waterbury e ↓ To Meriden ↓ To Cromwell Source: CT Dept. of Transportation, ctfastrak.com Page 4 Capturing the Value of Transit Beyond the likelihood that housing creation itself will be an economic New Haven-Hartford-Springfield Rail success, nearby businesses are also Program Project Map likely to flourish: housing can fuel LEGEND: economic activity because its residents Existing Stations Springfield Union A will also be customers and workers at A Existing Amtrak Stations SPRINGFIELD Station local businesses. Future Regional Stations NHHS Rail Corridor Massachusetts • In most states, transit and/or Other Rail Lines Connecticut surrounding development emerged Enfield incrementally over many years, or new transit was built in already-dense A Windsor Locks areas.
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