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Transit-Oriented Development Program

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Transit-Oriented Development Program Transit-Oriented 2014 Development Program Annual Report Four projects under construction: July 2013 – June 2014 • The Core, a six-story mixed-use development with 124 residential units, 1,483 square feet of office space, and 8,403 square feet of retail space • The Rose, a four-story development with 90 regulated affordable residential units • The Radiator, a five-story mixed-use development with 29,300 square feet of office space and 2,900 square feet of retail 4th Main space The year in review • Moreland Station, a four-story development with 68 residential units With the Oregon economy showing steady gains In June 2014, the TOD Steering Committee since the end of the Great Recession, Metro’s approved a work plan amendment to Transit-Oriented Development (TOD) Program change criteria governing investments in experienced its own recovery in Fiscal Year neighborhood-enriching retail services 2013-2014. The pace of program activities fully and amenities, increasing opportunities to rebounded with two projects completed, four fund Urban Living Infrastructure (ULI) under construction, three approved and more investments in new buildings that qualify for in the pipeline. The two legacy projects that TOD program funding. celebrated grand openings this year – 4th Main in Hillsboro and The Prescott in North Portland With demand for housing and office locations – survived the downturn due to strong, resilient remaining strong, Metro’s TOD program partnerships. is well positioned to continue leveraging its modest financial resources to stimulate The shared vision for 4th Main can be traced to placemaking investments in higher density 1998 when the land was purchased for transit- housing and retail development near transit. oriented development by the City of Hillsboro and Metro, with funding from the Federal Transit Administration. The 4th Main project succeeded through the collaborative efforts of Tokola Properties and its three public partners. FY 2013-14 The Portland Business Journal recognized it as “Public Private Partnership of the Year” and the Oregon Main Street Association awarded the Projects opened Projects approved project “Best New Building” designation. 4th Main Metro approved TOD funding for the Prescott Hillsboro 240 Clay in 2008, right before the market collapsed, The Prescott Portland after which the developer declared the project Portland 8300 N. dead. A new financial structure and renewed Interstate commitment of support from Metro revived the Under construction Portland project. The Prescott opened in January 2014. The Rose 5135 N. Portland Two completed projects: Interstate Moreland Station Portland • 4th Main, a four-story mixed-use development Portland with 71 apartments and 3,859 square feet of retail space, plus the conversion of an The Core Hillsboro abandoned bank into 6,000 square feet of retail space The Radiator Portland • The Prescott, a six-story mixed-use development with 155 apartments, including www.oregonmetro.gov 31 regulated affordable units, and 9,900 square feet of retail space ST HELENS I-205 MARINE I-5 1998-2014 WILSON RIVER SR-500 LOMBARD SR-14 Completed transit-oriented development $528,649,391 leveraged COLUMBIA projects SR-14and eligible areas Metro’s TOD program stimulates private and publicHWY 47 investment by helping to offset the higher costs of compact development. The 31 TOD Projects completed to date BRIDGE LOMBARD DENVER have leveraged $9,711,000 of direct AIRPORT SR-500 SR-14 6TH investment in support of over $528 million SUNSET of development activity. I-5 PORTLAND K Station 82ND Patton Park YEON The Prescott I-5 SANDY GLENCOE HWY 30 GALES CREEK North Flint I-84 FRONTAGE I-84 The Nexus Milano Hollywood ApartmentsI-205 20 Pettygrove E The Merrick Broadway Vantage 19TH ADAIR 4th Main CORNELL 181ST Villa Capri West OCOMI-405 Eastside Lofts Center Commons 238TH 1ST B Pacific University bside 6 Buckman Terrace QUINCE BURNSIDE 257TH The Rocket Russellville Park STARK HAWTHORNE TUALATIN VALLEY BARNES University Pointe CORNELIUS PASS 185TH Gresham Civic 2000 122ND DIVISION The Crossings Buckman Terrace Program accomplishments POWELL Westgate 3rd Central The Beranger Center Commons FY 13-14 TOTAL Beaverton Round Plaza BEAVERTON HILLSDALE GRAND 182ND HILLSBORO Central Point HWY 47 2001 Trips 93,836 831,256 FARMINGTON Central Point ORIENT The Watershed Transit-oriented development increases transit use by creating FOSTER 2002 US HWY 26 Russellville Park I and II places for people to live and work within walking distance of TACOMA 82ND high quality transit. Each year, over eight hundred thousand MURRAY Villa Capri West BARBUR RIVERSIDE HOGAN FRONT more travel tripsUNGER are made by transit, rather than by car, as a 2005 result of projects built with TOD program funding. GASTONThe Merrick HALL DIXON MILL TERWILLIGER 2006 SCHOLLS FERRY North Main Village North Flint Milwaukie Acadia Gardens HWY 26 Residential units 282 3,296 Town Center North Main Village RIVER TheHWY 217Knoll HWY 224 Town Center Station The Crossings TOD projects increase housing choice and affordability by BALD PEAK SUNNYSIDE attracting compact residential development near transit I-205-82ND 242ND 2007 SPRING HILL and walkable urban centers. Nearly 3,300 housing units KRUSE Nexus Pacific University constructed to date serve a diverse range of households: 783 HWY 212 The Beranger units are restricted for households earning up to 60 percent DURHAM PACIFIC The Rocket of the area median family income; 991 of the market-rate MCLOUGHLIN MCVEY The Watershed units are affordable to households earning up to 80 percent BOONES FERRY HWY 47 2009 WILLAMETTE of the area median family income. I-5 3rd Central Legend Broadway Vantage bside 6 BORLAND Commercial HILLSBORO CLACKAMAS RIVER MAX light rail lines Patton Park HWY 224 TUALATIN SHERWOOD I-205 STAFFORD Russellville Park III space 42,086 399,769 Urban growth boundary area Well-designed, mixed-use buildings with retail, restaurants 2010 PACIFIC TOD program investments Town Center Station and offices contribute to placemaking by generating more I-5 7TH REDLAND pedestrian activity, strengthening the customer base, and Completed TOD projects 2011 introducing amenities for urban living. Mixed-use TOD The Knoll BOONES FERRY TOD land holdings projects completed to date include 176,306 square feet of MOLALLA Civic Drive MAX Station NORTH VALLEY ELLIGSEN retail and 203,372 square feet of office and other space. HWY 99E Areas eligible for TOD funding 2012 20 Pettygrove REDLANDFrequent bus lines K Station HWY 240 Acadia Gardens Acres protected 37 479 2040 urban centers HILLSBORO SPRINGWATER 2013 TOD projects completed to date required a total of only 51 Station areas HENRICI Eastside Lofts acres. If developed conventionally they would have used WILSONVILLE Hollywood Apartments 530 acres. Compact development helps preserve farms and 0 1 2 4 Miles Milano forestland. OCOM University Pointe HWY219 I-5 HWY 213 HWY 211 PACIFIC ST HELENS I-205 MARINE I-5 1998-2014 WILSON RIVER SR-500 LOMBARD SR-14 Completed transit-oriented development $528,649,391 leveraged COLUMBIA projects SR-14and eligible areas Metro’s TOD program stimulates private and publicHWY 47 investment by helping to offset the higher costs of compact development. The 31 TOD Projects completed to date BRIDGE LOMBARD DENVER have leveraged $9,711,000 of direct AIRPORT SR-500 SR-14 6TH investment in support of over $528 million SUNSET of development activity. I-5 PORTLAND K Station 82ND Patton Park YEON The Prescott I-5 SANDY GLENCOE HWY 30 GALES CREEK North Flint I-84 FRONTAGE I-84 The Nexus Milano Hollywood ApartmentsI-205 20 Pettygrove E The Merrick Broadway Vantage 19TH ADAIR 4th Main CORNELL 181ST Villa Capri West OCOMI-405 Eastside Lofts Center Commons 238TH 1ST B Pacific University bside 6 Buckman Terrace QUINCE BURNSIDE 257TH The Rocket Russellville Park STARK HAWTHORNE TUALATIN VALLEY BARNES University Pointe CORNELIUS PASS 185TH Gresham Civic 122ND DIVISION The Crossings POWELL Westgate 3rd Central The Beranger Beaverton Round Plaza BEAVERTON HILLSDALE GRAND 182ND HILLSBORO Central Point HWY 47 FARMINGTON ORIENT The Watershed FOSTER US HWY 26 TACOMA 82ND MURRAY BARBUR RIVERSIDE HOGAN FRONT UNGER GASTON HALL DIXON MILL TERWILLIGER SCHOLLS FERRY North Main Village Milwaukie Acadia Gardens HWY 26 Town Center RIVER TheHWY 217Knoll HWY 224 Town Center Station BALD PEAK SUNNYSIDE I-205-82ND 242ND SPRING HILL KRUSE HWY 212 DURHAM PACIFIC MCLOUGHLIN BOONES FERRY MCVEY HWY 47 WILLAMETTE I-5 Legend BORLAND HILLSBORO CLACKAMAS RIVER MAX light rail lines HWY 224 TUALATIN SHERWOOD I-205 STAFFORD Urban growth boundary area PACIFIC TOD program investments I-5 7TH REDLAND Completed TOD projects BOONES FERRY MOLALLA TOD land holdings NORTH VALLEY ELLIGSEN HWY 99E Areas eligible for TOD funding REDLANDFrequent bus lines HWY 240 2040 urban centers HILLSBORO SPRINGWATER Station areas HENRICI WILSONVILLE 0 1 2 4 Miles HWY219 I-5 HWY 213 HWY 211 PACIFIC The impact of the 4th Main development on downtown Hillsboro is really exciting to witness and is occurring at multiple levels. The dynamic architecture of the building has enhanced the Clean air and clean water do not Main Street skyline and created a prominent stop at city limits or county lines. new gateway to the eastern entrance to the Neither does the need for jobs, a central business district. The residential units thriving economy, and sustainable have attracted a diverse mix of new residents to transportation and living choices the downtown core and the ground floor retail for people and businesses in the 4th Main space is helping reinvigorate the Main Street retail region. Voters have asked Metro scene. Indeed, 4th Main is proving to be a shining to help with the challenges and example of the positive impacts that can occur opportunities that affect the 25 cities and three counties in the when public and private partners work together on Portland metropolitan area. a common goal. A regional approach simply makes Dwight D. Unti sense when it comes to providing President, Tokola Properties Inc.
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