TOD 2007V1-Kr.Indd
Total Page:16
File Type:pdf, Size:1020Kb
Transit Oriented Development 2007 Status Report Transit-Oriented Development Status Report 2007 December 2007 This is a controlled document; please do not dupli- cate. If additional copies are required, please request them from the FasTracks Document Control. This will assure that all recipients of the document receive revisions and additions. Approved By: Liz Rao, Assistant General Manager Planning and Development December 2007 Transit-Oriented Development Status Report 2007 TABLE OF CONTENTS 1.0 SUMMARY ....................................................................... 1-1 1.1 Development Activity ............................................................................1-1 1.1.1 Existing Corridors .........................................................................1-1 1.1.1.1 Central Corridor/Central Platte Valley Spur ....................................1-1 1.1.1.2 Southwest Corridor ...................................................................1-3 1.1.1.3 Southeast Corridor ....................................................................1-3 1.1.2 Planned Corridors and Extensions ...................................................1-3 1.1.3 Systemwide Development Summary ...............................................1-3 1.2 Planning and Zoning Activity ................................................................ 1-10 1.2.1 Station Area Planning ................................................................. 1-10 1.2.2 Rezoning Activity .......................................................................1-12 1.2.3 Corridorwide Workshops .............................................................1-12 2.0 OVERVIEW .......................................................................2-1 2.1 Regional TOD Market Trends ..................................................................2-1 2.2 Transit Influence on Development Decisions .............................................2-4 2.3 Report Methodology ..............................................................................2-5 2.4 Report Format ......................................................................................2-7 3.0 CENTRAL CORRIDOR, CENTRAL PLATTE VALLEY SPUR, DOWNING STREET EXTENSION .......................................... 3-1 4.0 SOUTHWEST CORRIDOR.................................................... 4-1 5.0 SOUTHEAST CORRIDOR .................................................... 5-1 6.0 WEST CORRIDOR ..............................................................6-1 8.0 GOLD LINE CORRIDOR ....................................................... 8-1 9.0 NORTHWEST RAIL/US 36 BRT CORRIDOR ........................... 9-1 10.0 NORTH METRO CORRIDOR................................................10-1 11.0 I-225 CORRIDOR ..............................................................11-1 i December 2007 Transit-Oriented Development Status Report 2007 1.0 SUMMARY This report provides an update on the status of urban planning and real estate development in the vicinity of existing and planned stations within RTD’s transit system. It provides a summary of development projects that have been built, are under construction, or are be- ing planned within an approximate half-mile of stations, as well as an inventory of land use planning and rezoning efforts being conducted by local government jurisdictions in station areas. RTD’s existing 35-mile rail transit system services 34 stations on three corridors: the 5.3- mile Central Corridor and 1.8-mile Central Platte Valley Spur in central Denver, the 8.7-mile Southwest Corridor to Littleton, and 19.2-mile Southeast Corridor to Lone Tree and Aurora. The FasTracks Program, approved by district voters in a 2004 ballot initiative, will add 122 miles of rail service, 18 miles of bus rapid transit (BRT), and approximately 60 new stations along six new corridors and extensions to the three existing lines by 2017. (See Exhibit 1-1 for a map of the existing and FasTracks corridors.) The new FasTracks Corridors include the 12.1-mile West Corridor to Golden, 41-mile Northwest Rail Corridor to Longmont and related 18-mile US 36 BRT Corridor to Boulder, 23.6-mile East Corridor to Denver International Air- port, 11.2-mile Gold Line Corridor to Wheat Ridge, 18-mile North Metro Corridor to Thorn- ton, and 10.5-mile I-225 Corridor to Aurora. The extensions include approximately 1 mile for the Central Corridor in central Denver, 2.5 miles for the Southwest Corridor to Highlands Ranch, and 2.3 miles for the Southeast Corridor to the planned RidgeGate community. 1.1 Development Activity 1.1.1 Existing Corridors Development on the existing RTD transit system is quite extensive and growing rapidly: 10,999 residential units, 3,729 hotel rooms, 2.8 million square feet of retail, 4 million square feet of office space, 1.6 million square feet of government space, 137,000 square feet of cultural facilities, and 2.3 million square feet of convention/sports space have either been built or are currently under construction at station areas and bus transfer facilities. The transit-oriented development (TOD) product delivered to the real estate market in 2007 rep- resents 7.5% growth in residential units, 17.6% in hotel rooms, 4.3% in retail space, 7.2% in office space, and 7.6% in institutional space. An additional 7,381 residential units, 1,736 hotel rooms, 1.8 million square feet of retail, 3.3 million square feet of office, and 850,000 square feet of convention/sports space are either in the local government development review process or have been proposed. 1.1.1.1 Central Corridor/Central Platte Valley Spur For the Central Corridor and Central Platte Valley Spur, 6,124 residential units, 3,729 hotel rooms, 864,200 square feet of retail, 2 million square feet of office space, 1.5 million square feet of government space, 103,000 square feet of cultural space, and 2.3 million square feet of convention/sports space have either been built or are currently under construction. An additional 5,020 residential units, 1,156 hotel rooms, 1.5 million square feet of retail, and 2.4 million square feet of office have been proposed. 1-1 December 2007 Transit-Oriented Development Status Report 2007 Exhibit 1-1: FasTracks and Existing Transit Corridors 1-2 December 2007 Transit-Oriented Development Status Report 2007 1.1.1.2 Southwest Corridor For the Southwest Corridor, 479 residential units, 687,804 square feet of retail, 160,000 square feet of office space, 100,000 square feet of government space, and 34,000 square feet of cultural space have either been built or are currently under construction. An addi- tional 515 residential units have been proposed. 1.1.1.3 Southeast Corridor Completed just more than a year ago, the Southeast Corridor is a magnet for development activity: 4,396 residential units, 492,533 square feet of retail, and 1.3 million square feet of office space have either been built or are currently under construction. An additional 1,846 residential units, 580 hotel rooms, 239,500 square feet of retail, and 925,000 square feet of office space have been proposed. 1.1.2 Planned Corridors and Extensions Compared to development on the existing system, there has been less activity to date on the six new corridors and three extensions proposed by FasTracks because they will not be operational for another six to ten years. Nevertheless, since the passage of FasTracks in November 2004, 2,465 residential units, 2.4 million square feet of retail, 278,581 square feet of office space, 17,323 square feet of cultural space, 3.3 million square feet of medical- related space, and 180,000 square feet of convention/sports space, have either been built or are under construction in the vicinity of proposed stations. Another 4,597 residential units, 515 hotel rooms, 741,611 square feet of retail, 1.1 mil- lion square feet of office space, 175,155 square feet of government space, and 5.9 million square feet of medical-related space, have been proposed for planned stations. The totals above do not include data from projects in areas for stations that were not part of the original FasTracks plan, regardless of whether they are being evaluated in their respective corridor environmental processes. 1.1.3 Systemwide Development Summary Combining the data for the existing RTD system and planned FasTracks stations, 13,464 housing units, 3,729 hotel rooms, 5.2 million square feet of retail, 4.3 million square feet of office space, 1.6 million square feet of government space, 154,373 square feet of cultural space, 3.3 million square feet of medical-related space, and 2.4 million square feet of con- vention/sports space have either been built or are currently under construction. An additional 12,178 residential units, 2,051 hotel rooms, 2.5 million square feet of retail, 4.4 million square feet of office space, 175,155 square feet of government space, and 5.9 million square feet of medical-related space have been proposed. (See Exhibits 1-2 through 1-7 for maps of TOD along each corridor by use and by status.) 1-3 December 2007 Transit-Oriented Development Status Report 2007 Exhibit 1-2: TOD Projects by Use - North Metro, Northwest Rail/US 36 BRT, and Gold Line Corridors Draft 1 1-4 November 2007 Rev. 2 Transit-Oriented Development Status Report 2007 Exhibit 1-3: TOD Projects by Status - North Metro, Northwest Rail/US 36 BRT, and Gold Line Corridors Draft 1 1-5 November 2007 Rev. 2 Transit-Oriented Development Status Report 2007 Exhibit 1-4: TOD Project by Use - Central/CPV, West, and Southwest Corridors Draft 1 1-6 November 2007 Rev.