BDV30-943-20Finalreport.Pdf
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e Executive Summary There are many benefits to fixed route transit, although some of these may not be immediately realized or quantified. One potential long-term benefit of these investments is the development and real estate impacts induced by the transit system. Community support for public transit could come more easily if transit systems could demonstrate positive fiscal impacts beyond those achieved through fare box returns. Other than direct operating revenues generated largely from fares, transit systems have the potential to generate additional public revenues through catalyzing development around transit stations and along transit routes, yielding increased property values and property taxes. The quantification of these development-related revenue streams can be a useful input into fiscal analyses of transit investments, and may demonstrate that these systems offer a greater return on investment than traditional cost recovery measures might suggest. This report provides an assessment of the property value changes and development impacts that have occurred around SunRail stations since the system’s opening. Using property appraiser data, the study team estimates tax revenue impacts that resulted from property value changes around the stations. As detailed in this report, the evidence shows that development around stations has been highly variable across the system, with some stations having experienced modest to substantial new development and other no new development of note. However, the evidence does indicate that SunRail stations have generally outperformed control areas that were identified as part of this study. The evidence illustrates that SunRail has yielded some substantial positive property value impacts - and by extension increased property taxes – to the affected jurisdictions. SunRail investments have catalyzed new development around some stations and yielded measurable (re)development benefits in the form of property tax increases from new transit-oriented developments. While some stations have experienced new development, a number of other stations have not. Case studies of a subset of stations point to the mix of factors that have contributed to the relative success of redevelopment efforts around some SunRail stations. As expected, the location of the station within the larger system plays a factor, with those stations at the ends of the system showing very little development to date, whereas more centrally located stations have experienced more growth. In addition, the neighborhood setting, land use mix, and other local factors have played a role in station redevelopment. Lastly, the evidence points to the important role of focused, strategic land use planning around stations and complementary infrastructure investments in promoting successful (re)development initiatives around SunRail stations. ii Table of Contents Executive Summary ii Table of Contents iii List of Figures vi List of Tables ix Chapter 1: Introduction 1 1.1 Study Overview 1 1.2 Organization of the Report 2 Chapter 2: Literature Review 4 2.1 Introduction 4 2.2 Rail Systems and Urban Development 4 2.3 The Benefits of Investing in Rail 4 2.4 How and Why Rail Systems Impact Property Values and 6 Development Patterns 2.5 Estimating the Impacts of Rail Systems on Property Values 7 2.6 Property Value Impact Cases 12 2.7 Rail Investments and Sales Tax Revenues 15 2.8 Conclusions and Key Takeaways 16 Chapter 3: Property Value Analysis 18 3.1 Introduction 18 3.2 Property Value and Tax Revenue Analysis Methodological 18 Approach 3.3 Results of the Property Value and Tax Revenue Change 24 Analysis 3.4 Station by Station Property Value and Tax Revenue Analysis 35 Chapter 4: Summary of Case Studies 54 4.1 Introduction 53 4.2 Summary of the Case Study Selection Methodology 53 4.3 Summary of Case Study Findings 58 Chapter 5: Sanford Station Area Profile 64 5.1 Introduction 64 5.2 Recent Pre-SunRail Station Area Development 64 5.3 Post-SunRail Station and Future Area Development 66 5.4 Future Land Use and Zoning Classifications 68 5.5 Capital Improvements and Future Suggested Projects 72 iii 5.6 Enhance Central Florida SunRail Station Area Study Plan for 73 Sanford Chapter 6: Lake Mary Station Area Profile 75 6.1 Introduction 75 6.2 Recent Pre-SunRail Station Area Development 75 6.3 Future Land Use and Zoning Classifications 77 6.4 Capital Improvements 83 Chapter 7: Longwood Station Area Profile 85 7.1 Introduction 85 7.2 Recent and Future SunRail Station Area Development 85 7.3 Zoning and Future Land Use Classifications 89 7.4 Capital Improvements 95 7.5 Longwood SunRail Station Area Bicycle & Pedestrian 96 Connectivity Study Chapter 8: Altamonte Springs Station Area Profile 98 8.1 Introduction 98 8.2 Post-SunRail Station and Future Area Development 99 8.3 Zoning, Future Land Use, and Overlay Districts 102 8.4 Altamonte Springs SunRail Station Area Bicycle & 108 Pedestrian Connectivity Study Chapter 9: Maitland Station Area Profile 109 9.1 Introduction 109 9.2 Recent and Planned Developments 109 9.3 Zoning, Future Land Use, and Overlay Districts 113 9.4 Development Incentives 119 9.5 Maitland SunRail Station Area Bicycle and Pedestrian 119 Connectivity Study 9.6 Capital Improvement 120 Chapter 10: Downtown Station Profile 121 10.1 Introduction 121 10.2 Recent and Future Study Area Developments 121 10.3 Zoning, Future Land Use, Overlay District, and Land 127 Development Regulations 10.4 Enhance Central Florida Station Area Study Plan and 130 iv Community Vision 10.5 Incentives for Economic Development 133 Chapter 11: Sand Lake Road Station Profile 135 11.1 Introduction 135 11.2 Station Area Study Plan and Conceptual Sketchbook Plan 135 11.3 Comprehensive Plan, Land Use Policies, and Zoning 137 11.4 Recent and Planned Station Area Development 141 11.5 Previous Area Studies 142 11.6 Capital Improvements 144 Chapter 12: Conclusion 145 References 147 Appendix A: Land Use Maps of SunRail Station Areas and 172 Their Control Areas List of Figures Figure 2-1: The Time Dimension of System Impacts (aka “The Value 10 Curve in Theory”) Figure 2-2: The Special Assessment District Approach to Transit System 16 Finance Figure 3-1: Control Area Candidate Selection Methodology Schematic 21 Figure 5-1: Riverview Townhome Adjacent to SunRail Platform 65 Figure 5-2: Sanford SunRail Station Half-Mile TOD Area with New and 66 Proposed Developments Figure 5-3: Plans for the Mixed-Use All Souls Transit Village TOD 67 Figure 5-4: Proposed Transit Properties TOD 68 Figure 5-5: Sanford SunRail Station TOD Area Future Land Use 70 Figure 5-6: Sanford SunRail Station TOD Area Zoning 71 Figure 5-7: Seminole County Energy Conservation Overlay for the 72 Sanford SunRail Station Area Figure 5-8: Seminole County CIP Map for Sanford SunRail Station TOD 73 Area Figure 6-1: New Development Seen from SunRail Station 75 Figure 6-2: Station House Apartments 76 Figure 6-3: Planned Designs for Station Pointe at Lake Mary 77 Figure 6-4: Lake Mary SunRail Station Area with Half-Mile Radius and 78 City Boundaries v Figure 6-5: FLU for the Lake Mary SunRail Station Study Area within 80 Lake Mary City Limits Figure 6-6: Lake Mary Downtown Master Plan 81 Figure 6-7: Zoning Districts within the Lake Mary SunRail Station TOD 82 Area Figure 6-8: Seminole County Capital Improvements in the Lake Mary 84 SunRail Station Area Figure 7-1: Longwood SunRail Station Half-Mile TOD Area Image with 87 New TOD Projects Figure 7-2: Weston Park Under Construction 88 Figure 7-3: Zoning for the Longwood SunRail Station Half-Mile TOD Area 90 Figure 7-4: Future Land Use for the Longwood SunRail Station Half-Mile 91 TOD Area Figure 7-5: Heritage Village Code Zones in the SunRail Station TOD Area 93 with ¼ Mile Radius Figure 7-6: Capital Improvement Project in Longwood SunRail Station 96 TOD Area Figure 8-1: Altamonte Springs SunRail Station 98 Figure 8-2: Satellite Image of the Altamonte Springs City Limits with 100 SunRail Station Half-Mile Radius Figure 8-3: Map of Altamonte Springs’ East Town Vision Plan 101 Redevelopment Sub-Districts Figure 8-4: Satellite Image Showing Approximate EDO Sub-District 102 Figure 8-5: Seminole County and Altamonte Springs Zoning in the 103 SunRail Station TOD Area Figure 8-6: Seminole County and Altamonte Springs FLU in the SunRail 104 Station TOD Area Figure 8-7: Capital Improvement Projects Surrounding the Altamonte 107 Springs SunRail Station Figure 9-1: View from Maitland SunRail Station 110 Figure 9-2: Satellite Image of Maitland SunRail Station with Half-Mile 111 Radius Study Area Figure 9-3: Concept Plan for Maitland Station Apartments 113 Figure 9-4: City and County Limits near Maitland SunRail Station 113 Figure 9-5: Maitland Future Land Use Map Depicting TOD Overlay Study 114 Areas Figure 9-6: Maitland SunRail Station Area Zoning 116 vi Figure 9-7: Maitland SunRail Station Area Future Land Use 118 Figure 10-1: LYNX Station 122 Figure 10-2: Map of Downtown Orlando with New Development 123 Figure 10-3: Proposed Design for Tremont Towers 126 Figure 10-4: Design Rendering of DPAC CNL Arts Plaza 127 Figure 10-5: Downtown Orlando Zoning 129 Figure 10-6: Downtown Orlando Future Land Use 131 Figure 10-7: Parramore Community Vision Plan 132 Figure 11-1: Sand Lake Road SunRail Station 135 Figure 11-2: Conceptual Site Design for SunRail Station 136 Figure 11-3: Sand Lake Road TOD Overlay Zone 137 Figure 11-4: Sand Lake Road Station Area Zoning 139 Figure 11-5: Sand Lake Road Station Area FLU 140 Figure 11-6: Satellite Image of the Sand Lake Road SunRail Station with 142 Half-Mile