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Market and Transit-Oriented Development Potential, Priorities

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Market and Transit-Oriented Development Potential, Priorities $23.00 Subregion 4 (Central Avenue-Metro Blue Line Corridor) Transit-Oriented Development Implementation Project Market and Transit-Oriented Development Potential, Priorities, and Strategies Study PART I: Executive Summary PART II: Market and TOD Potential PART III: Financial Analysis PART IV: Action and Implementation Plan PART V: Branding Study ent Transit- Oriented Developm THE MARYLAND-NATIONAL CAPITAL PARK AND PLANNING COMMISSION PRINCE GEORGE’S COUNTY PLANNING DEPARTMENT www.pgplanning.org/pgco TODJuly 2014 Abstract Title: Central Avenue-Metro Blue Line Corridor TOD Implementation Market and Transit-Oriented Development Potential, Priorities, and Strategies Study Author: The aryland-NationalM Capital Park and Planning Commission Subject: Project Mobility Study Date: July 2014 Source of Copies: The aryland-NationalM Capital Park and Planning Commission 14741 Governor Oden Bowie Drive Upper Marlboro, MD 20772 Series Number: 440142306 Number of Pages: 244 Abstract: TheMarket and Transit-Oriented Development (TOD) Potential, Priorities, and Strategies Study will support the Subregion 4 Central Avenue-Metro Blue Line Corridor TOD Implementation Project. Planning at the station level will be formed by corridor-level planning and will include an analysis of the development potential at the following Blue Line Metro Stations: Capitol Heights, Addison Road-Seat Pleasant, and Morgan Boulevard. Development opportunities at the Largo Town Center station are further defined in the 2013 Approved Largo Town Center Sector Plan and Sectional Map Amendment. The Preliminary Subregion 4 Master Plan and Proposed Sectional Map Amendment encourages “medium to medium-high density, mixed-use, transit and pedestrian-oriented development.” Subregion 4 (Central Avenue-Metro Blue Line Corridor) Transit-Oriented Development Implementation Project Market and Transit-Oriented Development Potential, Priorities, and Strategies Study PART I: Executive Summary nt Transit- Oriented Developme THE MARYLAND-NATIONAL CAPITAL PARK AND PLANNINGTOD COMMISSION PRINCE GEORGE’S COUNTY PLANNING DEPARTMENT www.pgplanning.org/pgco July 2014 Table of Contents Introduction ............................................................................1 Implementation Strategies – Financing and Marketing, Corridorwide Strategies .......................................................30 The Central Avenue-Metro Blue Line Corridor .......................3 TOD Fund ................................................................................................................30 The Importance of TOD Today ................................................4 Developer Roundtable ........................................................................................30 Corridor Profile ........................................................................................................6 Ongoing Sessions with WMATA ........................................................................31 Residential Market .................................................................................................8 Discussions with the Enterprise Community Partners: ...............................31 Office Market ...........................................................................................................9 Consider formation of an Urban District: .......................................................31 Retail Market .........................................................................................................10 Adjust Parking Standards to Take Transit Usage into Account ..................32 Proposed Catalytic Projects ..................................................12 Proposed Mixed-Use Projects at Morgan Boulevard Metro Station, Addison Road Metro Station and Capitol Heights Metro Station ............33 Capitol Heights Proposed Development Program .......................................12 Funding Mechanisms and Financial Incentives ............................................33 Seat Pleasant-Addison Road Opportunity Areas ..........................................17 Developer Recruitment at the Three Mixed-Use Sites ................................36 Morgan Boulevard Opportunity Areas............................................................21 Working with the Development Community ................................................37 Catalytic Project Development Economics ..........................25 Other Area Considerations .................................................................................38 Moving Forward: Sequence and Timing of Priority Projects/ Economic Development Strategies ......................................27 Capitol Heights ....................................................................................................27 Addison Road .......................................................................................................28 Morgan Boulevard ...............................................................................................28 Introduction The Maryland-National Capital Park and Planning map is reflected on page 5 and shows the project site Commission (M-NCPPC) prepared a Market and Transit- relative to the broader region, including Prince George’s Oriented Development (TOD) Potential, Priorities, and County and the Washington-Arlington-Alexandria Strategies Study that will support the Subregion 4 Central metropolitan statistical area (MSA). The broader context is Avenue-Metro Blue Line Corridor TOD Implementation critical in determining relevant market support. Project. Planning at the station level will be formed by corridor-level planning and will include an analysis of the development potential at the following Blue Line Metro Stations: Capitol Heights, Addison Road-Seat Pleasant, and Morgan Boulevard. Development opportunities at the Largo Town Center station are further defined in the 2013 Approved Largo Town Center Sector Plan and Sectional Map Amendment. The Preliminary Subregion 4 Master Plan and Proposed Sectional Map Amendment encourages “medium to medium-high density, mixed-use, transit and pedestrian-oriented development.” The real estate market assessment, which is presented in this document, builds upon existing documentation and outlines market findings that will inform catalyst projects with a higher likelihood of implementation. The broader corridorwide real estate assessment frames the market opportunities for station-specific TOD strategies and priorities. The following report includes findings with respect to the market support for various land uses (e.g., residential, retail, office, and hospitality). We have also included a preliminary discussion of economic development tools that may be applied to specific TOD development opportunities. These tools represent a range of unique and traditional funding strategies, and will be explored in more detail during Phase II of the study, as actual catalytic projects are identified. A regional reference EXECUTIVE SUMMARY Central Avenue-Metro Blue Line Corridor TOD Implementation Project 1 The Subregion 4 Central Avenue-Metro Blue Line Corridor TOD station east of Morgan Boulevard outside of the Capital Beltway. FedEx Implementation Project area is located in Prince George’s County, Field, home of the Washington Redskins National Football League team, adjacent to the District of Columbia. Central Avenue is a key gateway is located approximately one mile north of the Morgan Boulevard Metro and major transportation corridor. The corridor is approximately four Station. The land within the corridor is under the purview of several miles long and includes properties on and near Central Avenue and the jurisdictions, including Prince George’s County, the City of Seat Pleasant, four Metro Blue Line stations. From west to east, the stations are Capitol and the Town of Capitol Heights. Central Avenue/East Capitol Street Heights, Addison Road-Seat Pleasant, Morgan Boulevard, and Largo Extended (MD 214) itself is a state road, maintained by the Maryland Town Center. Largo Town Center, the final stop on the Blue Line, is the State Highway Administration. Figure 1: Blue Line Corridor Study Area EXECUTIVE SUMMARY 2 Central Avenue-Metro Blue Line Corridor TOD Implementation Project The Central Avenue-Metro Blue Line Corridor Prince George’s The Central Avenue-Metro Blue Line Corridor, a major At this moment, Prince George’s County is poised transportation corridor within the heart of Prince to benefit from the growth and investment potential County is poised George’s County, has played a significant role in the that can be generated by transit-oriented development social and economic growth and physical transformation (TOD) around the four Metro rail stations: Capitol to benefit from of the county for over one hundred years. Central Heights, Addison Road-Seat Pleasant, Morgan Avenue opened in the late nineteenth century as an Boulevard, and Largo Town Center. Given their distinct the growth and important roadway for trade between rural Maryland characteristics and the specific character and needs of and the District of Columbia. Its original streetcar the surrounding communities, each station has a unique investment potential rail line transported workers from their bedroom opportunity to realize the county’s TOD goals. communities into downtown Washington, D.C. until that can be the mid-twentieth century. Today, the corridor features four Metro Blue Line rail stations, two of which generated by TOD opened within the past ten years. These investments in transportation
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