2018 TOD Status Report Introduction
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2018 TOD Status Report Introduction This report provides an update on transit-oriented development (TOD) in the Regional Transportation District (RTD). Highlights of this report include: • A significant amount of development in the region has occurred within the station influence area (half-mile radius from RTD’s stations) • Development within the station influence area continues at a strong rate The Denizen – Alameda Station • 2018 accounted for the most office TOD deliveries ever • The buildout of the area around Denver Union Station is nearly complete Park Ave West – 25th•Welton Station 2 Table of Contents 1. What is TOD? 2. RTD TOD data 3. TOD trends over time 4. TOD trends by corridor 5. Value creation 6. Denver Union Station 7. Top stations for TOD 8. TOD Database summary 3 What is Transit-Oriented Development? Per RTD’s TOD Strategic Plan (2010): What enables TOD? • More compact and dense development • Real estate market - creates greater demand for development within a 10-minute walk or ½-mile • Zoning - higher densities allow more people to live & work near transit distance around transit facilities compared • Infrastructure/Access - critical for all developments to existing development patterns in the • Jurisdiction Interest/Incentives - local governments can same area incentivize TOD by providing financial incentives, density bonuses, or • A mix of uses — either horizontal or infrastructure vertical — usually including residential, • Lot size and ownership - larger lots & fewer land owners facilitate retail, and office employment TOD • High-quality, pedestrian-oriented urban • Time - station areas may need time to mature design and streetscapes Windsor at Broadway Station – I-25•Broadway Station Depot Square – Boulder Junction Lofts at Lincoln Station – Lincoln Station West Line Flats – Lamar Station 4 RTD TOD Data and Analysis This report analyzes two datasets: the RTD Development Database and the TOD Trend Tool. RTD Development Database TOD Trend Tool Database actively managed by RTD staff that tracks Tool that analyzes property data from a national developments near RTD stations; has a narrower database (CoStar); has a broader definition of definition of TOD: TOD: • Distance - development must be within a half-mile • Distance - development must be within a walk of station half-mile radius of station • Type of Development - development must adhere • Type of Development - includes all to TOD principles properties, regardless of characteristics • Scale - only larger scale developments are included • Scale - all multifamily/office developments are included, regardless of scale The RTD TOD Database and TOD Trend Tool provide the data needed to understand how and where development occurs in relation to transit. This data is analyzed in different ways, providing many helpful outputs, including: • TOD vs non-transit development • Development trends over time and by corridor/station • Development by corridor/station Solana – Olde Town Arvada Station Catalyst – 38th•Blake Station 5 Boulder Metropolitan Key Findings Statistical Area (MSA) 0.6% of land area in the Denver and Boulder MSAs is within a half- mile of an RTD station. This area accounted for Denver-Aurora-Lakewood Metropolitan Statistical Area 24% (MSA) of all multifamily* development and RTD Boundary 32% Rapid Transit Lines Station Influence Area of all office* development between 2005 and 2018. Source: TOD Trend Tool *Excludes DUS, downtown Denver, and Boulder. When DUS, downtown Denver, 6 and Boulder are included, multifamily equals 43% and office equals 55%. Multifamily TOD Deliveries by Year • Significant uptick in multifamily deliveries since 2014 Zia – 41st•Fox Station • 2019 is expected to have the most deliveries ever, though this number will likely drop due to delays • Over 39,000 multifamily units have been built or are planned Oxford Station Apartments – Oxford•City of Peña Station Apts – 61st• within a half-mile walk of RTD stations Sheridan Station Peña Station 7,000 6,000 5,000 4,000 3,000 Residential Units Residential 2,000 1,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Year Source: RTD Development Database 7 Retail TOD Deliveries by Year • Significantly more retail deliveries since 2014 • 2019 is expected to have the most deliveries ever, though this number will likely drop due to delays • Nearly 1.5 million square feet of retail has been built or is planned within a half-mile walk of RTD stations Whole Foods – Union Station Alamo Drafthouse – US 36 & Sheridan Station 400,000 350,000 300,000 250,000 200,000 Square Feet Square 150,000 100,000 50,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Year Source: RTD Development Database 8 Office TOD Deliveries by Year • 2018 had the most office deliveries ever • Office deliveries are expected to drop off in 2019 before increasing again in 2020 • Over 10 million square feet of office has been built or is planned within a half-mile walk of RTD stations One DTC West – Belleview Station Davita HQ – Union Station 2,500,000 2,000,000 1,500,000 Square Feet Square 1,000,000 500,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Year Source: RTD Development Database 9 Multifamily TOD Deliveries by Corridor • The Southeast and R Line corridors both had significant multifamily deliveries in 2018 • The Central, L Line, and R Line corridors each have more than 1,000 planned multifamily units • 45% of total Downtown Denver multifamily inventory growth between 2005 and 2018 was built within a half-mile of Union Station Arista Uptown – US 36 & Broomfield The Henry – I-25•Broadway Station 2,500 2,000 1,500 Units 1,000 500 0 Central Denver CU A Line Flatiron G Line B Line R Line Southeast Southwest L Line W Line Union Flyer 2018 Planned Station Source: RTD Development Database 10 Office TOD Deliveries by Corridor • The Southeast corridor had the most office deliveries in 2018 • Denver Union Station and the University of Colorado A Line also had a significant number of deliveries in 2018 • The University of Colorado A Line is experiencing strong development and has the most planned office deliveries FBI Office – Central Park Station HUB – 38th•Blake Station 1,000,000 800,000 600,000 400,000 Square Feet Square 200,000 0 Central Denver CU A Line Flatiron G Line B Line R Line Southeast Southwest L Line W Line Union Flyer Station 2018 Planned Source: RTD Development Database 11 Multifamily Dwelling Units per Acre • The area around Denver Union Station is significantly denser than the rest of the District • The Central and Southeast corridors and the CU A Line have the next highest densities Two Nine North – Boulder Junction 21 Fitzsimons – Fitzsimons Station 180 160 140 120 100 80 60 40 Dwelling Units per Acre per Units Dwelling 20 0 Central CU A Line Flatiron Flyer G Line R Line Southeast Southwest Union Station W Line (excl. Boulder) Source: TOD Trend Tool 12 Value Creation Development around RTD stations has led to significant value creation of real estate in the District. 904 office properties constructed RTD’s nearly $500 million 520 multifamily properties between 2005 and 2018, with 6.9 investment in DUS catalyzed $3.5 constructed between 2005 and 2018, million square feet delivered* billion in development value with 13,781 units delivered* 13 DUS Real Estate Development Top 10 Stations for TOD* Total TOD Number of Total TOD Number of Office (sq ft) Properties Residential (units) Properties 1 Union Station 1,836,191 8 1 20th/Welton 3,253 16 2 Arapahoe at Village Center 1,417,000 5 2 Union Station 2,316 7 3 Sky Ridge 700,000 1 3 Dry Creek 1,977 8 4 38th/Blake 525,000 4 4 Belleview 1,924 7 5 Dry Creek 506,587 4 5 Lincoln 1,805 7 6 Boulder Junction 440,000 3 6 US 36 & Broomfield 1,717 6 7 Belleview 390,000 2 7 25th/Welton 1,406 8 8 Central Park 220,000 1 8 Sky Ridge 1,142 5 9 Colorado 220,000 1 9 I-25/Broadway 1,072 5 10 Lincoln 197,000 1 10 Boulder Junction 848 6 • The Southeast Corridor and Downtown Denver have seen the greatest development * Excludes Downtown Denver and Downtown Boulder Stations Source: RTD Development Database 15 TOD Database Summary Resi. Units Office S.F. Retail S.F. Hotel Keys Central 3,170 253,000 23,000 - Investment in transit has had a significant Central Platte Valley 119 - - 150 impact on development in the region. CU A Line 1,827 1,663,000 282,500 600 Existing and planned TOD within ½-mile walk of a high frequency station*: Flatiron Flyer 4,306 610,000 239,700 414 • 39,500 Residential Units G Line 1,758 - - 136 • 10,400,000 Square Feet Office • 1,500,000 Square Feet Retail Northwest 574 - 8,486 - • 2,800 Hotel Rooms R Line 4,648 401,700 198,500 976 Southeast 9,058 4,066,579 290,858 471 Southwest 1,738 155,000 - - L Line 6,900 204,192 107,300 41 W Line 3,838 175,000 - 128 Denver Union Station 2,803 1,836,191 296,404 743 *Downtown Denver and Boulder stations excluded Source: RTD Development Database 16.