LOCUS

The latest developments, events, and resources from LOCUS:

New research highlights rising demand for homes and businesses in walkable neighborhoods

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A new report from The George Washington University’s Center for Real Estate and Urban Analysis, in partnership with LOCUS: Responsible Real Estate Developers and Investors and ULI Washington, reveals how walkable urban places and projects will drive tomorrow’s real estate industry and the U.S. economy, and outlines what actions are needed to take advantage of these market trends.

The report was released at an event yesterday in Washington, DC. Governor Parris Glendening, President of Smart Growth America’s Leadership Institute, gave the kickoff keynote of the day-long event. Glendening discussed the megatrends shaping the real estate market today, including changing demographics, new demand among consumers and emerging economic factors. These trends are all influencing the real estate market, Glendening explained, and are shaping how developers think about the built environment and economic development.

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Smart growth stories: Michael Lander on changing markets and transit-oriented development in Minnesota

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To give people the kind of in-demand housing they want near jobs, shops and schools, America needs to invest in a diversity of transportation options and make it easier to build transit-oriented development, says Michael Lander of the Lander Group, an urban development firm based in Minneapolis, MN.

Helping meet that pent up demand won’t just be good for Lander’s bottom line, but will also enhance the quality of life for prospective residents in these new transportation-rich neighborhoods.

“High-density development really doesn’t work relying totally on single occupancy vehicles, so creating new transportation options and other ways to move around is critical to creating good urban places,” Lander says, adding that, “Our urban residents are looking for green spaces, certainly, open space, transportation connections, [and] ways to move around in their life to work and to services without using their car.”

With the successful opening of the Hiawatha light rail line last year, which connected downtown Minneapolis with the airport, as well as the nearly completed Central Corridor line between Minneapolis and St. Paul, Lander says there is a real opportunity in Minnesota to reap the benefits of transit-oriented development. And when that development takes root, many more local businesses and property owners will benefit from added sales and a greater “sense of place.”

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Value capture, the Dulles Rail Extension, and the future of transit funding

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Map: The Transport Politic

Reposted from DC Streetsblog.

The failure of Atlanta’s transportation ballot measure late last month led to speculation among many analysts about what the vote meant for other regions across the country looking for ways to fund infrastructure projects. But though the Atlanta vote captured the lion’s share of media attention, another vote cast in July could hold as much – if not more – importance in coming years.

In an increasingly contentious political environment, it can be difficult to get important transportation projects off the ground. Finding funding sources for these projects, no matter how valuable they might be, can prove politically impossible, with many people skeptical over both increased spending and revenue creation sources. Gas taxes are almost entirely a non-starter, and despite the fact that 79 percent of transportation ballot measures overall passed in 2011, according to the Center for Transit Excellence, they can still fall victim to the kinds of pressures seen in the metro Atlanta area.

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Smart Growth Stories: Point C’s David Grannis on creating vibrant neighborhoods in downtown Los Angeles

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The right development can strengthen the economy of a neighborhood, a city or even an entire region. Places with housing and transportation choices are increasingly popular, and can benefit municipal budgets as well. Too often, however, this type of development is blocked by restrictive zoning guidelines or other regulatory policies, which stand in the way of fiscally responsible development – and market demand.

This is why real estate developers have joined together with Smart Growth America to create LOCUS: Responsible Real Estate Developers and Investors. LOCUS advocates for state and federal policies that help cities and communities get what they want from their spaces, while also investing ways that will remain viable for the future.

It is this shared vision for future development that drives people like David Grannis. Grannis is a managing partner of Point C, a strategic consulting group that focuses on land use and transportation and LOCUS member.

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Transportation Referendum Failure Leaves Atlanta Transit's Future Uncertain

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The Atlanta region has some of the worst traffic congestion in the nation. Following Tuesday’s T-SPLOST vote, residents will have to wait even longer for relief. Voters in the 10-county Atlanta region voted Tuesday to overwhelmingly reject the T-SPLOST ballot measure Tuesday. By increasing the regional sales tax one cent for ten years, that measure would have raised an estimated $7.2 billion for transportation projects aimed at relieving Atlanta’s congestion. The measure was defeated by a margin of 63 to 37.

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Ballot measure offers Atlanta an alternative to gridlock

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Traffic jam in Atlanta. Photo by Flickr user Matt Lemmon.

Though it won’t come as news to residents – or anyone who has visited the region – metro Atlanta has some of the worst traffic congestion in the country. The worst, in fact, according to a 2006 ranking by Forbes. Metro Atlanta residents spend an average of 43 hours per year stuck in traffic, costing individuals an estimated $924 per year in lost productivity and wasted fuel. Moreover, years of auto-oriented suburban growth and lack of investment in the regions’ MARTA transit system means that commuters looking for an alternative to the gridlock are largely out of luck. The region’s rail system currently serves only a small percentage of metro Atlanta’s 4.1 million residents.

That could soon change, however. In what is being billed as a watershed moment for metro Atlanta, voters in the 10-county Atlanta region will go to the polls on Tuesday, July 31, to vote on a referendum to raise an estimated $7.2 billion for transportation projects aimed at relieving Atlanta’s congestion and building out its transit network. The Transportation Special Local Option Sales Tax (TSPLOST) would raise the region’s sales tax by 1 cent for ten years. 85% of the funds raised would be spent on a list of regional transportation projects developed by a “regional roundtable” of elected officials. Approximately 52% would go to transit projects, including an expansion of the MARTA heavy rail system and the Beltline Light Rail. The remaining 15% would go to each county for local projects.

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Chris Leinberger at the 2011 Smart Growth Summit

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Chris Leinberger, President of LOCUS: Responsible Real Estate Developers and Investors, speaking at the 2011 Smart Growth Summit in Baton Rouge, Louisiana. Hosted by Smart Growth America’s coalition partner the Center for Planning Excellece, the Summit is an annual convening in downtown Baton Rouge of elected officials, engaged citizens and local, national, and international experts in community planning and growth. The 2012 Summit will take place August 27-29. Click here to learn more about this year’s Summit.

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Real estate developers gather in Washington for first LOCUS Leadership Summit

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Members of LOCUS, Smart Growth America’s coalition of real estate developers and investors, gathered in Washington last week for the 2012 LOCUS Leadership Summit. The three-day event provided a unique opportunity to network, share best practices and rally around the common cause of advocating for Congress to pass a transportation reauthorization that supports the creation of walkable, transit-oriented communities.

The summit commenced with a keynote address from Janice Eberly, Assistant Secretary for Economic Policy at the US Department of Treasury, who spoke on the state of the U.S. economy and the nation’s real estate and housing markets. Members then explored the shift in market demand for walkable, urban developments through a panel with Patrick Phillips, President of the Urban Land Institute; Aaron Klein, Deputy Assistant Secretary for Economic Policy at the US Department of Treasury; and Emerick Corsi of Forest City Enterprises.

In the afternoon, LOCUS members went on a walking tour of metro DC’s booming, mixed-use neighborhoods to see how the shift in market demand for walkable, urban developments is playing out in the nation’s capital. Members visited the Clarendon neighborhood in DC, where they heard from an executive at BF Saul about the firm’s Clarendon Center project, and Capitol Riverfront, where they heard from the director of that neighborhood’s business improvement district about the neighborhood’s incredible transformation in recent years.

On Day Two of the summit, LOCUS members embarked upon what many considered the highlight of the trip to Washington: Hill visits with members of Congress and Obama Administration officials. LOCUS members strongly encouraged these national leaders to pass legislation that would make it easier to build the kinds of transit-oriented, walkable projects in high demand across the country.

Specifically during their meetings with members of Congress and the Administration, LOCUS members encouraged senators to support transportation bill changes proposed by Senators Michael Bennet (D-CO) and Mark Warner (D-VA), which would create a credit enhancement for transit-oriented development (TOD) projects. This amendment is one of many being considered as both houses of Congress work to find common ground on a final version of the bill.

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Senators Warner and Bennet honored for their work promoting walkable communities at LOCUS Leadership Summit

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LOCUS, Smart Growth America’s coalition of real estate developers and investors, met in Washington DC this week to push for improvements in the federal transportation bill that will help create more walkable communities across the country.

During the three-day event, LOCUS also recognized two Senators who have championed legislation that would support great neighborhoods and strong local economies across the country.

“It is with great pleasure that we honor Senator Michael Bennet and Senator Mark Warner with the first annual LOCUS Leadership Award,” said LOCUS President Chris Leinberger at a ceremony Wednesday evening. “They have been integral in strengthening our efforts to build transit-oriented and walkable development projects across the country.”

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LOCUS Developers gather in Washington DC to push for transportation bill improvements

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The Navy Yard Metro station in Washington, DC is a recent example of development near transit stations. Photo by Flickr user M.V. Jantzen.

The hotly debated federal transportation bill could better support development near transit stations – if the House and Senate adopt a key amendment in their negotiations.

Members of Smart Growth America’s LOCUS, a coalition of real estate developers and investors, are gathering in Washington this week to call on Congress to pass a transportation bill that makes it easier to build transit-oriented and walkable development projects across the country. LOCUS developers will deliver that message as part of the 2012 LOCUS Leadership Summit, a three-day event that includes educational forums, walking tours of smart growth in the DC region, the inaugural LOCUS leadership awards and presentations by Obama Administration officials.

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