Final
Transit-Related Development
ECONOMIC DEVELOPMENT
Votes:
Action Taken:
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02:24 PM -- Transit-Related Development, Mr. Peter Park, City of Denver Community Planning and Development
Mr. Peter Park, City of Denver Community Planning and Development, discussed transit oriented development and
FasTracks. A copy of his presentation was distributed to the committee (Attachment Q). He discussed opportunities in Denver for transit oriented development. He discussed the advantages of transit-oriented development, including added investment value, community enhancement, the creation of unique urban places, the creation of a more healthy environment, and that it can build transit ridership. He stated that as transit grows, commuters will have more choices and there will be less need for automobiles. He stated that Denver is trying to proactively guide growth versus being reactive.
02:33 PM
Mr. Park continued by stating that current transit oriented development opportunities in Denver could accommodate 22,000 new households and 69,000 jobs. He discussed the challenges of creating more transit oriented development in Denver. More development would require environmental cleanup, zoning changes, and more infrastructure. He stated that transit alone does not drive development. Transit oriented development requires support from the private sector and governments.
Mr. Park commented that Union Station is the transportation hub for the area's transit system and that there is a large amount of land around the station for development. He also discussed other high priority stations that the city is targeting for development. He discussed suggestions for how the legislature could support transit oriented development. The state needs to maintain the flexibility of local jurisdictions, endorse transit, support partnerships with RTD and CDOT, and continue tax credits for preservation and low-income housing. He also stated that the Division of Housing could establish transit oriented development areas as priority areas, the state could locate its facilities near transit stations, and provide incentives for state employees to use transit. He discussed examples of how other states are encouraging transit oriented development. California created incentives in the State's Infrastructure and Economic Development Bank, while Maryland provides funding for transit infrastructure and other community improvements. California and Illinois prioritize transit zones for the allocation of low income housing tax credits, while Minnesota has created a transit oriented development land acquisition fund.
02:42 PM
Mr. Park answered questions on how planners find locations for transit oriented development. He commented that office buildings close to transit have lower vacancies than other office buildings. Senator Bacon discussed the potential of creating transit from Fort Collins to Denver and discussed the need for cooperation among the Denver metro area and areas outside of Denver.