Denver FasTracks – Catching the Train to TOD Opportunities
ULI Institute Fall Meeting 17 October 2012.
Phil Washington – RTD
Kate Iverson – RTD
Aaron Miripol – ULI
Troy Gladwell – Medici Communities
James Mulligan – Snell & Wilmer
2010 Transit-Oriented Development Strategic Plan
“Revising Joint Development Proposal Criteria:
• Development timing vs RTD project timing
• Establish expectations and implications of making changes to planned or existing infrastructure up front
• Need sufficient information on financial commitment, overall project investment and risk from all public and private parties.
TOD Fund Activity Summary
Seven TOD Fund acquisitions have created or preserved 470 affordable homes since start‐up in April 2010: 418 new, 52 existing.
TOD Fund has also created or preserved over 120,000 square feet of commercial space for assets such as a new public library and affordable office space
As of October 2012,
the Fund has been drawn down $9,355,000.
Two additional properties are currently under contract that would draw down the remaining available funds.
Benefits of TOD Fund
• Preserves land and buildings around transit corridors to ensure long term affordable housing & stewardship of the land
• Gives affordable housing developers a financing tool to help mitigate real estate risk at transit sites
• Encourages partnerships with Community Development Corporations and other developers
• Increase residential and commercial density = smart growth
• Provides employers with access to an expanded workforce
• Increases ridership on public transit
• Getting beyond silo solutions: Fund is more than affordable housing, it brings other development opportunities and economic investment to under served transit sites
Future of TOD Fund
• Expand to regional $30M Fund, add over 1,500 affordable homes
• Investments from other local municipalities besides Denver
• New enabling legislation allows RTD to partner with for profit and nonprofit developers at transit stations
• Over $150M of investments will be leveraged, more than 2,200 jobs created”