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The presence of transit at a station location can have a positive effect on market and development <br /> potentials in the immediate area because transit improves the regional accessibility of the station <br /> area properties, which has a positive impact on property values. These higher land values can <br /> support higher development densities and in some cases a different mix of land uses in much the <br /> same way as property adjacent to a highway interchange is different from development farther <br /> away. However, the presence of transit alone does not translate to greater development <br /> potentials. There are other key economic requirements impacting TOD, including: <br /> ♦ A Positive Market — TOD cannot overcome other negative local or national real estate <br /> market conditions, including negative household or employment growth, declining <br /> building and land values, or the lack of conventional development financing. <br /> ♦ Supportive Public Policy — In order for a TOD activity center to be built, the local <br /> jurisdiction needs to provide a planning framework and zoning that allows for the type, <br /> mix, and density of development supportable by the market and desired by the <br /> community. <br /> ♦ Realistic Expectations — TOD can alter the location, density, and form of development <br /> within a market area. It can have a positive impact on the development capture of a city <br /> or sub-region. However, it cannot by itself create the demand for net new development <br /> within the larger region. <br /> TOD also requires a commitment to a long-term development plan. Historically TOD does not <br /> occur until the transit investment is in place and provides a high level of accessibility that is <br /> generating high levels of ridership. In all but the most robust real estate markets, a TOD plan <br /> will take 20 or more years to become a significant activity center. <br /> Commuter Rail vs. Light Rail <br /> Commuter rail differs from light rail or heavy rail in terms of its characteristics and markets <br /> served; similarly TOD opportunities associated with commuter rail also have some important <br /> distinctions. Commuter rail is most often passenger transit service utilizing diesel or electric <br /> propelled trains on existing track and/or right-of-ways utilized by freight or other passenger <br /> trains. It generally provides frequent peak-hour service and work trip oriented service of longer <br /> distances, typically 20 miles or more, with longer station spacings of two to five miles. <br /> Until recently, commuter rail systems were only found in the largest metropolitan areas including <br /> Boston, Chicago, Montreal, New York, Philadelphia, San Francisco, and Toronto. These <br /> systems are made up of multiple commuter rail lines and connect to light rail, heavy rail, and <br /> subway systems. The number of destinations that are accessible from these older systems is <br /> much larger than some of the newer systems. In the last 20 years, commuter rail lines have been <br /> developed in the next tier urban markets including Albuquerque/Santa Fe, Dallas, Los Angeles, <br /> Miami, Minneapolis, Portland, and Seattle, as shown in Table 1-1. These newer systems are <br /> generally single corridors rather than components of a larger system and have less than 10,000 <br /> average daily riders. <br /> 1-4 <br />