4 Transit-Oriented Developments to Watch in 2017
Transit-oriented development or TOD is the development of transit hubs like train stations and airports into not only a place to go to travel but also a place to shop with retail locations coming into these transit hubs. As the traffic and congestion in these hubs comes in large numbers it only makes sense to put retail in the same place as most of these travelers are consumers as well.
CBC dove deeper into the trend in a recent post which can be found here but this post will look into some of the big TOD projects currently going on across the country.
One of the largest and arguably best examples of a current TOD project is the massive World Trade Center transit hub in New York. Completed in 2016, this transit hub connects a large amount of transit systems, buildings and other destinations into one centralized area. Not only will it handle millions of commuters and visitors annually, it has 78,000 square feet of retail and dining space. With the amount of traffic this hub will see the retail and dining space will be sure to see a high number of customers pass through their doors.
2. NoMa-Gallaudet U Metro Station – Washington D.C.
This station, opened in 2004, sparked the NoMa district of D.C. to revitalize and develop. In just a few years this area has developed into a highly desirable place to live due to its accessibility with only 15% of residents needing to drive to work. The development has been in all sectors with more coming including a $100 million apartment project just a block away from the station. This project will include 318 apartments with a rooftop pool as well as 10,000 square feet of first floor retail. The station is also a neighbor to the newly opened REI flagship store which was once the Uline Arena, home of The Beatle’s first performance in America.
3. Logan Square – Chicago
The Logan Square neighborhood has been an attractive area for Chicago developers recently and part of that is due to its transit accessibility. Just recently two new transit oriented developments opened in the form of two large apartment buildings which are getting closer to the pricing seen in some downtown apartment buildings. These rising prices in Logan Square are showing that this transit friendly area is starting to see similar demand to the downtown area.
On the opposite side of the river from the World Trade Center transit hub New Jersey has plans to develop a transit oriented development based around a new train station that will help better connect travelers to the Newark Airport.
While still in planning stages, the plans include not only a station but a transit oriented development which will include residential, commercial and retail space. This would not only add value to this area of Newark but it would also increase the accessibility to Newark Airport from Manhattan.