KRM082906Dev

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Published on March 21, 2008

Author: Desiderio

Source: authorstream.com

Slide1:  33 Miles - 9 SE Wisconsin stops Uses upgraded existing railroad 7 daily round-trips (3 daily weekend) 1.1 million passengers/year projected Average trip length 33 miles Connecting lakeside communities between Milwaukee and Chicago 9 stops in WI linking to 24 stops in IL & Chicago How is commuter rail different from other forms of rail?:  How is commuter rail different from other forms of rail? Commuter Rail Frequent stops Connects urban areas in local region Diesel locomotives Several passenger coaches Shared right-of-way Board from platforms Typical trip is 10 minutes - 1 hour How is commuter rail different from other forms of rail?:  Light Rail Very frequent stops Connects neighborhoods and immediate suburbs to densely populated central city Generally runs on rails in streets or right-of-way, and is powered by overhead electrical wires. Board from the curb or platform Typical trip is 5 minutes to 20 minutes How is commuter rail different from other forms of rail? How is commuter rail different from other forms of rail?:  High speed rail Very infrequent stops, speed is priority Connects large cities in region and nation. Diesel locomotives Dozens of passenger coaches Shared right-of-way Luggage storage, food service, sleeping cars Board from platforms Typical trip is from 1 hour to a day or more How is commuter rail different from other forms of rail? Potential Fares,Travel Times:  Potential Fares,Travel Times Fares potentially similar to bus One way fares from $1.80 - $8.20 Milwaukee to Chicago $8.20 Milwaukee to Kenosha $4.20 Milwaukee to Racine $3.40 Discounts on 10-ticket packages, week end passes, and 1 month passes are typical Trip times similar to driving Milwaukee to: Chicago 2:15 Kenosha :57 Racine :42 Cudahy (airport stop) :15 Catalyzing a Globally Competitive Region:  Catalyzing a Globally Competitive Region Access to jobs, employees, and customers Build Competitive Advantage: Attract & retain talent, businesses & jobs Revitalize cities, generate urban investment Improve property values & tax base Serve unemployed/underemployed people Reduce congestion, improve air quality Connecting multiple metro areas in a bi-state region Catalyzing a Globally Competitive Region:  Catalyzing a Globally Competitive Region Changing real estate market. Mixed use and access to rail transit are big attractors High quality urban lifestyle in high demand Site selection criteria for new economy companies Connectivity: 85% Proximity to transit: 77% Proximity to clients: 50% Changing demographics of metro areas Single person households, couples with no children, creative class, and empty nesters are on the rise and want urbanity Role of Cities Catalyzing a Globally Competitive Region:  Catalyzing a Globally Competitive Region Increases in city economic gain accelerate suburban economic gain. Commuter rail provides easy access to suburban and urban living that increases metro region’s overall attractiveness. The regional economy is larger than the sum of its parts. City/Suburb Economic Link Graph source: American Public Transportation Association Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment Walkable, pedestrian friendly Connected to surrounding areas Moderate or higher Density Mixed Uses, mixed income Diversity of housing types Street orientation of housing/retail Shared parking Both origins and destinations TOD is the key to higher returns Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment “We’ve seen astonishing growth along commuter rail lines nationally. The opportunity for housing, commercial, and mixed use development is at an all-time high. Transit-oriented development is one of the best available investment opportunities. Jon M. Roberts, Managing Director, TIP Strategies, Inc., Austin, TX Trend toward urbanism and transit connectivity Federal Transit Administration: Number of buyers and renters seeking housing near public transportation will rise to almost 15 million by 2025. Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment San Diego: 47% premium for condos near Coaster stations 17% premium for single-family and multi-family homes 70%-91% premium for parcels near downtown Coaster stations Boston: 6.7% increase in value of single family homes in communities w/commuter rail Chicago area: $36,000 premium on homes within a half mile of Metra station. Portland: Over $1.3 billion worth of development exceeding ten million sf are under construction or completed, adjacent to new MAX line. Dallas: $800M in development, $3.7B in economic activity National stats on property values, investment opportunity: Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment Example: Kenosha $175 mil. in 5 new developments w/in 1 mile of Metra station HarborPark, $100 mil, 69 acre, 250 units Residential unit resale prices have increased 50% in 5 or less years High demand: Most units were pre-sold Over 100,000 sf of redevelopment opportunities near station on the cusp “Proximity of the lake, Metra station, and downtown amenities are a powerful draw.” Zohrab Khaligan, City of Kenosha Community Development Specialist Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment Example: Racine, Pointe Blue $200 mil., 500 unit mixed-use near station $900,000 - $200,000, pre-selling briskly Interest high from entire corridor “Phenomenal response…there’s tremendous pent-up demand” Scott Fergus “KRM is the largest single factor for the future vibrancy and growth of Racine. When people hear that they could have a boat, live on the lake and be within minutes of commuter rail, they just light up! That's an unbeatable package.” John Dickert, Lead Broker Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment National Perspective: The KRM corridor has a rare and dynamic convergence of major selling points “For KRM the national perspective is critical. You’ve got a truly rare combination of commuter rail accessibility, a prime lakefront, excellent land availability and redevelopment potential — in a dense economic corridor connected to Chicago, and increasing TOD and urban desirability. It’s a golden opportunity.” Jon M. Roberts, Managing Director, TIP Strategies, Inc., Austin, TX Consultant for Racine County Strategic Economic Development Plan Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment Oak Creek: Lakeview Village Master Developer Agreement Public/private partnership IRG (Industrial Realty Group), CA 470 acres, including brownfield areas Adjacent to planned train station Moving Lakeview project forward Unified master plan and timeline Brownfield remediation and support Partner with developers to ensure plan fit Purchase and develop some parcels Increase value of all parcels and projects Original plan. New plan to come Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment Example: Milwaukee, opportunity is ripe KRM will fuel Milwaukee’s urban renaissance Businesses want commuter rail connectivity and access to the regional labor market Commuter rail is a strong selling point for urban residential buyers, commercial businesses Dedicated shuttle is planned to circulate key destinations By 2020 KRM could help spur: 450,000 sf of new retail 1 mil. sf of offices 4,520 new housing units Daily Reporter July 26, 2006 Milw. Intermodal Station Where are we? :  Where are we? The process Feasibility Study Detailed Planning Study & Alternatives Analysis • Environmental Impact Study and Federal Evaluation Preliminary Engineering Final Engineering & Design Construction, Equipment Acquisition Operation (2010/11) Catalyzing More Opportunity Better Return on Investment:  Catalyzing More Opportunity Better Return on Investment TOD Planning, 9 station areas Public involvement and consensus Unified master plans Clarity and consensus on vision and policies TOD-supporting policies and regulations Real estate market analysis Land assembly in some cases Official TOD plan endorsements in Fall 06 Catalyzing a Globally Competitive Region:  Catalyzing a Globally Competitive Region Houston Philadelphia Phoenix San Diego Dallas San Antonio Detroit San Jose Indianapolis San Francisco Jacksonville Long Beach Columbus U.S. Cities over 300,000 (In addition to New York, Los Angeles, Chicago) Austin Baltimore Memphis Milwaukee Boston Washington D.C. El Paso Seattle Denver Nashville Charlotte Fort Worth Portland Oklahoma City Tucson New Orleans Las Vegas Cleveland Long Beach Alburquerque Kansas City Fresno Virginia Beach Atlanta Sacramento Minneapolis Santa Ana Honolulu Miami Colorado Springs St. Louis Wichita Pittsburgh Tampa Cincinnati Anaheim Catalyzing a Globally Competitive Region:  Catalyzing a Globally Competitive Region Houston Philadelphia Phoenix San Diego Dallas San Antonio Detroit San Jose Indianapolis San Francisco Jacksonville Columbus 6 Large U.S. Cities without Rail Transit (or rail transit in development) Austin Baltimore Memphis Milwaukee Boston Washington D.C. El Paso Seattle Denver Nashville Charlotte Fort Worth Portland Oklahoma City Tucson New Orleans Las Vegas Cleveland Long Beach Alburquerque Kansas City Fresno Virginia Beach Atlanta Sacramento Minneapolis Santa Ana Honolulu Miami Colorado Springs St. Louis Wichita Pittsburgh Cincinnati Anaheim Tampa Key Milestones :  Key Milestones Fall 06 TOD plans endorsed at all station communities Early 07 Financing and management recommendation (RTA) Early-Mid 07 Public dialog and consensus building on KRM funding/structure Early 07 KRM Public Hearings Spring 07 State budget process Summer 07 Capital funding application to Federal Transit Administration Mid/late 07 Federal response to capital funding request, next step begins Building Broad-Based Support and consensus:  Building Broad-Based Support and consensus Business Economic Development Interests Elected Officials Labor Education Community Activists Environmental Faith-Based Organizations Workforce Development Chambers of Commerce BIDs Minority Realtors Environmental Transportation Land use Disability Convention and Visitors Homeless Neighborhood Associations Taxpayers Associations Public hearings: 1300 in favor of commuter rail, 20 opposed Building Broad-Based Support and consensus:  Building Broad-Based Support and consensus Transit NOW’s Unique Role Public outreach and consensus building - critical to KRM success Coordinate stakeholders and champions Regional communications hub Bring stakeholder views to the table Proactive technical and strategy advisement

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