Transit-oriented development seeks to create vibrant communities around public transport nodes by designing walkable developments with mixed uses and increased density that promote greater public transit usage while decreasing automobile dependence. This practice can create vibrant centers of activity while decreasing automobile use.
TODs (Town Center Developments) are mixed urban places that combine people, activities, buildings and public space into an easily walkable or cycling accessible public realm with excellent transit service nearby. Such TODs promote sustainable growth while simultaneously stimulating local economies while offering diverse housing solutions for sustainable development.
Increased population
TODs promote compact city development by decreasing car dependency and encouraging more sustainable lifestyles, drawing residents in while bolstering local economies and providing investment opportunities.
TODs offer mixed use and higher density living, typically within 1/4 to 1/2 mile from transit stations. TODs typically combine housing, retail, office space, cultural institutions and pedestrian safety – eliminating the need to access these areas by car.
TOD can be used to create walkable neighborhoods, revitalize low-income communities and enhance public services. In New York, TOD has helped build an engaging neighborhood around Westbury Station by exchanging surface lots between town and private development and investing in access and circulation improvements through swaps between towns; TOD creates more sustainable neighborhoods while decreasing traffic congestion and pollution levels, making TOD an example for smart, inclusive and sustainable development that benefits everyone involved.
Better traffic flow
TOD creates walkable communities that provide better access to transit services and lower traffic congestion, encouraging residents to live closer to work – which improves health while saving them money on gasoline expenses. Furthermore, TODs help refocus infrastructure spending away from expanding roadway capacity towards creating more effective transportation networks.
TOD areas typically form within walking distance from a station and consist of office buildings, shopping centers, cultural institutions, and housing. People can use public transit systems instead of personal cars for travel purposes which reduces emissions as well as unsafe driving conditions.
TOD can increase fare revenue and other public revenues that can be used for maintaining transit operations, and property values that can be captured through value capture tools such as RRIF and TIFIA loans. Furthermore, TOD creates additional funding avenues and makes transit projects financially sustainable; an essential aspect when many transit agencies face budget shortfalls due to COVID-19.
Increased property value
Properties located near transit-oriented developments tend to command higher property values due to easy access to public transportation – increasing both demand for the area as well as economic advancement in it.
TODs usually consist of high-density mixed-use areas centered on a central station. These “transit villages” offer residents convenient access to jobs, shopping and recreational activities while decreasing car usage.
These communities can be developed both urban and suburban environments. Westchester County boasts several TODs centered around train stations such as Tuckahoe and Rye, while Town of Babylon plans a walkable TOD next to LIRR’s Wyandanch Station that will include 300 new residential units and a YMCA.
TODs are an integral component of sustainable urban growth and can significantly enhance a city’s livability, such as by increasing density, decreasing emissions, improving accessibility and safety, or drawing in younger residents.
Economic development
As housing demand continues to surge, developing near transit stations is one way to stimulate local economies and raise property values. Furthermore, this strategy improves transit efficiency – which can be costly to build and operate – but this investment may be undermined by outdated zoning and land-use restrictions.
Restrictive regulations prevent more people from living close to transit lines, thus decreasing ridership and efficiency. Low population densities also add social costs by forcing people to travel longer distances by car – leading to congestion and air pollution as a result.
One way of tackling these problems is with value capture strategies, which recoup some of the value generated by public infrastructure through ground leases or special assessment districts and pairing it with TOD strategies like joint development. Value capture helps raise funds to support transit investments while improving financial stability in transit systems.