Trail-Oriented Development
WASHINGTON (March 29, 2016) — Cyclists, take note: real
estate developers and cities are becoming more responsive to your needs by
creating an increasing number of communities tailored to those who would rather
bike than drive. A new Urban Land Institute (ULI) publication, Active Transportation and Real Estate: The Next Frontier identifies
this trend as “trail-oriented development,” the latest phase in the evolution
of urban development from car-centric to people-friendly design.
Similar to transit-oriented development, trail-oriented
development takes advantage of and leverages infrastructure that supports
active ways of getting around in urban areas. “Communities big and large are
now investing in bicycle and pedestrian infrastructure. Their efforts are
reshaping destinations across the globe, and have the potential to benefit
people of all income brackets, as biking provides mobility for those needing or
wanting a less expensive alternative to automobile ownership, maintenance and
use,” the report states.
The report, written by ULI Senior Vice President Rachel
MacCleery and ULI Senior Resident Fellow Edward McMahon, examines the impact of
the growing interest in active transportation on economic development, public
health, air quality, community design and real estate design and investment.
“At its core, the bicycle boom is about people choosing a lifestyle that gives
them more options and requires less dependence on motor vehicles,” it says.
“Through supporting bike infrastructure, real estate professionals can play a
significant role in creating healthier, more sustainable communities. They can
also help position their projects and communities in a marketplace that
increasingly values active transportation.”
The report, written by ULI Senior Vice President Rachel
MacCleery and ULI Senior Resident Fellow Edward McMahon, examines the impact of
the growing interest in active transportation on economic development, public
health, air quality, community design and real estate design and investment.
“At its core, the bicycle boom is about people choosing a lifestyle that gives
them more options and requires less dependence on motor vehicles,” it says.
“Through supporting bike infrastructure, real estate professionals can play a
significant role in creating healthier, more sustainable communities. They can
also help position their projects and communities in a marketplace that
increasingly values active transportation.”
Ten real estate developments projects are profiled: Bici
Flats, a multifamily development in Des Moines, Iowa; Circa (multifamily)
in Indianapolis; Flats at Bethesda Avenue (mixed-use),
Bethesda, Maryland; Gotham West (mixed-use), New York
City; Hassalo on Eighth (mixed-use), Portland, Oregon;MoZaic (mixed-use),
Minneapolis; Ponce City Market (mixed-use), Atlanta;Silver
Moon Lodge (mixed-use), Albuquerque, New Mexico; 250
City Road (mixed-use), London; and Westwood Residences (multifamily)
in Singapore.
Amenities in the projects include bike storage; extra-wide
hallways and bike elevators; a bike repair room; bike cleaning stations; a bike
valet; shower and/or locker room facilities; bike parts or a mechanic on site;
on-site bike rentals or a bike-share system; a bike park-and-ride system, and
direct access to trails.
The projects show that “leading development practitioners
are recognizing the competitive advantage of investing in active transportation
amenities,” the report states. “By leveraging and enhancing access to walking
and bicycling facilities, they are helping to initiate a win-win cycle of
mutually reinforcing private and public sector investment in active
transportation in communities around the world.”
Active Transportation and Real Estate also
profiles five catalytic active transportation infrastructure investments, such
as trails, bike lane networks and bike-sharing systems, which have supported
real estate development opportunities. Infrastructure projects profiled are: The
Circuit Trails, an off-road trail system winding throughout Greater
Philadelphia; cycle superhighways in Copenhagen and London; Midtown
Greenway in Minneapolis; and bike-sharing systems in
Paris, Montreal, and Hangzhou, China.
Shared themes among the projects include:
- Active
transportation infrastructure can catalyze real estate development —
Trails, bike lanes and bike sharing systems can improve pedestrian and
cyclist access to centers of employment, recreational destinations and
public transit, as a result boosting the appeal of development near the
infrastructure.
- Active
transportation systems encourage healthier lifestyles –
Convenient access to active transportation systems makes the healthy
choice the easy choice, helping to improve the fitness and overall
well-being of community residents.
- Investments
in trails, bike lanes and bicycle-sharing systems have high levels of
return on investment — Regions and cities have found that relatively
small investments in active transportation can yield high economic
returns, due to improved health and environmental outcomes.
- There
is evidence of a correlation between access to active transportation
facilities and increased property values – In urban and suburban
markets, studies have shown that direct access to trails, bike-sharing
systems and bike lanes can have a positive impact on property values.
- There
is a reciprocal relationship between the private and public sectors in
terms of maximizing investments in active transportation –
Developers are benefiting from access to sought-after locations that are
close to publicly financed active transportation routes; but they are also
making direct investments in active transportation by helping to finance
improvements to the systems.
The report points to evidence indicating that proximity to
bike trails raises property values. For instance, the value of properties
within a block of the Indianapolis Cultural Trail have soared nearly 150
percent since the trail’s opening in 2008; and the value of properties near the
Katy Trail in Dallas have increased 80 percent. Homes close to Atlanta’s
BeltLine have started selling within 24 hours; before the trail project began,
homes in the same area stayed on the market for two to three months. And in
Minneapolis, every quarter-mile of proximity to an off-street bike facility
raises the value of a home by an additional $510.
The study also cites examples of the positive impact of
bicycle access on commercial and economic development. In New York City’s Time
Square, building rents rose more than 70 percent following the addition of bike
lanes in 2010; in both Salt Lake City and San Francisco, the replacement of
some street parking with protected bike lanes along specific corridors resulted
in higher retail sales in those areas. Meanwhile, in Sydney, Australia, the
government concluded that building 124 miles of bikeways would generate more
than $350 million (US dollars) in economic benefits.
In terms of health and wellness benefits, the report points
to savings of $103 million (US dollars) in Sydney due to the increase in bike
trips and reduced traffic congestion. Also, in Philadelphia, a 2011 study found
that residents’ use of biking trail system avoids $199 million per year in
direct medical costs and $596 million in indirect costs.
The increase in trail-oriented development “is indicative of
a worldwide trend of civic and private sector investment in active
transportation facilities, and the growing demand for walkable and bikeable
places,” the report says.
Active Transportation and Real Estate was
published as part of ULI’s Building Healthy Places initiative, which seeks to
leverage the power of ULI’s global networks to shape projects and places in
ways that improve the health of people and communities. The report was made
possible with support from the Colorado Health Foundation.
In addition to the Foundation’s support, the Randall Lewis
Health Policy Fellowship Program provided research assistance for the report.
Article originally posted here: Trail-Oriented Development: New ULI Report Looks at
Projects Tailored to Those Who Prefer Cycling and Walking Over Driving
Artile written by Richard Cox and posted on March 29, 2016 at ULI Triangle News.
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