Nashville is proposing a $6 billion, 25-year comprehensive transit plan that would expand alternatives to driving in one of the fastest growing regions in the country. The local real estate community is already bullish about the potential increases to land values that better transit service can bring.
While local voters still need to approve (and fund) the plan, these preliminary discussions present an opportunity for Nashville to proactively consider strategies to ensure that existing residents in the region will be able to benefit from improved transit service.
Development or redevelopment of housing and commercial properties on a transit corridor requires intentional and early efforts to ensure equitable growth. According to research from UC Berkeley’s Urban Displacement Project, by the time the most painful effects of gentrification start being felt by residents, displacement is already fully underway and it’s far more challenging to address.
With better monitoring and early action, cities can more effectively address displacement as they prepare for the arrival of transit. A recent report by Transportation for America points out the potential issues that may arise on Nolensville Pike corridor as it becomes a safer and a more desirable destination with the addition of high capacity transit, and how community engagement, support of businesses in the corridor, and affordable housing protections are important for addressing many of these issues.
The strategies outlined in Envision Nolensville Pike II: Recommendations for achieving inclusive development are applicable to cities of all sizes that are planning for transit. You can also access additional strategies for combating displacement by visiting the TODresources.org library.
Now available: 2017 Federal Financing Toolkit
As demand for TOD rises across the country, real estate developers and investors as well as local elected officials are looking for innovative approaches to finance these complex projects. Dozens of federal programs are designed to help, and a new resource from LOCUS provides an overview of all of those programs in one convenient place.
The 2017 Federal Financing Toolkit, released earlier this week, features 90 federal financing opportunities to help communities achieve their development goals. Get your copy today.
Recent TOD news
Here are a few things that have been happening this week with TOD projects across the country.
- Vancouver WA C-Tran considering development near Transit Center – Columbian
- Governor Brown signs bill to provide more TOD and affordable housing near BART stations – CA Senator Bob Wieckowski
- San Jose keeps agricultural zoning near light rail station – Systemic Failure
- Auction on 59 acres of federal land at Denver light rail station to close soon – Denver Business Journals
- Parking lots fueling LA’s housing crisis – Curbed Los Angeles