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TOD: Transit Oriented Development ... or Dilemma?
TOD: Transit Oriented Development ... or Dilemma?
TOD is a planning initiative to provide safe & pedestrian-friendly developments with higher density and reduced parking within a half a mile radius of a rapid rail train station.
Within this sphere is the goal to provide affordable workforce housing, encourage public transit ridership, decrease traffic congestion, promote diversity & healthier lifestyle, increase social connectivity and enable people to live/work/play as a multi-racial functional community. That is the intended objective. The reality however, is shaping up to be quite different as evidenced in many residential neighborhood master plans upholding low density land use and homeowners' fear of embracing change. The typical resistance is from older established or affluent neighborhoods with a "suburban mindset" concerned that their property values will decrease by having more renters and having less stability. The only problem with this status quo is the fact that affluent homeowners are the least likely to use public transit as their preferred mode of transport. In contrast, according to the Bleakley Report Atlanta's Gen Y/Millennial population has been underserved by Transit Oriented Development compared to other cities.
So is it possible that Atlanta has been too slow to adopt higher density and affordable housing initiatiives near many of its MARTA train stations? Has this city taken a backseat approach to plan for its young generation and worker bee population? Or is it that gentrification in many intown neighborhoods has resulted in exclusionary and protective land use policies that are serving the needs of the affluent and not the masses?. The truth may lie in a combination of many factors including economics and politics. The Beltline Project did not deliver what it originally promised, and the City is now playing catch up to change zoning and incentivize developers to add 15% affordable component into their mix. What is clearly evident is that there is a dilemma facing our intown neighborhoods that will result in a shortage of affordable housing for our future generation. With land, labor and material prices skyrocketing, developers are chasing the affluent market building expensive multifamily and single family dwellings. If we don't collaborate together to find a happy medium and rebalance our housing stock, Atlanta is poised to create yet another housing bubble in the forseeable future. We are heading towards a train wreck in this city that will impact our economic engine unless we begin to embrace a more equitable solution.
Marta has identified the TOP TEN stations that have the best potential to implement TOD on their parking lot, with King Memorial MARTA Rapid Rail Station as its first MODULAR mixed-used project to break ground by 3rd quarter of 2019. Our priority should be to make smarter use of land within the TOD sphere by developing a walkable environment of modern mixed-use projects that promote convenience & affordability to its residents and workers. We must race to implement TOD Overlay District in this sphere to allow for higher density developments with reduced parking requirements. Higher density will mean more people will be able to live affordably in the city core and near transit.
The popular adage; "Build and they will come" may clash with another common phrase; "Not in my backyard " (NIMBY) as evidenced in many gentrified urban communities. However, smart and sustainable growth demands that we build not just for the privileged few, but for the common good of all who really need it. This equitable model means reducing luxury townhouses/ homes within the TOD area by changing existing LDR land uses and supporting multifamily projects by increasng density and reducing parking by implementing new zoning laws. And that's just common sense and smart living!
"Housing near transit should reflect a mix of income and affordability levels,so that citizens who rely on transit for daily mobility have the opportunity to live in attractive, walkable communities." MARTA
Kozii is located in the Federal Opportunity Zone and a Qualified Opportunity Zones retain this designation for 10 years. So if the developer holds the investment in the Opportunity Fund for at least ten years, the developer would be eligible for an increase in its basis equal to the fair market value of the investment on the date that it is sold.
For more information on Opportunity Zones click here