Think of it as a road map to future investments for Metro's Transit-Oriented Development Program.
The Center for Transit-Oriented Development released a strategic plan for the Metro's TOD program this week to help maximize Metro's investment opportunities in key development projects located near transit.
Metro TOD Program staff worked with CTOD to develop the plan with Nelson\Nygaard Consulting.
CTOD is a national nonprofit dedicated to providing best practices, research and tools to support equitable, market-based transit-oriented development.
In an economic climate where every agency with dollars to invest is looking for ways to make the most of what they have, the strategic plan helps Metro continue a 10-year record of leveraging $30 million existing funds into over $300 million in private investment in transit-oriented development projects within the region.
By evaluating station areas and corridors for market readiness and existing urban form, the strategic plan helps the TOD program prioritize its investments across the region.
Highlights of the plan include:
- an evaluation of regional existing conditions influencing the ability of transit-oriented development as a strategy to achieve Metro’s 2040 Growth Concept goals
- a typology framework that classifies station areas and corridors based on their “TOD readiness”
- guidelines for phasing of TOD program activities based on this typology
- discussion of potential future activities for the program, and funding strategies to support them.
The typology framework can help regional and local agencies use market and physical characteristics to make sense of the types of investments needed to promote TOD at the neighborhood scale – without expensive and time consuming station area planning.
Transit-oriented development helps support the region's six desired outcomes by creating vibrant communities and safe and reliable transportation choices that enhance the quality of life for residents of the Portland metropolitan area.