Transportation districts represent billions of dollars in public funding. Transportation districts are a method for cities to efficiently utilize public resources to move people from the places they live to the places they work and play. In the best planned Transportation Districts, people can live, work and play in a very small geographic area with quality public transportation to move people in and around these hubs.
An article in National Real Estate Investor entitled “Mass Transit to Shape Cities, CRE of the Future” discussed “urbanization” as a new trend in commercial real estate.
Sounds odd to call this new but it’s true. Consider that in the last decade more people have moved closer to city centers- not the other way around. For example, more people live in downtown Chicago and San Francisco today than ever before. How is this possible? Partly because of multifamily development.
Creating transportation districts is more than just counting car traffic.
Here is a Study from the University of South Florida about implementing multi-modal transportation districts. The introduction begins with: “This report explores issues in current practice as they relate to access management, multi-modal objectives, and corridor management…”.
Multifamily is often at the center of Transportation Districts because the population density that multifamily provides folds in perfectly with the fabric of communities built around transport hubs. Nearly seven in ten people live in a city and a very large percentage of this population is housed in multifamily.
Multi-transportational nodes are considered a hot commodity when they allow for high density construction in, around and on-top of transportation districts that can connect a place (a high density place) with other high density places.
This connectivity is occurring all over the country anew in places like Denver and Minneapolis.
The continued urbanization of America occurs when density allowances give preference to sites that have existing infrastructure and accommodate the increased load of high density populations. Transportation Districts can naturally provide both elements.
Mr. Wilhoit is the author of two books: How To Read A Rent Roll: A Guide to Understanding Rental Income and Multifamily Insight Vol 1 – How to Acquire Wealth Through Buying the Right Multifamily Assets in the Right Markets. Multifamily Insight Vol 2 is set for release in 2015.
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