Congratulations to Costa Pacific’s own Skip Rotticci!  His diligent efforts in forming the Transit Oriented Development  (TOD) product council will pave the way to “smarter” cities eventually leading to cleaner communities.  As Transit Oriented Development is rising, the formation of the TOD product council is an essential tool in the advancement and development of transit oriented communities. 

ULI Oregon/SW Washington - Transit Oriented Development Council

For the last couple of years Intermediate Past Chair of ULI Oregon/SW Washington Skip Rotticci has been working toward the formation of a new national product council focused specifically on the issues related to developing communities in and around transit stations. In January the Council was approved by the ULI Executive Committee and its first meeting was held on May 7, 2008 ULI Spring Council Forum in Dallas, Texas. Initially the council will have approximately 45 members made up of some of the nations leading: private developers, public agencies, capital markets representatives, architects and engineers, legal professionals, and marketing firms and other consultants.

The TOD Councils goals and objectives will be to share best practices and “mistakes made”, including the ins and outs and ups and downs of financial structures, proven concepts and new ideas in product design and station area planning, market updates and looking into the “crystal ball”. We want to have in depth discussions on business planning and strategies.  And last but not least, to share personal goals and objectives. For the past three years ULI and Price Waterhouse Coopers have listed Transit Oriented Development (TOD) as one of the fastest growing development and investment sectors in their annual Emerging Trends report. A recent search of the ULI Bookstore turned up no less than 751 publications with some reference to TOD’s. In recent years, real estate publications such as Real Estate Forum, Builder/Developer, Commercial Investment Real Estate, and Commercial Property News have featured numerous articles regarding TOD’s and their development and investment prospects. TOD’s are no longer a niche, but are an industry and investment class all to themselves. Transit Oriented Developments have very specific requirements and obstacles that many other real estate types are not constrained by. Their mixed use nature makes them more difficult for capital markets to underwrite and fund. Acceptable investment return metrics are often not reached until well after traditional investment hold periods. In many locales transit systems are aligned on former heavy rail right of ways and pass through industrial areas where surrounding lad uses are not ver6y appealing to new high density mixed use communities. TOD’s often require significant public investment and strong goal oriented Public/Private Partnerships to bridge the initial “performance gap” and carry them to the point of acceptable returns. Transit Oriented Developments have very significant design requirements as well. For a TOD to be successful it must plan to be extremely pedestrian oriented, serve a very diverse demographic spectrum, be designed with durable materials and architecture, and contain a broad and flexible mix of uses.

When all these factors are considered, planned for, and executed correctly the result is the creation of highly desirable places where people can live, work, play, and learn in a community that supports “smart growth”, and are sustainable not just environmentally, but socially, and economically.

If you would like more information about Costa Pacific Communities e-mail me at Blog.CostaPacific.com .

Andy Green Costa Pacific Homes, LLC Villebois Village Center Email Me at: Blog@CostaPacific.com Visit us on the web at: www.CostaPacific.com

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