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Published byJoan Aileen Sparks Modified over 9 years ago
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Hiawatha Transit Corridor Evaluation June 15, 2005 Mark Fuhrmann Todd Graham
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Hiawatha LRT Project Scope 12 miles between Minneapolis, MSP, and Mall of America 17 stations $715 million project cost $334 million FTA New Starts funding Before and After Study required by FTA
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Hiawatha Before & After Study Capital Costs Constructed to scope Constrained by color of money Constructed within $715 million budget
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Hiawatha Before & After Study Operation & Maintenance Costs Benchmark with peer LRT systems Compare forecast with actual Managed competition opportunities
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Hiawatha Before & After Study Service Levels Transit –Light Rail –Bus Trunk Highway 55 (Hiawatha Ave) –Daily volumes –Peak Period volumes
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Hiawatha Before & After Study Ridership Patterns Light Rail –LRT line –Individual stations Bus –Hiawatha corridor –Individual bus routes
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Hiawatha Before & After Study Ridership Profile Minneapolis to Fort Snelling – 80% have car available – 37% drove to a station – 26% walked to a station – 44% transferred to or from a bus – 39% new to transit
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Hiawatha Before & After Study Impacts on development Value of new building permits –Residential, C/I, total –By station area - by year New (or planned) housing units permitted –By station area - by year Total housing units associated with parcels –By station area - by year
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Hiawatha Before & After Study Economic impacts: Real estate Property values and value growth –Residential, C/I, total - land, buildings and total –By station area - by year
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Hiawatha Before & After Study Economic impacts: Labor market Employment based in the area –Job totals and payroll totals –By station area - by year Employed residents of the area* –Low-, mid- and high-wage –Employed in the area or employed elsewhere * Currently exploring availability of this data
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Lessons from studies elsewhere Economic and development measures most in use –Population or housing density –Increase in property values (sales or assessed) –Quantity of mixed-use (structures or sq ft) –Development investment (bldg permit valuations) –Number of convenience and retail establishments –Employment density From a Rutgers Univ survey of transportation planners Source: John Renne and Jan Wells, “TOD: Developing a strategy to measure success,” in Research Results Digest, Feb 2005
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Hiawatha Before & After Study Economic impacts: Real estate Property values and value growth –Residential, C/I, total - land, buildings and total –By station area - by year Value growth will be significant trend –Proximity to LRT provides improved accessibility to places we want to go… –Property will be developed + values will be bid up
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Get data -> Analyze -> Analyze again Met Council analysis: Start with total assessed value in station areas –Issue: Both value bid-up + new development reflected in totals –Issue: Value growth everywhere, not just in corridor, driven by regional market conditions –Dissecting cause is a challenge
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Property value growth (preliminary)
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Lessons from studies elsewhere Hedonic price models –Dissect price changes by area accounting for other factors What effect the proximity of LRT service? Change +1 yr, +2 yrs, +3 yrs after service start? Other factors to account for: Size, condition, neighborhood quality, neighborhood amenities –Issue: Data obtained so far lacking property details needed for such analysis
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