RES has completed market analyses for numerous projects and planning efforts served by existing or planned expansions of transit service. Typical assignments include station area plans, analysis of tax increment financing opportunities around transit service and TOD market analysis that is part of larger federal transit funding initiatives.
Asociacion Puertorriquenos en Marcha (APM) and Jonathan Rose Companies
Market Analysis for Paseo Verde, a Mixed-Use, Mixed-Income Transit-Oriented Development
RES has worked with the development team for several years, conducting market research and analysis and preparing formal market analyses for Paseo Verde a mixed-use development on a site adjacent to the Temple University SEPTA station. The development includes commercial and retail space near the corner of North 9th and West Berks Streets, mixed-income residential units in mid-rise buildings along North 9th Street, and stacked affordable townhouses fronting on West Norris Street. The development includes a range of features and amenities including parking for cars and bicycles under the buildings, a community room, and fitness space. RES prepared the initial market analysis for the entire development during September 2010. The analysis addressed the market for affordable and rental multifamily units and commercial/retail use. RES assisted with initial outreach to Public Health Management Corporation (PHMC) about leasing space at Paseo Verde and we also identified potential pharmacies and other retail uses having apparent market support. We also prepared a market study in connection with an allocation of Low-Income Housing Tax Credits, which was awarded in 2011, and we prepared estimates of the impacts from development to support a grant from the Pennsylvania Department of Community and Economic Development.
Since that time RES has been involved in other market analyses in nearby areas of North Central Philadelphia. We updated a market analysis for the initial Norris Homes redevelopment by the Philadelphia Housing Authority. We provided market analyses for the Choice Implementation grant applications submitted during 2012 and 2013 for Choice Planning Areas that included Paseo Verde. During 2013 RES assisted APM with an application to PHFA for preservation funding to modernize and recapitalize three older existing affordable properties requiring upgrades.
Southeastern Pennsylvania Transportation Authority (SEPTA) and Rail Trac Associates
Analysis of the Market for Office Development at the Franklin Mint Property
Rail Trac, a firm specializing in rail-related matters, was asked to determine the value of a 3.47 acre portion of the former Franklin Mint property on U.S. Route 1 in Middletown Township. The assignment was in connection with an extension of SEPTA’s R3 commuter rail line and development of a station, park and ride, and parking garage at the property. RES assisted by assembling market-related information about office market conditions and the potential market support for a large-scale development of office space at the site and in Delaware County. Our findings were incorporated in a valuation report for SEPTA.
New Jersey Transit
Hudson Bergen Light Rail Extension Funding Opportunities Analysis
RES was part of a consultant team retained to prepare an FTA Alternatives Analysis for the extension of the Hudson Bergen Light Rail (HBLR) to the Bayfront Redevelopment Area in Jersey City, New Jersey. RES was tasked with developing an analysis of potential funding strategies for each alignment alternative. In addition to traditional federal and state transit funding programs, RES identified joint development and value capture strategies, as well as opportunities for leveraging state smart growth and economic development grant programs.
Philadelphia City Planning Commission
Germantown and Nicetown Transit-Oriented Plan
Real Estate Strategies, Inc. was part of a consultant team that prepared a plan for the Germantown and Nicetown neighborhoods of Philadelphia. The neighborhoods have five SEPTA regional rail stations including the Wayne Junction station that is a major transfer point, as well as numerous bus routes. The goal of the study was to explore residential and business district revitalization strategies that take advantage of the neighborhood’s rich transit resources. RES served as market analyst for the team, preparing economic and demographic profiles of three sub-sections of the study area and advising on market issues influencing development plans. In particular, the profiles have identified specific real estate market opportunities within each of the areas, particularly as they relate to redevelopment around the train stations. RES also participated in stakeholder outreach and a community visioning session and assisted with the development of the plan’s implementation strategy.
City of Pittsburgh Department of City Planning
South Hills TRID Study
RES was part of a consultant team charged with preparing an analysis of transit-oriented development (TOD) revitalization opportunities around the South Hills Junction rail station and in the Beechview Neighborhood. Our work in the area of the South Hills Junction station encompassed portions of the Mt. Washington, Beltzhoover, and Allentown neighborhoods. The goal of the study was to identify redevelopment initiatives and related streetscape and infrastructure improvements that could assist in more effectively linking the deteriorating commercial cores of the neighborhoods to the transit assets and commuter traffic traveling through the South Hills. The study process included a series of community meetings held near the South Hills Station and in Beechview with programs designed to obtain input from neighborhood participants. Specific development initiatives that include commercial, residential, and recreational development have been identified, along with infrastructure improvements to enhance the area near the South Hills Junction Station and transit stops located along Broadway Avenue in Beechview. RES has prepared financial analyses to evaluate the feasibility of establishing one or two TRIDs (Transit Revitalization Investment Districts) as a value capture mechanism to finance the proposed improvements. The consultant team has submitted a draft report for review and comment by the Department of City Planning and members of an Advisory Committee that has included representatives of the neighborhoods.
WILMAPCO / Town of North East, Maryland
Conceptual Bus and Commuter Rail Station Area Plan
RES was part of a consultant team working with the town of North East, Maryland to develop a conceptual station area plan in to create a bus transit hub and possible future commuter rail station serving the community. RES assisted the land planners in identifying station sites that met Amtrak’s right of way and station siting criteria while maximizing opportunities for transit-oriented development. RES participated in community workshops and completed a preliminary market assessment of uses within the preferred station area. The resulting plan will be used by the Town and WILMAPCO to advocate for funding to support creation of the transit/rail hub.