Transit-Oriented Development (TOD) policies are being implemented in cities all over the world. From Guatemala City to Paris, a greater emphasis is being placed on developing real estate in close proximity to transit stations. In addition to promoting walkable and bicycle friendly neighborhoods, TOD policies providevalue propositions for commercial real estate investors.
Right here in Virginia, Arlington County has seized on Transit-Oriented Development as their development strategy, with impressive results. It is clear that the new Exit Ramp Economy is upon us, and local business owners are taking advantage of new transportation nodes for their next commercial real estate purchase. Other examples in Virginia and coastal North Carolina include:
The 2014 expansion of the silver line added five new stops, McLean, Tysons Corner, Greensboro, Spring Hill and Wiehle-Reston East, and commercial real estate around the new stops have been snapped up as a result. Estimates predict 25,000 users in those stations are expected in the first year of service alone. Work is now underway to expand the line even further, another 11.4 miles of track will add six new stations including Reston Town Center, Herndon, Washington Dulles International Airport and Ashburn.
With the recent allocation by the Virginia DOT of $155 million for the expansion of the Tide to Virginia Beach, we have a clearer idea of where the upcoming station stops will be constructed.
Raleigh and Norfolk are the two largest cities in the country only served by one interstate (I-40 and I-64, respectively). Now state and federal officials in Virginia and North Carolina are working together on a proposal that is gaining momentum to construct an interstate connecting the two cities.
The future is now for the Craney Island Marine Terminal. With the 2014 land transfer, the $900 million expansion project is full steam ahead. Estimated economic impact to the region includes the generation of 54,000 total jobs, $1.7 billion in wages, and $155 million in state and local tax revenue. [Source: Virginia Port Authority]
The $600 million project, a seven-mile toll bridge will connect the Outer Banks to the North Carolina mainland. Set to begin construction in 2019, the project creates numerous business opportunities on both sides of the new bridge.
Savvy commercial real estate investors and business owners looking for locations with population growth potential should look no further than to communities who have embraced plans for Transit-Oriented Development projects. The first to buy in these hot locations may see a sizable return on their investments.
Varied transportation options are just one reason you should be thinking Currituck. Discover more great reasons in our free eBook.
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