NAIOP – MD/DC The Public Sector Impact on Real Estate in 2010 February 24, 2010
description
Transcript of NAIOP – MD/DC The Public Sector Impact on Real Estate in 2010 February 24, 2010
NAIOP – MD/DCThe Public Sector Impact on
Real Estate in 2010 February 24, 2010
Andrew J. ScottSpecial Assistant to the Secretary for
Economic DevelopmentMaryland Department of Transportation
• Updates– ICC– Purple Line– Corridor Cities Transitway– Funding
• Transit Oriented Development
33
68% Complete68% Complete68% Complete68% Complete
29% Complete29% Complete29% Complete29% Complete
54% Complete54% Complete54% Complete54% Complete
Purple Line• 16-mile east-west 16-mile east-west
light rail line light rail line extending from extending from Bethesda in to Bethesda in to New CarrolltonNew Carrollton
• Connects Connects – 4 branches of the 4 branches of the
Metrorail systemMetrorail system
– 3 MARC commuter 3 MARC commuter rail lines and rail lines and Amtrak’s Northeast Amtrak’s Northeast CorridorCorridor
– local bus routeslocal bus routes
Arliss
/Lon
g Bra
nch
Takom
a/Lan
gley
East C
ampus
Riverdale P
ark
Bethesda
Silver SpringConnecting Places
Chevy Chase Lake
New CarrolltonFe
nton
Vill
age
Fenton Village
UMD – Campus Ctr.
5
Corridor Cities Transitway
•Part of I-270 Multi-modal Corridor Study
•17 stations, 14 miles
•Alternatives include Light Rail Transit (LRT), Bus Rapid Transit (BRT)
•Gaithersburg West Sector Plan-“Science City” – Hopkins live/work center
•Selection of Locally Preferred Alternative
Transportation Funding
• Economic downturn severely impacted the State’s transportation program
• People buying fewer cars, driving less– Titling tax, gas tax
• Deferrals of 20% of our capital program– Maintaining a $9.1 billion 6-year program
American Recovery and Reinvestment Act
• Maryland ARRA strategy– “Fix it first”– Smaller, quicker to
implement projects– Accountability– Compete for
discretionary $$$s
Capital Deferrals v. Recovery Apportionment to Maryland
$0
$500
$1,000
$1,500
$2,000
$2,500
CTP Deferrals MD share of formula funds under P.L. 111-5
Mill
ion
s o
f D
olla
rs
P.L. 111-5, "The American Recovery and Reinvestment Act" (2009)Second Round - $1.1 B Deferred from FY09-14 CTPFirst Round - $1.1 B Deferred from FY09-14 CTP
$2.2 B total
$1.1 B Second Round
$1.1 B First Round
$610 M
29% of Total CTP Deferrals
Maryland ranked #1 in reporting spending
Met 50% deadline 3 months ahead of schedule
Transit Oriented Development
– TOD requires support of many actors: developers, local government, transit agencies, community
– State aggressively supporting: Smart, Green & Growing
Concentrating jobs, housing, retail within walking distance to transit stations; creating vibrant communities.
The State’s interest in TOD
• Critical component for transportation & sustainability– 1.1 million new residents projected by 2030
• Will consume 650,000 acres of open space• Could be accommodated at Maryland’s transit
stations
– Leverage billions of dollars in transit infrastructure
Percentage Growth in Maryland 1990-2006
0
5
10
15
20
25
30
35
40
45
Total road miles Population Vehicle Miles Traveled
Transportation benefits
• People living in walking distance to transit are up to 5 times more likely to ride it
• Families in TOD’s drive an estimated 40-60% less
TOD initiatives
• State legislation in 2008 – TOD is part of MDOT’s mission!
• Tools – MDOT resources – Maryland Economic Development Corporation– Predevelopment planning, feasibility funding– Priority for the location of State offices and labs,
under Governor O’Malley’s Executive Order– Sustainable Communities Act of 2010 – Heritage Tax
Credit– Priority consideration for Smart Growth programs
Support TOD projects
• Joint Development – MDOT Office of Real Estate– WMATA Joint Development Program
• Guidelines• Policy emphasis by Maryland• New direction/leadership
• Work with public and private– ½ mile of transit station – part of a plan to
encourage walking and transit ridership
Transportation & Economic Development
• JOBS
• JOBS
• JOBS
Thank You!
Andrew J. Scott
Special Assistant to the Secretary for Economic Development
Maryland Department of Transportation
www.marylandtransportation.com
410-865-1095