A New Economics of Place - Leander TOD

From citiwire.net, August 31, 2008...

Our firm, the Gateway Planning Group, planned a 2,000-acre transit oriented development (TOD) in Leander, Texas. A key goal: to enhance the value and potential of the growth corridor that’s expanding northward from Austin along a new rail transit line. The master plan will be carried out through an urban design-based zoning and subdivision ordinance.

My economist colleague, Jon Hockenyos of TXP, Inc., determined that the tax base of the area would be roughly $900 million at build-out if it were built as a typical suburb. But the new plan and code, Hockenyos calculated, would double the build-out value to almost $2 billion. Now his projection seems modest: as the market has recognized the value of our TOD approach, the value of the raw land has increased almost 600 percent.

And why? It’s because Leander, instead of being just another exploding bedroom community, will have its own cosmopolitan center supported by convenient regional rail connections to Austin. We’re convinced the Leander TOD, by providing a mix of housing options, pocket parks and neighborhood businesses, will attract talented young professionals as well as empty-nesters with disposable income. We fully expect to sustain the region’s economy, reduce its ever-expanding carbon footprint, and achieve sustainability on a site otherwise destined for classic sprawl.

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