The maxim is that when looking for a new home or business the three most important considerations are: location, location, location. As traffic makes it increasingly difficult to drive in downtowns, as downtowns become increasingly popular with both residents and businesses, and as new transit systems open up in downtowns across the U.S., an address near transit is proving to be a good one. Empirical evidence that transit and TOD create significant value is mounting. It has to do with economies of agglomeration and the efficiencies created: Some things work better when clustered together. And with “killer commutes” tying up 10 million drivers two hours a day in traffic, it works best when they’re clustered around transit.
This article provides a summary of the many options available for capturing the value of transit and TOD before they're built.
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