Greenstreet Ltd. — Development, Brokerage, Consulting

TOD Strategic Plan

Project Details

Since 2011, Greenstreet has been the lead consultant to the Indianapolis Metropolitan Planning Organization on the land use and economic development dimensions of the Indy Connect regional mass transit initiative. The first scope of work included an assessment of the planning and zoning currently in place within three municipalities to foster transit oriented development, and has since included review and comment of draft ordinances as part of Indy Rezone. A proprietary methodology was developed to understand the nexus of physical characteristics and market factors to support TOD. Four rapid transit corridors were analyzed to prioritize the selection of potential station areas based on long-term potential for development and investment. A framework of regional station area development typologies and a Station Area Planning and Design Guide were created.

The Greenstreet team recently completed the latest phase, which is focused on assessing long-term population, household and employment change and allocating growth to transit corridors and potential station areas, through higher density, mixed-use walkable places. Development to serve that growth is forecasted, as well as the potential change in assessed value of real estate. Several strategies including impact fees, tax increment financing, joint development, special assessment districts, and transportation utility fees were modeled to forecast the value capture potential of the change in assessed value as a way to fund transit supportive infrastructure.

The Red Line will be the nation’s first battery-powered all electric Bus Rapid Transit system. The $96 million first phase is funded by a $75 million Small Starts grant awarded in 2016, matched by local funding. Construction of the first phase will begin in 2017, with a 13-mile segment from Broad Ripple to the University of Indianapolis via Downtown Indianapolis.

Awards

U.S. Department of Transportation, Federal Transit Administration Commendation (2014)