Occasionally a reporter at a mainstream media outlet discovers the interesting topic of transit value capture. Generally, the reports are penned in an excited voice proclaiming the potential for value capture to make up longstanding shortfalls in transit funding. In another piece in this genre, Chelsey Dulaney at the Wall Street Journal has her report on joint development published with the following subtitle: "Rent-producing developments become major focus in search for revenue sources" (note, WSJ's pay wall). Her investigation into LA Metro, NY MTA, WMATA, and MARTA finds that they have real estate teams seeking to make money from transit agency-owned properties. The report acknowledges that the real estate teams have been in place for some time and that each agency has a long track record of joint development. It appears that Chelsey, a UNC Chapel Hill undergraduate, was a 2014 summer intern at the WSJ and was assigned to the NY real estate beat. Congrats to Chelsey on catching the transit value capture bug, extending her report beyond NYC, and getting the WSJ to publish her work!
Ian Carlton is a transportation and land use expert specializing in transit-oriented development (TOD). He helps clients - including transit agencies, planning departments, and landowners - optimize real estate development around transit.
Special thanks to Burt Gregory at Mithun for permission to use the Portland Streetcar image above.