Transport-oriented development reshaping cities

Transport-oriented development reshaping citiesCities around the world are being shaped by the emergence of transit-oriented developments situated near major public transport hubs, according to new research by CBRE.Transit-oriented developments (TODs) are high-density, mixed-use projects that are adjacent to, or integrated with, public transport. They are typically master-planned to create interfaces with transport infrastructure and can help to revitalise under-utilised precincts while bringing economic and social benefits to the wider community.According to the CBRE report, Transit Oriented Developments: the convergence of factors transforming cities, several trends are creating opportunities for TOD projects in Australia and around the world. Among those trends are increasing rates of urbanisation, declining productivity linked to increased travel times, a growing government focus on public transport infrastructure initiatives and greater sophistication in project and infrastructure funding.The report identifies successful TOD projects around the world, such as Perth City Link, the King’s Cross regeneration project in London, the Hong Kong Station redevelopment; and Transbay Transit Center in San Francisco.According to Wayne Redman, CBRE’s regional director of Structured Transactions and Advisory Services, “TOD projects have the capacity to address many of the challenges facing major cities in developed economies as a result of a rapid increase in urbanisation. A successful TOD will achieve a substantial shift from private vehicles to public transport while improving liveability and local employment opportunities.”Redman says government facilitation is critical if TOD outcomes are to be successful. He nominates several ways that government bodies can provide assistance, such as through the provisioning and rezoning of appropriate sites, providing development certainty, directly funding transport infrastructure and coordinating issues with the relevant authorities.Attracting business occupiers is another key element of a successful TOD project. “Businesses are requiring work environments which both attract and retain employees,” Redman says. “The mixed-use nature of TODs creates activated precincts with retail and entertainment services for employees. TOD locations also reduce business demand for car parking, which in turn reduces project construction costs and leasing costs for occupants.”