Industry News

A transition toward transit-oriented real estate development

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Transit is trendy, and there is a growing demand for real estate development close to transit, said Jennifer L. Dorn, a federal transportation official who addressed Realtors during a presentation at the National Association of Realtors annual conference in Orlando, Fla. "Transit is really in a building boom," said Dorn, administrator for the Federal Transit Administration, a U.S. Department of Transportation agency that has an annual budget of about $7 billion. "Transit-oriented development has the potential to become an unprecedented catalyst for community growth." Dorn spoke during a legislative and political issues forum at the association's conference. U.S. Rep. Earl Blumenauer, D-Ore., a longtime advocate of transit-oriented development, also spoke at the forum. An estimated 14.6 million new households may be looking for housing within a half-mile radius of fixed-guideway transit stations by 2025, compared with about 6 million households in 2000, according to a study on transit-...