Challenge

Colliers teamed with Toronto-based urban planning firm, Urban Strategies, to prepare a detailed plan of transit-oriented real estate development (T.O.D.) that would likely occur along the Central Corridor Light Rail Transit line as it evolves from the preconstruction phase (2008-2010), through construction (2010-2014), and then through the first 20 formative years of operation (approx. 2030). The challenge was trying to ascertain how the local real estate development community would respond to the opening of the new light rail transit line and how traditional local land use practices would have to change to allow more density and building height with less automobile parking than past practice in the Twin Cities. 

An additional challenge was responding to the needs and preferences of over 50 neighborhood and citizen activist groups, who weighed in on the Development Strategy. The exercise turned out to be one of the most deliberate and participatory transit planning projects ever undertaken in the United States.

Solution

Colliers researched case studies of similarly sized U.S. cities where light rail transit corridors had already been built, such as Denver, Salt Lake City, Dallas-Fort Worth, San Diego, and Portland. To forecast demand, Colliers collaborated with the local Metropolitan Council to forecast small area trends in population, household income, employment, and socioeconomic profiles. To examine supply, Colliers looked at current and future market characteristics, plus completed an in-depth look at the “carrying capacity” of under-utilized sites and land parcels along the proposed corridor.

Results

The Central Corridor Development Strategy recently won two planning awards: one from the Minnesota Chapter of The American Planning Association and another from the Canadian Institute of Planners. In addition, Colliers went on to partner with Urban Strategies on preparation of Detailed Station Area Plans for each of the 16 planned station stops.

The critical role that Colliers brought to this planning process was to ensure that the Development Strategy and the T.O.D. forecast was grounded in proven market and financial realities. Market and financial analysis is now recognized to be a vital and necessary step in the planning for T.O.D.

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