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Finding the Hidden Assets of Cities and Regions. An Emerging Approach to Value Capture and Wealth Creation September 12, 2002. As the Curtain Rose on the 20 th Century—. Why Do Cities, Communities and Regions Exist ?. Natural and built advantages

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finding the hidden assets of cities and regions

Finding the Hidden Assets of Cities and Regions

An Emerging Approach to Value Capture and Wealth Creation

September 12, 2002

why do cities communities and regions exist
Why Do Cities, Communities and Regions Exist?
  • Natural and built advantages
  • Some things are done better jointly than separately, and
  • And people & markets thrive better when there is a sense of place
the tangible assets of places
The Tangible Assets of Places
  • Urban Purchasing Power
  • Concentrated Workforce
  • Mass Transit Systems
  • Accessibility
  • Abandoned and Under-Used Land
  • Underutilized Infrastructure
tangible assets continued
Tangible Assets-Continued
  • In Place Infrastructure with Underutilized Carrying Capacity
  • Already Assembled Rights of Way
  • Efficient Resource Use
  • Surprising Biodiversity
potential effects
Potential Effects
  • Shift in expenditures from asset reducing to asset producing accounts
  • Increase in Homeownership Rates
  • Transportation Expenditure Savings
  • Environmental and Quality of Life Improvements
emerging opportunities
Emerging Opportunities
  • New kinds of retail value capture-Shorebank, ICIC, Chicago Franchise Partnership
  • Infrastructure accounting and smart growth--GASB Rule 34, watershed accounting
  • New intelligence systems for workforce spatial matching--Metro Denver Works
  • Electric utility reliability--Chicago, Bay Area
driven to debt
Driven to Debt
  • Studies show that transportation costs are second after housing
  • In Chicago, housing costs 36% of HH expenses, transportation 16.3%
  • Together, that’s 52.3% of expenses
streetcar suburbs
Streetcar Suburbs
  • Developers built streetcar lines to serve their projects
  • Were pedestrian-oriented, mixed use, moderate density projects
auto oriented transit
Rail systems began to be built again in the seventies and eighties

They were oriented to access by the auto

Park and ride lots, big roadways, and little relation to neighborhood

Auto Oriented Transit
transit adjacent development
Transit Adjacent Development
  • Development begins to take place near transit
  • It follows traditional zoning, parking, design, failing to take advantage of location
  • Can result in higher cost
what is transit oriented development it
What Is Transit Oriented Development? It
  • Occurs within 1/2 mile of transit stop
  • Is linked to a grid of walkable and bikeable streets
  • Contains a rich mix of uses -- retail, residential, workplaces
  • Has appropriate treatment of parking -- at rear, away from sidewalk, reduced requirements
  • Contains a mix of housing types, sizes
  • Has densities appropriate to its setting
  • Is a real place, not just a transportation “node”
traditional urban tod retrofit two story grocery shared parking with university pedestrian oriented
Traditional Urban TOD Retrofit: Two Story Grocery, Shared Parking with University, Pedestrian Oriented
transportation costs account for regional differences in the cost of living
Transportation Costs Account for Regional Differences in the Cost of Living
  • Chicago MSA households spend $7418 on transportation or 17 percent of expenses
  • Cleveland MSA households spend $8300 or 21.3 percent of expenses
  • Extra car ownership and extent of driving account for the difference—half the households in Cleveland have one vehicle more than their cohorts in Chicago
land use changes drive these trends
Land Use Changes Drive These Trends
  • 1970-1990, Developed Land Increased 55 Percent, Population 4 Percent
  • 1982-1997, Developed Land Increased 26 Percent, Population 10 Percent
  • Each 1 percent increase in Developed Land Resulted in 1.25 Percent Daily Vehicle Miles Traveled
  • In Cleveland, Developed Land Increased 33 percent while the population dropped
slide37
Even at current train speeds, rail is time-competitive with airline and automobile travel for shorter-distance trips
reconnected cleveland 65 percent of all flights 45 of originating flights are under 500 miles
Reconnected Cleveland: 65 Percent of All Flights & 45% of Originating Flights are Under 500 Miles
a system that will work
A System that Will Work
  • Intermodal hub and spoke, based both at airports and city centers, national in scope
  • Market sharing between airport pairs—Milwaukee and Gary back up Midway and O’Hare, Providence backs up Logan
  • Improved and connected regional transit to reduce “landside” access by car
starting to reconnect america

Vancouver

Seattle

Tacoma

Portland

Springfield

Worcester

Utica

Albany

Eugene

Syracuse

Albany

Toronto

Minneapolis/

St. Paul

Boston

Providence

Hartford

Grand

Rapids

Milwaukee

Cleveland

Rochester

New London

Lansing

New Haven

Buffalo

Stamford

Madison

Scranton

Detroit

New York

Ann

Arbor

Pittsburgh

Newark

Chicago

Trenton

Toledo

Philadelphia

Harrisburg

Peoria

South

Bend

Wilmington

Salt Lake

City

Gary

Omaha

Des Moines

Atlantic

City

Columbus

Baltimore

Sacramento

Reno

Indianapolis

Dayton

Washington, DC

Denver

Cincinnati

Richmond

San

Francisco

St. Louis

Kansas City

Colorado

Springs

Norfolk

Lexington

Carbondale

Louisville

Greensboro

Wichita

Raleigh

Knoxville

Las Vegas

Springfield

Fayetteville

Charlotte

Tulsa

Nashville

Oklahoma

City

Greenville

Little

Rock

Chattanooga

Memphis

Flagstaff

Los Angeles

Columbia

Albuquerque

Atlanta

Birmingham

Charleston

Phoenix

San Diego

Macon

Savannah

Montgomery

5 million

25 million

36 million

Tucson

Dallas/

Ft. Worth

El Paso

Tallahassee

Jacksonville

Baton Rouge

Lake

City

Pensacola

Daytona Beach

Mobile

Austin

New Orleans

Melbourne

Orlando

Beaumont

Houston

Tampa

Sarasota

San Antonio

West Palm Beach

American Travel Survey, 1995

(1,000,000 or more trips in segment)

Ft. Lauderdale

Ft. Myers

Miami

Corpus Christi

Starting to Reconnect America
adding up the benefits
Adding Up the Benefits
  • Resource Efficiency raises household income by 5 to 12 percent
  • Infrastructure Enhancement frees up $40 Billion in available capital
  • Location efficient mortgages increase mortgage approvals by 4-10 families per day
  • Savings capture raises homeownership rate by 5 to 10 percent
  • Reinvestment, maintenance and retrofit create hundreds of thousands of jobs
adding up the benefits44
Adding Up the Benefits
  • Reduced bankruptcies and foreclosures
  • Improved regional credit ratings and reputation
  • A sustainable quality of life
  • Enhanced regional efficacy
  • A region of communities working together
  • A place where people and businesses want to be
what we can do about these trends and opportunities
Employer Assisted Housing

Change counseling to highlight transportation $$

Create IDA’s to help working poor capture transportation savings

Expand car sharing

Transit oriented development—more mixed use, commercial near transit

Employee commute assistance

Tie solutions together—eg, Housing AND Transportation

What We Can Do About These Trends and Opportunities
as we enter the next century
As We Enter the Next Century:
  • Economic security concerns dominate
  • Policies need to be reintegrated around place
  • Regions and communities need scorecards and capacity to succeed
  • “Homeland Security” concerns need a refocus toward security at home
near term policy opportunities
Near Term Policy Opportunities
  • Welfare Reform and Workforce Investment Acts
  • TEA21/Air21/Rail 21 Reauthorization
  • National Housing Trust Fund & HO Tax Credits
  • New Government Accounting Standards
  • Regional Transportation Plan
  • Citizens Transportation Plan II
  • Elections
slide48

Smart Regions :

  • Improve continuously
  • Anticipate & adapt
  • Value local assets
  • Pursue mutual gain
  • Put a sense of place into marketplace
  • Healthful, educative & secure
  • Respect ecosystem roles
  • Learn as a community
  • Work for everyone
for more information
For More Information
  • scott@cnt.org
  • www.cnt.org
  • www.locationefficiency.com
  • www.prlonline.org