VTA Releases Three Joint Development Opportunities7/11/2018 3:46 PM |
VTA’s Joint & Transit Oriented Development (TOD) Program is issuing three new Requests for Proposal (RFP) to the real estate development community in an effort to help alleviate traffic congestion and create a steady source of revenue for the Authority as it continues providing vital transportation services to the area.
VTA’s Joint Development Program decides which VTA-owned properties are suitable to build on and provides the necessary groundwork and resources to engage in public/private partnerships to develop those properties.
The main objective of VTA’s Joint & TOD Program is to use the Authority’s 25 potential Joint Development locations as stable revenue sources for VTA through long term ground leases. Another goal is to assist in the development of transit-oriented projects that enhance neighborhoods, increase affordable housing opportunities, and increase connectivity and ridership at VTA station areas.
The latest RFPs include three joint development sites: the Blossom Hill Light Rail Station, the Curtner Station Light Rail Station and the Milpitas Transit Center. The Milpitas Transit Center, located at the newly constructed multi modal VTA/BART station in Milpitas, is part of the City of Milpitas Transit Area Specific Plan (TASP). Inspired by VTA’s transit investment, the city sponsored plan is designed to put housing, office space, a hotel and retail in an area that’s currently industrial land near the newly built Milpitas BART station. This planning effort encourages TOD redevelopment throughout the southern portion of the city. VTA asks that any proposals comply with the existing TASP framework.
Earlier this year VTA held public meetings to engage with neighbors surrounding the proposed development sites to gather feedback on what they’d like to see these developments provide in their neighborhoods. Collective concerns included station area safety, access and traffic. Developers are tasked with responding to these concerns in their proposals.
The RFP’s are due this fall. To learn more of the specific property details, review each of the RFP’s here. At the same link you can also find a recent webinar held in May that delves into details of the process and the widespread benefits of Joint & Transit Oriented Development.