Transit-Oriented Development: A New Initiative by RTD
Just two blocks away from the Regional Transportation District’s 30th and Downing Street Station, Taco Uprising is eagerly awaiting an influx of new customers from the 62 condos currently under construction on a former RTD lot. This lot was sold off as part of RTD’s initiative to convert surplus public transit parking into housing, with the aim of creating compact transit-oriented communities.
Taco Uprising manager Ben Hans expressed his optimism about the potential benefits of having more affordable housing near public transit stations. He believes it would not only help businesses like his but also reduce traffic congestion and foster a sense of community among residents.
Last year, RTD sold the property to a developer for $1.5 million, significantly below its market value of $4.1 million. This deal is part of RTD’s larger strategy to encourage developers to build affordable housing on their properties at below-market rates.
However, the income-restricted condos in Five Points won’t be available for more than a year, causing challenges for businesses like Taco Uprising that were banking on the arrival of new customers sooner. Despite the delays, Hans remains hopeful about the future impact of the new development on the area.
RTD’s push for transit-oriented development comes at a time when the agency is facing a decrease in ridership. By repurposing underutilized parking spaces into affordable housing units, RTD aims to not only generate revenue but also attract more residents to live near transit stations.
State lawmakers have granted RTD the authority to sell, lease, or rent out transit assets at below-market rates, enabling the agency to pursue more affordable housing initiatives. A new legislation introduced last week seeks to modernize RTD’s transit-oriented development policy and align it with state housing goals.
One of the upcoming projects includes a massive affordable apartment complex at RTD’s Central Park Station, where up to 800 income-restricted apartments are planned to be built. This development is expected to activate public spaces and support local businesses, creating a vibrant community around the transit station.
RTD officials are exploring similar opportunities at other stations and transit routes across the metro area. By partnering with developers, RTD hopes to leverage its properties to address the region’s affordable housing crisis and boost ridership.
Despite some opposition to RTD’s involvement in housing development, proponents see it as a necessary step towards creating more inclusive and sustainable communities. With the demand for affordable housing on the rise, RTD’s efforts could have a significant impact on the region’s housing landscape.
As RTD continues to navigate the complexities of transit-oriented development, the agency remains committed to finding innovative solutions that benefit both residents and businesses in the communities it serves.
