SB Friedman is working as part of a multidisciplinary team to develop a TOD plan for the area along a proposed bus rapid transit (BRT) line in Tampa, Florida. Our involvement includes creating a baseline market- and development-readiness profile for the study area, evaluating financial feasibility of catalytic sites, and identifying high-level policy solutions to support equitable, transit-oriented development along the proposed route.
The Hillsborough Area Regional Transit Authority (HART) plans to construct and operate a BRT line between downtown Tampa and the University of South Florida. As the first major arterial BRT project in the HART service area, the TOD Pilot Project is intended to help shape the future of Tampa and Hillsborough County neighborhoods served by enhanced transit.
To support the TOD plan led by HDR, Inc., SB Friedman is conducting a market assessment for office, retail and residential land uses. A key component of this assessment is an analysis of the affordable housing inventory in the study area and identification of market forces that could lead to displacement of lower-income residents. This evaluation will serve as a baseline for our determination of the market- and TOD-readiness of the study area and the viability of future TOD. We will also develop pro forma financial models to evaluate the feasibility of private investment on catalytic sites along the BRT corridor and to identify opportunities (i.e., regulatory changes, policies, financial tools) to enhance project financial feasibility. This assessment will inform place-based strategies to encourage the implementation of equitable TOD and prevent displacement following BRT implementation.
Results: The consolidated draft Context Assessment was submitted to HART for review in November 2020. SB Friedman is currently collaborating with the consultant team to identify opportunities for development along the corridor.