The agency is seeking to execute joint development agreements to support more density near transit stations and boost affordable housing production.
The Washington Metropolitan Area Transit Authority (Metro) wants to encourage transit-oriented development near its stations, reports John Aaron. "The agency hopes to execute new joint development agreements at 20 more stations in the next 10 years."
According to Liz Price, Metro’s vice president of real estate and parking, "Joint development agreements are not new to Metro, which has seen 55 buildings built at 30 stations since Metro opened in the 1970s."
Overall, the report says there are development opportunities at 40 stations — there are 91 in the system currently — totaling more than 500 acres, which could translate to 31 million square feet of new development and 26,000 new housing units.
Per Metro's strategic plan, the agency aims to "support higher density, mixed-use development," "secure infrastructure investments," "maximize economic development," and "support transit operations" with increased ridership and revenue. As Aaron notes, "Price also said that while the strategic planning process predates the pandemic, income from the developments would help Metro address potential financial shortfalls in the future."
FULL STORY: Metro looks to accelerate development near stations
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