What is Transit-Oriented Development?

With a pressing need for sustainable metropolitan and suburban growth, a trend toward transit-oriented development, or TOD, has become increasingly popular among planners and developers. Particularly in the United States, where most people are reliant on automobiles, TOD can help create more sustainable communities.

What is Transit-Oriented Development?

Transit-oriented development is a mixed-use development that includes commercial, residential, office, and entertainment properties. The development is also located near a transit station for easy access to transportation.

When successfully designed, TODs bring together people, activities, living space, and public space. Walking paths, cycling lanes, and easy access to transit services eliminates the need for daily vehicles and increases nearby resources for residents. 

Benefits of Transit-Oriented Development

TOD can positively impact lifestyle, the environment, and economic factors. Here are some of the benefits of transit-oriented development, according to the Transit-Oriented Development Institute

  • Reduce dependence on driving
  • Allow residents to live, work, and play in the same area
  • Reduce the area’s negative impact on the environment
  • Provide access to better life services
  • Stimulate the local economy
  • Provide better access between urban and suburban areas
  • Provide access to better entertainment and recreational services
  • Provide access to better jobs
  • Revitalize urban areas

Is Transit-Oriented Development only for large cities?

Trends toward TOD extend beyond the urban center. In cities, TOD can provide more affordable housing and connect people to resources in the area. In Springfield, Massachusetts, the Overland Lofts is a part of the revitalization efforts of the city, providing market-rate housing and commercial space downtown.

Development in suburban towns can play an integral role in building a more vibrant, safe, and sustainable community. The Residences at 66 High Street are located in the heart of Downtown Guilford and are only a half-mile from the Shoreline East Train Station. Residents love being a part of a larger community, the ability to walk to shops and restaurants, and easy access to the train station. 

What lifestyle factors are essential for your next move? Let us know in the comments!

 

What is Market-Rate Housing?

Market-rate housing is a term that confuses many people. With the announcement of our development project with Davenport Properties, we want to take a look at what this means for the teachers and community of Springfield, Massachusetts.

Housing Affordability

For housing to be considered affordable, it means you spend 30% or less of your total income on housing. This leaves you with 70% of your income to spend on additional bills, food, transportation, and savings.

Many people, especially in larger cities, are spending more than 30% of income on housing. In the case of teachers who work in cities, the cost of housing is often an issue. 

HUD offers affordable housing options throughout the country for people and families who spend more than 30% on housing.

Market-Rate Housing

Market-rate housing means that rent is set at a rate that is comparable to other housing units in the area. New construction is costly, which means that new housing developments frequently come with high rents. 

In the case of Willy’s Overland Redevelopment Housing Initiative, Davenport Properties and partners of the city of Springfield wanted to create market-rate housing catered to teachers and welcoming to millennials and baby boomers. 

As we build 60 new units in this first building, we are focusing heavily on the building amenities and making each unit functional for the people who live there. These brand new housing units will feature the quality and design that The Horton Group is known for. Knowing that the city of Springfield is dedicated to making this market-rate project affordable to those living there makes the project even more meaningful. 

 

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