A Bay Area agency is looking for a few good partners to help develop transit-owned properties.
Santa Clara Valley Transportation Authority (SCVTA) Joint and Transit Oriented Development (TOD) Program is issuing three new Requests for Proposal (RFP) to the real estate development community to alleviate congestion in the area and create a stable revenue source for SCVTA.
SCVTA’s Joint Development Program establishes which SCVTA-owned properties are suitable to build on and provides the required resources to engage in public-private partnerships to develop those properties.
SCVTA said the primary objective of the Joint & TOD Program is to use the authority’s 25 potential Joint Development locations as reliable revenue sources for the authority through long-term ground leases.
Another goal of the authority’s is to enable the development of transit-oriented projects that improve neighborhoods, add affordable housing opportunities and boost connectivity and ridership at SCVTA station areas.
The latest RFPs include three joint development sites: the Blossom Hill light-rail station, the Curtner light-rail station and the Milpitas Transit Center.
The Milpitas Transit Center, located at the newly-built multimodal SCVTA/BART station in Milpitas, is part of the city of Milpitas Transit Area Specific Plan (TASP).
The plan, sponsored by the city, is intended to place businesses and housing in an area that is currently industrial land near the newly-built Milpitas BART station. Officials said the plans encourage TOD redevelopment throughout the southern portion of the city.
SCVTA said it is seeking proposals that comply with the existing TASP framework. The RFPs are due to SCVTA this fall.