Transit Oriented Development
A primary focus of the light rail system is to provide transportation access and capacity and contribute to the economic vitality of the City of Norfolk. A highly regarded economic development strategy is Transit Oriented Development (TOD). This pattern of development is characterized by a mix of uses surrounding a transit station where streets have a higher level of connectivity, blocks are small, and buildings and uses cater to the pedestrian.
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There are many benefits to TODs:
- Help revitalize declining neighborhoods in urban centers
- Improve accessibility to jobs
- Mix of uses can generate sales tax revenues
- Provides affordable housing near affordable transportation, creating high level of mobility for low income households
- May increase values of nearby properties
- Improves foot traffic for retailers
- Decreases employee travel costs
Examples of TODs along The Tide alignment are:
Wachovia Center
A $150 million mixed-use project in downtown Norfolk that includes a 22-story office tower, 195 apartments, 50,000 square feet of retail space and 2,000 parking spaces. The Wachovia Center will be located near the Monticello Station.
Granby Tower
A 31-story luxury condominium, townhouse, and penthouse residential development. The tower will be located near the Monticello Station.
To learn more about developments in downtown Norfolk, visit www.norfolkdevelopment.com
To learn more about Transit Oriented Development, visit www.transitorienteddevelopment.org