Transit-Oriented Development definition
What is Transit-Oriented Development?
Transit-Oriented Development (TOD) is a type of real estate development that maximizes the amount of residential, business and leisure space within the walking distance, or walkshed, of a site with public transportation. A TOD typically includes a transit station with light rail, one or more bus stops and/or other points of transit surrounded by a high-density mixed-use area. Generally, a TOD is designed to be more walkable than other built-up areas by using smaller block sizes, bike paths, wider sidewalks and by reducing the amount of land dedicated to automobiles. The densest areas of a TOD are typically located within a radius of ¼ to ½ mile around a major point of transit, which is the consensus scale considered suitable for pedestrians.
Suffering no last mile dilemma and often proximate to multiple modes of transit, the convenience, utility and optionality of these types of developments can often command a premium price. But whether high-end or low-end, studies show that proximity to public transportation helps real estate hold its value better through economic downturns, such as in 2008. A TOD is similar to a Pedestrian-Oriented Development (POD), and while scaled for the average pedestrians walkshed, the dominant design force driving a Transit-Oriented Development (TOD) is a point of transit; most often a light rail station.
Apply the TOD tag tn any Basic Listing for free, and discover all the tags you can use to best describe the characteristics and conditions on your property and/or in your project in the BL Taxonomy. See how to tag your property or project for TOD by learning How to List or how to Get Started.