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Sold Real Estate in Racine Wisconsin

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					 Connecting lakeside communities
 between Milwaukee and Chicago
9 stops in WI linking to 24 stops in IL & Chicago

   • 33 Miles - 9 SE Wisconsin stops
   • Uses upgraded existing railroad
   • 7 daily round-trips (3 daily weekend)
   • 1.1 million passengers/year projected
   • Average trip length 33 miles
How is commuter rail different
from other forms of rail?
    Commuter Rail
    • Frequent stops
    • Connects urban areas in local region
    • Diesel locomotives
    • Several passenger coaches
    • Shared right-of-way
    • Board from platforms
    • Typical trip is 10 minutes - 1 hour
How is commuter rail different
from other forms of rail?

     Light Rail
     • Very frequent stops
     • Connects neighborhoods and immediate suburbs
       to densely populated central city
     • Generally runs on rails in streets or right-of-way,
       and is powered by overhead electrical wires.
     • Board from the curb or platform
     • Typical trip is 5 minutes to 20 minutes
How is commuter rail different
from other forms of rail?
    High speed rail
    • Very infrequent stops, speed is priority
    • Connects large cities in region and nation.
    • Diesel locomotives
    • Dozens of passenger coaches
    • Shared right-of-way
    • Luggage storage, food service, sleeping cars
    • Board from platforms
    • Typical trip is from 1 hour to a day or more
                Potential

                Fares,Travel Times


Trip times similar to driving     Fares potentially similar to bus
    Milwaukee to:                 One way fares from $1.80 - $8.20
    – Chicago 2:15                   – Milwaukee to Chicago $8.20
    – Kenosha :57                    – Milwaukee to Kenosha $4.20
    – Racine :42                     – Milwaukee to Racine $3.40
    – Cudahy (airport stop) :15
                                     Discounts on 10-ticket packages,
                                       week end passes, and 1 month
                                       passes are typical
   Catalyzing a Globally
   Competitive Region
Connecting multiple metro areas in a bi-state region


                  •   Access to jobs, employees, and customers

                  •   Build Competitive Advantage:
                      Attract & retain talent, businesses & jobs

                  •   Revitalize cities, generate urban investment

                  •   Improve property values & tax base

                  •   Serve unemployed/underemployed people

                  •   Reduce congestion, improve air quality
            Catalyzing a Globally
            Competitive Region
Role of Cities
  Changing real estate market.
      •   Mixed use and access to rail transit are big attractors
      •   High quality urban lifestyle in high demand

  Site selection criteria for new economy companies
      •   Connectivity: 85%
      •   Proximity to transit: 77%
      •   Proximity to clients: 50%

  Changing demographics of metro areas
      •   Single person households, couples with no children, creative class, and empty
          nesters are on the rise and want urbanity
                       Catalyzing a Globally
                       Competitive Region
                                                           City/Suburb Economic Link

                                                           •   Increases in city economic gain
                                                               accelerate suburban economic gain.

                                                           •   Commuter rail provides easy access to
                                                               suburban and urban living that increases
                                                               metro region’s overall attractiveness.

                                                           •   The regional economy is larger than
                                                               the sum of its parts.




Graph source: American Public Transportation Association
              Catalyzing More Opportunity
              Better Return on Investment

TOD is the key to higher returns

 • Walkable, pedestrian friendly

 • Connected to surrounding areas

 • Moderate or higher Density

 • Mixed Uses, mixed income

 • Diversity of housing types

 • Street orientation of housing/retail

 • Shared parking

 • Both origins and destinations
            Catalyzing More Opportunity
            Better Return on Investment

Trend toward urbanism and transit connectivity

                       “We’ve seen astonishing growth along commuter rail
 Federal Transit
 Administration:          lines nationally. The opportunity for housing,
 Number of buyers
                          commercial, and mixed use development is at an
 and renters
 seeking housing          all-time high. Transit-oriented development is one
 near public
                          of the best available investment opportunities.
 transportation will
 rise to almost 15                       Jon M. Roberts, Managing Director,
 million by 2025.                        TIP Strategies, Inc., Austin, TX
              Catalyzing More Opportunity
              Better Return on Investment

National stats on property values, investment opportunity:

San Diego: 47% premium for condos near Coaster stations
            17% premium for single-family and multi-family homes
            70%-91% premium for parcels near downtown Coaster stations
Boston:     6.7% increase in value of single family homes in communities w/commuter rail
Chicago area: $36,000 premium on homes within a half mile of Metra station.
Portland:   Over $1.3 billion worth of development exceeding ten million
            sf are under construction or completed, adjacent to new MAX line.

Dallas:     $800M in development, $3.7B in economic activity
                Catalyzing More Opportunity
                Better Return on Investment


Example: Kenosha
$175 mil. in 5 new developments
   w/in 1 mile of Metra station

HarborPark, $100 mil, 69 acre, 250 units
•   Residential unit resale prices have increased 50% in 5 or less years
•   High demand: Most units were pre-sold
•   Over 100,000 sf of redevelopment opportunities near station on the cusp


           “Proximity of the lake, Metra station, and downtown amenities
          are a powerful draw.”     Zohrab Khaligan, City of Kenosha
                                        Community Development Specialist
                 Catalyzing More Opportunity
                 Better Return on Investment

Example: Racine, Pointe Blue
$200 mil., 500 unit mixed-use near station
•   $900,000 - $200,000, pre-selling briskly
•   Interest high from entire corridor
•   “Phenomenal response…there’s
    tremendous pent-up demand” Scott Fergus


“KRM is the largest single factor for the future vibrancy and growth of Racine. When
    people hear that they could have a boat, live on the lake and be within minutes of
    commuter rail, they just light up! That's an unbeatable package.”
                                                         John Dickert, Lead Broker
             Catalyzing More Opportunity
             Better Return on Investment

National Perspective: The KRM corridor has a rare and dynamic
                      convergence of major selling points


        “For KRM the national perspective is critical.
        You’ve got a truly rare combination of commuter rail
        accessibility, a prime lakefront, excellent land availability
        and redevelopment potential — in a dense economic corridor
        connected to Chicago, and increasing TOD and urban desirability.
        It’s a golden opportunity.”

                         Jon M. Roberts, Managing Director, TIP Strategies, Inc., Austin, TX
                         Consultant for Racine County Strategic Economic Development Plan
                 Catalyzing More Opportunity
                 Better Return on Investment

Oak Creek: Lakeview Village
  Master Developer Agreement

•   Public/private partnership
•   IRG (Industrial Realty Group), CA
•   470 acres, including brownfield areas
•   Adjacent to planned train station

Moving Lakeview project forward
• Unified master plan and timeline
• Brownfield remediation and support
• Partner with developers to ensure plan fit
• Purchase and develop some parcels
• Increase value of all parcels and projects
                                               Original plan. New plan to come
                 Catalyzing More Opportunity
                 Better Return on Investment

Example: Milwaukee, opportunity is ripe

• KRM will fuel Milwaukee’s urban renaissance

• Businesses want commuter rail connectivity
  and access to the regional labor market                        Milw. Intermodal Station

• Commuter rail is a strong selling point
  for urban residential buyers, commercial      By 2020 KRM could help spur:
  businesses                                        450,000 sf of new retail
                                                    1 mil. sf of offices
• Dedicated shuttle is planned to circulate
  key destinations                                  4,520 new housing units
                                                        Daily Reporter
                                                        July 26, 2006
          Where are we?
The process

       Feasibility Study
       Detailed Planning Study & Alternatives Analysis

    • Environmental Impact Study and Federal Evaluation
       Preliminary Engineering
       Final Engineering & Design
       Construction, Equipment Acquisition
       Operation (2010/11)
                 Catalyzing More Opportunity
                 Better Return on Investment



TOD Planning, 9 station areas
• Public involvement and consensus

• Unified master plans

• Clarity and consensus on vision and policies

• TOD-supporting policies and regulations

• Real estate market analysis

• Land assembly in some cases

• Official TOD plan endorsements in Fall 06
            Catalyzing a Globally
            Competitive Region
U.S. Cities over 300,000    (In addition to New York, Los Angeles, Chicago)

Houston         Austin              Portland              Sacramento
Philadelphia    Baltimore           Oklahoma City         Minneapolis
Phoenix         Memphis             Tucson                Santa Ana
San Diego       Milwaukee           New Orleans           Honolulu
Dallas
                Boston              Las Vegas             Miami
San Antonio
                Washington D.C.     Cleveland             Colorado Springs
Detroit
San Jose        El Paso             Long Beach            St. Louis
Indianapolis    Seattle             Alburquerque          Wichita
San Francisco   Denver              Kansas City           Pittsburgh
Jacksonville    Nashville           Fresno                Tampa
Long Beach      Charlotte           Virginia Beach        Cincinnati
Columbus        Fort Worth          Atlanta               Anaheim
            Catalyzing a Globally
            Competitive Region
6 Large U.S. Cities without Rail Transit (or rail transit in development)
Houston           Austin             Portland         Sacramento
Philadelphia      Baltimore          Oklahoma City    Minneapolis
Phoenix           Memphis            Tucson           Santa Ana
San Diego         Milwaukee          New Orleans      Honolulu
Dallas
                  Boston             Las Vegas        Miami
San Antonio
                  Washington D.C.    Cleveland        Colorado Springs
Detroit
San Jose          El Paso            Long Beach       St. Louis
Indianapolis      Seattle            Alburquerque     Wichita
San Francisco     Denver             Kansas City      Pittsburgh
Jacksonville      Nashville          Fresno           Cincinnati
Columbus          Charlotte          Virginia Beach   Anaheim
                  Fort Worth         Atlanta          Tampa
              Key Milestones
Fall 06        TOD plans endorsed at all station communities

Early 07       Financing and management recommendation (RTA)

Early-Mid 07   Public dialog and consensus building on KRM funding/structure

Early 07       KRM Public Hearings

Spring 07      State budget process

Summer 07      Capital funding application to Federal Transit Administration

Mid/late 07    Federal response to capital funding request, next step begins
           Building Broad-Based
           Support and consensus
•   Business                               Organizations
                                           Workforce Development
•   Economic Development Interests         Chambers of Commerce
•   Elected Officials                      BIDs
                                           Minority
•   Labor                                  Realtors
                                           Environmental
•   Education                              Transportation
•   Community Activists                    Land use
                                           Disability
•   Environmental                          Convention and Visitors
                                           Homeless
•   Faith-Based                            Neighborhood Associations
                                           Taxpayers Associations



Public hearings: 1300 in favor of commuter rail, 20 opposed
               Building Broad-Based
               Support and consensus

Transit NOW’s Unique Role

•   Public outreach and consensus building -
    critical to KRM success
•   Coordinate stakeholders and champions
•   Regional communications hub
•   Bring stakeholder views to the table
•   Proactive technical and strategy advisement

				
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