Politics & Government
Report: Transit-Oriented Development is 'Forward Thinking' Economic Prosperity
Lansdale Borough and Equus Capital Partners may be forward thinking in their transit-oriented Madison Lot Redevelopment project, per a report from CoStar on multifamily living.
A transit-oriented project gaining speed in Lansdale may prove to be forward thinking for the borough and developer Equus Capital Partners.
A report by commercial real estate information company CoStar shows an increase of multifamily projects in walking distance of rail and bus line between 2000 and 2013.
According to CoStar’s Third Quarter 2012 Multifamily Review and Outlook, between 2000 and 2010, new apartment units made up less than 20 percent of transit-oriented development in the United States. Today, that number is at 42 percent, according to the report.
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Analysts found these developments demand higher rent premiums and offer higher occupancies. The rent is affordable, according to the article, because renters don’t have added expenses like a monthly car payment.
Equus Capital announced that rent would be premium for its proposed apartments in the Madison Lot Redevelopment project.
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Landlords of some of these transit-oriented properties reap about $2.70 per square foot, according to the report.
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