An attorney outlines the legal challenges for developers interested in transit-oriented development.
"While the potential benefits of TOD are significant, the legal hurdles can be as well. All normal development risks are present, but if the projectinvolves mixed uses, those risks can be magnified. For instance, not only does the developer have to worry about the timing of the residentialmarket, but also of retail and office markets, which may be moving in different directions.
While some development sites may beowned by private parties, some or all of the landmay be owned by the transit or redevelopmentagency, or the developer may need governmentalassistance for things like vacation of streets orgovernment-financed infrastructure.
[Editor's note: The link below is to a 500KB PDF document (8 pages). Approximately 3 pages (including the first page) are related to this article.]
Thanks to Pillsbury, Winthrop, et. al. newsletter
Read the full story: Transit Oriented Development: Full Speed Ahead - Real Estate Newsletter (Spring 2005, 8th Edition)
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