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Cornell Real Estate Review

Abstract

[Excerpt] A regional light rail authority (“Authority”) in a large metropolitan area is involved in major extension of its services and is facing a funding shortage. The Authority has elected to raise additional funds from the sale or joint development of properties immediately adjacent to proposed light rail stations. One site under consideration is a 9.2-acre site adjacent to the Blue Heaven Station on its B-Line. The Authority issued a Request for Proposals (RFP) for development of the site by private developers, to include multi-modal transit facilities, 1,000 parking spaces for transit riders and appropriate related uses. In the RFP, the Authority suggested a price for the site of $8 million and indicated a willingness to consider other proposals such as joint development.

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