Transit Means Business in your community

 

Hampton Roads Region

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Richmond Region

Transit is a key driver of economic development, and is increasingly demanded by today's population: businesses want to locate near transit and employees and customers want to work with businesses they can access by transit.

Along with Richmond's government and transit agency, business and community groups and others, VTA co-hosted a forum Dec 1, 2015 that was praised and well attended by about 100 business leaders and government officials. Speakers from a variety of fields spoke and took questions from the highly engaged audience:

Richmond Region

 

Key takeaways

    • Millennials want to get around without a car and boomers are going to have to get around without a car
    • Businesses want to attract new workers and customers who won't be driving
    • Governments want to attract businesses and development
    • With transit-oriented development, increased property, sales and meals taxes can often more than pay for capital and operating costs of better transit
    • Businesses and workers are moving from places lacking good transit to places with great transit coverage

 

The 7.6-mile BRT line in Richmond is expected to generate $1.1-billion in added property values in the city, and the transit-oriented development is already attracting investment, including $74-million from Stone Brewing Co for its East Coast brewery, distribution center and restaurant, as well as Whole Foods and the largest mixed-use development in the history of neighboring Henrico county just steps from one end of the BRT.  Marriott International is moving to Tysons Corner from suburban Maryland because their employees want to work somewhere that is accessible by reliable, frequent public transit.

A proposed rapid transit system in the Richmond region

A possible rapid transit system in Richmond, developed by local advocacy group RVA Rapid Transit

Engagement and support from the business community is crucial for any transit system that is looking to expand its service to better serve its community, and the private development and income generated by the project can help pay for the expanded system.

If you are a business that wants better transit in your community or a transit agency that wants business support, VTA can help you achieve your goals.  We have the expertise to help you put on a successful forum that will generate support from a diversified group of stakeholders and spur the creation of a better transit system for your community.  Contact us today!

 

Testimonials from our speakers

 

 

Pat Tiernan, Chief Operating Officer, Stone Brewing Co.

"Being able to get in and out in a multi-modal fashion was a big differentiator for us. ... [Richmond] gave us predictability.  That clarity that they gave us, the commitments that they gave us, we didn't get in any of the other localities."

 

Aubrey Layne, Secretary of Transportation, Commonwealth of Virginia

"Economic development is just as important to transportation as it is to congestion mitigation. BRT represents what we believe is a significant stimulus for investment and should raise property values by $1.1-billion, helping tax revenues grow in this region."

 

John Martin, President and Chief Operating Officer, Southeastern Insitute of Reaserch

"There's going to be a battle for younger people.  The old model was you recruit the big Fortune 500 whales, bring them to your location, people will come and you build a great place. Now you still go after economic development recruitment, but you create a great place, people will come, 85% of the workforce the company needs will be in place and then Stone comes here and then other companies, and that's when your community really grows."

"Millennials want place-making values: bikeable, walkable and easy public transportation are on the list of how they define what their community is going to be.  They believe they can actually live in a place that doesn't have to have a car.  That's where you have to go faster if we want to get our fair share of the bright people here, especially younger people, and then get more than our fair share of the companies."

 

Northern Virginia Region

NVTC

Investment in transit is a down payment on Northern Virginia’s economic future. That was the message from business leaders and policy makers participating in Transit Means Business!, NVTC’s first annual policy forum on May 8. With reauthorization of the federal surface transportation program stuck in neutral, officials made the case for transit investment, noting that it is key to attracting business and business expansion. http://www.novatransit.org/transit-means-business/

Business Making the Case for Transit Roundtable Report Case Profiles Study: Transit & the NoVa Economy Study: Transit & Job Access in Northern Virginia. http://www.novatransit.org/uploads/studiesarchive/2016%20Transit%20Means%20Business%20Report.pdf