At first glance, the growing trend in transit oriented real estate development may appear to apply only to developers of multi-family, multi-use properties in urban core areas. However, the concept of designing real estate developments to both utilize and compliment existing and planned transit can be beneficial to hotel, fractional, timeshare, and resort developers as well.
Hotel developers have a clear role in transit oriented development. For example, the plan submitted by Union Station Alliance for the redevelopment of downtown Denver’s historic Union Station involves a 130 room hotel in the center of the new downtown transit hub.
Yet hotels are not the only means by which the hospitality industry can engage in transit oriented development. There is evidence that timeshare and fractional developments in urban cores, such as Palazzo Tornabuoni in Florence, Italy or the St. Regis Residence Club in New York can attract customers who want to experience an urban lifestyle in a luxurious residence. And just like hotels, shared ownership projects can beneft from the proximity to frequent and reliable public transit.
Developers of resort properties, including timeshare, hotel, whole ownership, or any combination can make their properties even more desirable by considering future transit in their siting and design. Rail transportation from airports is expanding in cities across the United States. In Colorado, rail links from Denver International Airport to major ski destinations are already in the planning stage, while the 190-mile LA to Las Vegas bullet train proposal recently won an important approval from the federal Surface Transportation Board. Looking further out, the Sun Rail commuter line could be the first step to a rail network between Florida’s cities and its world class beaches. Click here for a map of what a high speed rail network could look like within the next 20 years.
Developers of resort properties who plan new and renovated properties near transit stops in resort towns—whether in the mountains or at the beach—will have a competitive edge as more consumers make vacation plans involving automobile-free travel.