Transit authority strikes development partnership

The Triangle Transit Authority and a Raleigh-based equity firm launched a public-private partnership Tuesday to develop dense, transit-friendly clusters of homes and businesses around proposed rail stations in Durham, Research Triangle Park, Cary and Raleigh.

Officials with TTA and Cherokee Investment Partners said they would wait at least 12 months, until local leaders agree on the Triangle's new transit priorities, before starting any development plans.

Rising costs and tight federal fiscal standards forced TTA last summer to shelve plans for an $810 million, 28-mile commuter train line. Local political and civic leaders will spend the next year deciding whether to stick with TTA's trains or develop other priorities for long-term transit improvements in Wake, Durham and Orange counties.

The agreement designates Cherokee the master developer for eight proposed rail stops where TTA has spent $24 million in tax money to acquire 28.6 acres. That land is to be used for station parking lots and other facilities. With TTA contributing its real estate, Cherokee would pay to acquire adjoining parcels and would coordinate plans with other developers to build around the rail stations in the coming decades.

"We feel that transit is an important priority for the community — not just for moving people around, but in establishing sustainable development patterns," said Lee Norris, Cherokee's managing director.

"This is a very high-growth area. The people are not going to quit coming," Norris said.

David D. King, TTA general manager, said transit-friendly development will stimulate residential and employment growth along the transit line and increase transit ridership. TTA"s partnership with Cherokee can eventually generate revenues that will reduce the taxpayer burden for developing and operating transit service, he said.