Contributing Factors <br />Several reports (Thole and Samus, 2009; 40 Vincent and Callaghan, 2008; 41 GAO, 2012 42) used <br />case study examples to identify factors that contribute to the impact of BRT on economic <br />development and development outcomes. Contributing factors include: <br />■ Transit -supportive local land use policies and shorter approval processes for projects <br />near the BRT <br />■ Financial incentives and increased cooperation between private and public sectors <br />■ "Walkable streetscapes," attractive amenities, and physical BRT features that give <br />developers a sense of "permanence" <br />■ The frequency, convenience, and speed of the BRT — these affect the ability to attract <br />"choice riders" who tend to be higher -income and able to pay more for convenience and <br />premium locations <br />■ Presence of centers and important destinations along/near the BRT corridor <br />■ Developer interest and the economic climate <br />Implications and Key Takeaways <br />Key conclusions on the state of the literature include: <br />■ The available literature generally finds that proximity to BRT is associated with higher <br />rents/prices and land values, particularly for residential and office uses, but not for retail <br />outside of city centers. Exhibit 7 summarizes the range of relevant impacts identified in <br />the literature within a quarter mile and half mile of the corridor, relative to sites a mile <br />or more away. <br />■ Though the transit service itself may be a contributing factor to increased property <br />values, the associated public investments, policies, and programs are also important <br />contributors to the influence of transit on development outcomes. <br />■ Enhanced bus service would likely generate less impact on rents and property values, <br />since bus service is perceived as less desirable than other transit modes,43 and choice <br />40 Thole, Cheryl, and Joseph Samus. 2009. 'Bus Rapid Transit and Development: Policies and Practices that Affect <br />Development Around Transit." National Bus Rapid Transit Institute. Sponsored by Federal Transit Administration. <br />41 Vincent, William, and Lisa Callaghan. 2008. 'Bus Rapid Transit and Transit Oriented Development: Case Studies <br />on Transit Oriented Development Around Bus Rapid Transit Systems in North America and Australia." Washington <br />D.C.: Breakthrough Technologies Institute. <br />42 United States Government Accountability Office (GAO) 'Bus Rapid Transit Projects Improve Transit Service and <br />Can Contribute to Economic Development" 2012. <br />43 Thompson, Gregory L, et al. 2012. "Understanding Transit Ridership Demand for a Multi -Destination, Multimodal <br />Transit Network in an American Metropolitan Area: Lessons for Increasing Choice Ridership While Maintaining <br />Transit Dependent Ridership." Mineta Transportation Institute. <br />ECONorthwest 43 <br />216 <br />