MARTA, GDOT to explore P3s for TODs

The Metropolitan Atlanta Rapid Transit Authority (MARTA) is to work with the Georgia Department of Transportation (GDOT) to consider how to unlock P3s through property value increases resulting from transit investment.

Credit: MARTA

Having been granted $1.75m in funding from the US Department of Transportation, MARTA is to use the money to develop a transit and transit-oriented development (TOD) accelerator to close capital funding gaps for projects.

As part of this, the agency will work with GDOT to explore how the property value increase resulting from transit investment can finance a project.

“Access to such new revenue will potentially unlock additional public-private partnerships and the ability to secure Transportation Infrastructure Finance and Innovation Act (TIFIA) loans,” MARTA said.

MARTA already has experience of using P3s to spur TOD initiatives, and in October last year it agreed a deal for a new 495-unit, multi-family housing scheme to be developed using the model.