Key West Transit Development Plan FY2025-2034

9.2 Long-Term Operating and Capital Improvements

expertise, and resources, with private developers contributing to housing, commercial real estate, and infrastructure improvements. These partnerships generate revenue through commercial spaces and amenities, which can be reinvested into the transit system. Risk sharing with private developers also makes projects more financially viable. The Federal Transit Administration (FTA) supports joint development projects through various funding programs, such as the Urbanized Area Formula Program (Section 5307), Fixed Guideway Capital Investment Grants (Section 5309), and the Pilot Program for Transit-Oriented Development (TOD) Planning. These programs align with public transportation goals like increasing ridership and improving accessibility. Income from joint development activities can be used to match federal grants, enhancing project feasibility. The Florida Department of Transportation (FDOT) also offers funding programs to support transit-oriented joint development, including the Public Transit Block Grant Program, Transit Corridor Program, and Intermodal Development Program. FDOT encourages P3s to leverage private investment for public benefit, aiming to create self-sustaining projects that reduce the financial burden on public agencies while promoting economic development. Examples of joint development opportunities include employer-provided housing for transit employees, retail and commercial spaces at transit hubs, and multimodal hubs combining transit with micromobility and shared mobility services. The Stock Island Live, Work, Play scenario in the TDP illustrates a vision for developing affordable housing and amenities, attracting private investment to address local housing challenges and boost transit ridership The recommended next steps include identifying and securing funding, as well as completing a handful of additional studies and plans including conducting a market analysis, financial plan, and traffic study of Stock Island. The site will also need to be rezoned for residential and commercial use to successfully implement aspects of the KWIC.

Source: Google Street View (2024)

Transit Development Plan FY 2025–2034

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