Simply put, joint development is the simultaneous improvement of a transit system and the surrounding real estate coordinated between the transit agency and real estate developers. Transit agencies actively participate in joint development by contributing either property or funding, and transit agencies also benefit from joint development by enjoying system improvements and by receiving a share of the development revenues.
Examples of joint development projects may include, but are not limited to:
- Building an office tower in the air rights over an existing commuter rail station;
- Constructing a mixed-use development that is connected to a new light rail transit station; or
- Converting an underutilized surface parking lot near a bus transfer facility to affordable housing.