The Planning Department recommends approval of award for consultant services to AECOM Technical Services, Inc. for the Silver Line Corridor Market Assessment & Economic Development Strategy in the amount of $73,000.
With the initiation of construction of the Silver Line rail, Plano will see significant public investment in rail transit infrastructure, highlighted by the establishment of the Shiloh Road commuter rail station and the 12th Street station area, which will include a Silver Line commuter rail platform as well as an elevated Red and Orange line light rail transit platform. This substantial public investment is an economic development catalyst for southeast Plano, driving significant private investment interest to the transit station areas and associated corridors.
Due to increasing market pressure to rezone land around the stations, it is critical to understand the underlying economic potential of these areas. This study will assess the market potential of Plano’s transit corridors and offer economic development strategies to help the city make informed land use planning and zoning decisions in these areas. The study area is expected to be one-half mile around each station, with a focus on the properties immediately surrounding the station areas.
The scope of the project includes a baseline analysis of the study area, station area market assessments, and an implementation strategy. A written report of the market study findings and recommendations will be prepared and presented to both the Planning & Zoning Commission and City Council. Upon successful completion, the project would provide the following benefits:
- An understanding of the current economic market and climate, including demographic and development trends impacting the study area.
- Engagement with individuals and/or small groups (such as local property owners and developers) to gain additional insight into market conditions.
- A projection of the study area’s future residential and nonresidential development potential.
- Identification of key industries, types of services, amenities, and/or leasing space that are lacking in the study area to service the demographic profile and to support transit-oriented development character.
- Identification of recommended potential commercial catalyst project sites and components.
The project was solicited through a request for proposals with the City of Plano Purchasing Department to secure an experienced consultant to complete the Silver Line Corridor Market Assessment & Economic Development Strategy. There were 10 proposals submitted for consideration and evaluation by a staff committee. AECOM Technical Services, Inc. was ultimately selected due to the qualifications and depth of its project team, the quality of previous work (including both local and transit-oriented examples), the proposed project approach, and the comparative value of the proposals. The selection was a unanimous decision among the staff committee members.
If the project is not approved, the city will not have sufficient market and economic data for the Silver Line study area. This would limit the ability for the city to effectively guide land uses in the study area based on informed data regarding market potential. It would also limit the information available to create a viable strategy for economic development in the corridor specific to Plano, and rely more on generalized guidance for transit-oriented development.