Joint Development Study
We're helping Chicago's Regional Transportation Authority (RTA) develop a framework for a regional joint development program, unlocking the potential of transit agency-owned land to generate revenue and support transit-oriented development.
Regional Transportation Authority (RTA)
Financial Feasibility Analysis
Chicago Region, IL
Latent Design, Sustainable Urban Planning Advisors
The RTA oversees the three Chicagoland transit agencies: Chicago Transit Authority, Metra and Pace (collectively, the “Service Boards”). In response to revenue challenges and new state legislation granting joint development powers to the RTA, SB Friedman — with support from Latent Design and Sustainable Urban Planning Advisors — is working to catalog existing joint development efforts, inventory Service Board–owned real estate with the potential for joint development, evaluate the market readiness of sites within the inventory, and assess the financial feasibility of development across eight test sites.
Work Completed
Conducted a case study assessment of national joint development best practices
Inventoried existing real estate holdings across all three Service Boards and refined the inventory to exclude properties unsuitable for joint development
Completed a market-readiness scoring exercise on 90+ developable sites within the inventory
Identified eight development concepts aligned with municipal, RTA and Steering Committee priorities in collaboration with Latent Design
Conducted financial modeling to test the feasibility of market-rate and affordable development products on the eight test sites
Led 3 Steering Committee and 10 Technical Committee meetings to establish joint development priorities and identify challenges
Results
Results from the development concepts and financial feasibility modeling exercises are currently being documented for presentation to the Steering Committee. A full report with findings and recommendations for the joint development program is anticipated to be completed in late 2026.
