TOD emerges from a 'Joint Development' context, which it fell under the aegis of Redevelopment Agencies. The amount of developable land in the quarter mile radius around a transit station is small enough the become a 'project' for a redevelopment authority, rather than a planning-scale enterprise. This has both benefits and hazards. They can be prone to monopolistic situations where a single owner declines to develop. They can also be 'sterilized' by administrative, legal, or topographical complexities.
Development is not autocatalytic process--it needs something to start it. A 'landmark project' can set the tone of an area. A quality new building is a neighborhood amenity, and can catalyze a 'virtuous cycle' of public investment, rising amenity, & private redevelopment. So can a major public investment.
The primary value of any property has little to do with the property, and everything to do with the location of the property.