Light Rail May Increase Sales, Property Values
New rail transit facilities tend to attract increased retail sales for businesses near stations, and tend to increase business and residential property values. Rail also tends to attract commercial and mixed-use development to locations near stations.These findings were based on studies by the Urban Land Institute and the University of North Texas. "Light rail clearly signals to business and developers that the public sector is making a major investment in that community," said ULI's Robert Dunphy. "Developers like to see that kind of investment. That gives them confidence going forward."A ULI panel found that several station locations along the Phoenix LRT project, now u nder construction, have strong potential for increased commercial development. However, some locations need more than just a new transit system to stimulate redevelopment. Other economic incentives, such as housing subsidies and special taxation districts, may be needed, Dunphy said.
Thanks to Leroy W. Demery, Jr.