The Center for Transit-Oriented Development has released a report that examines real estate development patterns along three recently built light rail lines. The findings of Rails to Real Estate: Development Patterns along Three New Transit Lines should help local planners and others considering new transit lines to maximize the benefits of new transit investments and foster transit-oriented development.
The three transit lines are the Hiawatha Line in the Minneapolis-St. Paul region in Minnesota, the Southeast Corridor in the Denver region in Colorado, and the Blue Line in the Charlotte region in North Carolina.
The analysis considers development patterns with regard to a number of factors, including proximity to downtowns and major employment centers, the location and extent of vacant or “underutilized” property suitable for development or redevelopment, block patterns that influence “walkability,” transit connectivity and household incomes.
“Setting realistic expectations about the scale, timing and location of private investment along new transit lines is especially critical where new development is expected to help pay for needed transit improvements, neighborhood amenities, or other community benefits,” said Nadine Fogarty, principal with Strategic Economics and primary author of the report.
All three transit lines experienced a tremendous amount of new development. Charlotte’s Blue Line had the most development, with approximately 9.8 million square feet of new space between 2005 and 2009..................................read more..........
http://reconnectingamerica.org/.
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