Rail

$8.2B invested along 20 miles of Valley Metro light rail

Posted on July 29, 2015

Photo from left to right: Phoenix Public Transit Director Maria Hyatt, DeSoto Market owner Shawn Connelly, Phoenix Vice Mayor Daniel Valenzuela, Phoenix Community and Economic Development Director Christine Mackay, Phoenix Mayor Greg Stanton, Phoenix Councilmember Kate Gallego, Glendale Councilmember Gary Sherwood, Tempe Mayor Mark Mitchell and Valley Metro CEO Steve Banta.
Photo from left to right: Phoenix Public Transit Director Maria Hyatt, DeSoto Market owner Shawn Connelly, Phoenix Vice Mayor Daniel Valenzuela, Phoenix Community and Economic Development Director Christine Mackay, Phoenix Mayor Greg Stanton, Phoenix Councilmember Kate Gallego, Glendale Councilmember Gary Sherwood, Tempe Mayor Mark Mitchell and Valley Metro CEO Steve Banta.

From restaurants to residential development, more than $8.2 billion in private and public capital investment has been built near the initial 20-miles of Valley Metro light rail that extends from Phoenix and Tempe into Mesa, Ariz. Another $346 million in commercial and residential building is being planned, most of that from private developers.

“Big things are happening in Phoenix because of light rail, and big things are going to continue to happen,” said Mayor Greg Stanton. “Light rail has been transformative for our downtown and our economy. With it we’ve linked jobs, education, arts and culture in a way that would not have been possible otherwise.”

Phoenix and Tempe mayors made announcement at Phoenix’s DeSoto Central Market, an adaptive re-use bar, market and food court that intentionally chose their site due to proximity near the Roosevelt/Central Avenue light rail station.

Economic Development along 20-Mile Light Rail

Number of Projects             204

Capital Investment – Private      $5,989,639,864.00

Capital Investment – Public       $2,241,737,632.00

Total Investment               $8,231,377,496.00

SF Commercial/Office           10,327,168

SF Public                     938,737

SF Education                   4,698,902

SF Residential                 5,666,863

# Residential Units               15,328

# Affordable Units               1,300

# Hotel Rooms                 2,948

Economic development within one-half mile of the system has been stimulated by ridership that has exceeded original projections. Valley Metro began compiling development activity since construction started in 2005 as part of an economic development database. The original $7 billion investment had included projects that were proposed. The updated $8.2 billion includes projects completed or under construction. With the 3.1-mile Central Mesa

Extension set to open in less than four weeks, there is an added $90 million in private and public development that occurred since construction began in June 2012.

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