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.

View comments or post a comment on this story. (0 Comments)

More News

Bombardier wins bid to build new NJ TRANSIT railcars

The order for 113 Multilevel III passenger vehicles, the largest order for railcars in recent years by NJ TRANSIT, will allow the agency to replace the oldest railcars in its fleet.

Clever Devices to replace Metra tracking, announcement systems

The contract also calls for a test on 11 cars of an automatic passenger counting system that uses cameras in the entrances.

DC Streetcar hits 3 million passenger milestone

As the system nears the third anniversary of passenger service along the H/Benning corridor, plans to expand the 2.4 mile system continue to move forward.

NYC Transit begins boosting speed on subway lines

The speed limit changes already approved increase speeds generally in the 10-to-20-mph range to speeds that reach 40 mph.

Valley Metro celebrates 10-year 'Railversary'

There has been $11 billion of investment and 35,000 jobs created within one-half mile of the 26-mile corridor, according to a report.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation