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 light rail that extends from Phoenix and Tempe into Mesa.
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,” stated Phoenix Mayor Greg Stanton in a press release. “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 today 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, stated the release.
“Investment in transit does more than improve neighborhoods; it improves lives,” stated Tempe Mayor Mark Mitchell in the release. “More than $3.4 billion has been invested in Tempe around light rail since construction began in 2005. Everyone benefits from public transportation.”
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, stated the release. 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, according to the release. 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, stated the release.