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Valley Metro Sparks Billions in Corridor Development
From restaurants to residential development, 204 projects totaling more than $8.2 billion in private and public capital investment have been built adjacent to or near Valley Metro’s initial 20 miles of light rail that extends from Phoenix and Tempe into Mesa, with another $346 million in commercial and residential building in the planning stages, most from private developers.
“Transit provides the means to kick-start areas along light rail that are seeking redevelopment,” said Steve Banta, Valley Metro chief executive officer. “A viable transportation system attracts people, which translates into a healthy, diversified economy that supports new commerce.”
Valley Metro and its partners released the data during an event at Phoenix’s DeSoto Central Market, a new downtown venue intentionally located near a light rail station. The data demonstrates public transit’s significant impact on the local economy and underscores why locating near Valley Metro Rail is a critical business strategy.
“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.”
Economic development within one-half mile of the system has been stimulated by ridership that has exceeded original projections, agency officials said.
“Investment in transit does more than improve neighborhoods; it improves lives,” said Tempe Mayor Mark Mitchell, also vice chair, Valley Metro Rail Board of Directors. “More than $3.4 billion has been invested in Tempe around light rail since construction began in 2005. Everyone benefits from public transportation.”
Also speaking at the event were Phoenix Vice Mayor Daniel Valenzuela, Councilmember Kate Gallego and many of the agency’s other private- and public-sector partners.
Valley Metro began compiling economic development activity in a database since it started construction in 2005. The $8.2 billion in projects completed or under construction include commercial and mixed-use office space, multi-family residential units, hotel rooms and educational facilities, among others.
The agency’s 3.1-mile Central Mesa Extension is set to open Aug. 22, spurring another $90 million in public and private development since its construction started in June 2012.
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Valley Metro Rail celebrates $8.2 billion in development along its light-rail corridor, with more to come. Attending a recent event were, from left, 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 and Valley Metro Vice Chair Gary Sherwood, Tempe Mayor and Valley Metro Vice Chair Mark Mitchell and Valley Metro CEO Steve Banta. |
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