Well, maybe the Wall Street Journal doesn’t actually say, “Build at Railway Stations” but they do have an interesting story about smaller towns who are planning big development around transit rail.
Hmmm… smaller towns with transit rail… where have I heard that before 😉
According to the WSJ:
“There’s a lot of research that shows that if the public sector puts money into a transit system, they can expect three to five times that amount in private money” for adjacent development, says Marilee Utter, president of Citiventure Associates LLC, a Denver firm that has worked with a number of cities on development around light-rail systems.
These developments can pay off for cities in several ways. Research shows that the value of commercial and residential properties close to transit stations often rises — and that translates into higher real-estate tax revenues in that area. Economists from the University of North Texas, for instance, found that between 1997 and 2001, office properties near suburban Dallas Area Rapid Transit stations increased in value 53% more than comparable properties not served by rail. Values of residential properties rose 39% more than a control group not served by rail.
