Tuesday, June 17, 2008
Phoenix, Arizona Metro Light Rail May Provide Economic Boom for Metro Phoenix
The Metro Light Rail is expected to cover a 20 mile region including Phoenix, Tempe and Mesa and should be completed in December. According to this article, "Light rail is six months from operation, but the transit system's impact on the Valley's real-estate market has been in full swing with new condos, office buildings and mixed-use developments rising throughout metro Phoenix." There are detractors who believe it might be a burden on taxpayers (estimates put the figure at $6 billion for on public and private projects) associated with the rail. Also, construction of the line has effected the operation of nearby businesses. That said, "As the Valley's office market struggles to retain and attract tenants during the economic downtown, light-rail proximity also could be an effective marketing point for landlords trying to lease space." There's also thought that as gas prices increase, this can be a welcoming option for consumers.