Doing Business Along Light Rail
Business in the Light Rail Corridor
There are more than 7,000+ businesses in the light rail corridor, ranging from public to private, very large to small, industrial to retail. The City of Phoenix has reported there are 50,000 jobs in the downtown central business district.
The construction of the light rail was completed in 2008 at a cost of $1.4 Billion of public funds. This investment directly benefits property owners and businesses on or near the tracks. Newly paved streets, infrastructure, landscaping, street lights, sidewalks, signs and bus stops add to the value of the 20 mile stretch.
Transit Oriented Development (TOD) adds significant value to the light rail corridor. As Light Rail transit unfolds across the country, developers are eyeing opportunities to acquire, design and build profitable projects that business and the public find both desirable and practical. What are the best locations for development near transit? The answer is TOD, or Transit Oriented Development. There are 4,000 locations across the US that meet this definition. This scarce resource is similar to waterfront property, and can provide great benefit to the public.
The Chamber is a strong pro-business advocate for development and redevelopment in the corridor. With the current slow economic climate affecting all businesses to some degree, a bright spot portends to be on or near the tracks.
