Do you spell it "g-r-o-w-t-h" or "m-o-n-e-y?" We are predicting both for the Metro Denver area. FasTracks is the $4.7 billion, 12 year project to build high speed light rail lines, expand bus lines and improve service. This will result in 119 miles of new light rail and commuter rail and 18 miles of bus rapid transit systems. Denver is being recognized nationally for this project. FasTracks is being touted as the top transportation system among U.S. cities when completed.
What does FasTracks mean for real estate? According to an Economic Impact Study commissioned by the Metro Denver EDC and its affiliate organization, the Denver Metro Chamber of Commerce, in the long term, FasTracks could bring 250,000 to 300,000 new housing units within a half-mile of light rail stations and 10 million to 20 million square feet of commercial space in new urban villages. FasTracks will also create an average of 2,413 construction jobs and an additional, 799 indirect jobs during each year. The earnings impact reported are $2.9 billion during design and construction.
Of course, we do not want to minimize the new transportation benefits this brings to Denver residents and visitors. After all, this is the purpose. However, we are obviously anticipating the positive impact on real estate and jobs to be significant.
Where is the money to fund FasTracks coming from? It is a combination of sales tax, federal funds and local contributions.
In future articles, we will be discussing the real estate changes already taking place along the light rail system. We are interested in what changes our readers are seeing along the light rail line. Please let us know.
For more information: FasTracks and Denver Metro Economic Development Corporation .
Comments(0)