Article by Sean Holstege in The Arizona Republic, Dec. 24, 2006. Quotes:
Two years before the light-rail system opens, private investors are starting to pump more than $1 billion into new developments near the rail stations.
The investments promise to reshape key corners and neighborhoods along the 20-mile route…
Developers and lenders say the investment interest is tremendous. They and city planners say real estate near stations is changing hands and prices are rising…
In Denver, business leaders predict more than $2 billion in private money will be invested near stations on [a new light rail] line, which opened recently. Development in Denver, Dallas and Salt Lake City came after train systems proved themselves.
Development in the Valley is emerging before the tracks are laid, partly because light rail’s record was proved elsewhere, developers say…
The article notes that in addition to the new rail line, commuters are increasingly seeking infill housing to avoid against long commutes.
