At its meeting last week, the KCRAR Board of Directors voted to endorse the Light Rail proposal being put before Kansas City, Missouri voters on November 4. The proposed Light Rail starter line in Kansas City holds benefits for real estate in our region and will be pro-business, pro-growth and pro-real estate.
KCRAR Members who are Kansas City, MO residents are urged to vote “YES” on the ballot’s Kansas City Question to get Light Rail started!
The Board also voted to contribute $5,000 to Citizens for Light Rail, the citizens’ campaign committee organized to encourage voters to approve the measure. Joining KCRAR in endorsing the measure and contributing to the campaign are:
- The Greater Kansas City Chamber of Commerce
- The Economic Development Corporation of Kansas City
- The Downtown Council
- The Homebuilders Association
- The Northland Regional Chamber of Commerce
- Northland Neighborhoods, Inc.
- Several Kansas City corporations including Hallmark, KCP&L and HNTB
Experiences in other cities demonstrate solid benefits Light Rail holds for real estate and economic development:
- The light rail system in Portland, OR has been the major contributor to turning an abandoned warehouse district into a booming urban neighborhood. More than $2 billion in development and 15,000 new residents are claimed along the route. See the Portland Streetcar report.
- A study by the University of North Texas' Center for Economic Development and Research determined that "Values of properties adjoining Dallas Area Rapid Transit (DART) light rail stations are 25 percent higher than for similar properties not served by the rail system." See the report.
- Light rail systems in other cities, such as Phoenix, have been a catalyst prompting developers to pay higher prices for property adjacent to the line for condos, office buildings and retail centers. See the article from The Arizona Republic.
- For-profit redevelopment is seen along light-rail lines, as in Seattle where developers have proposed more than 1,500 condo and apartment units within a 10-minute walk of a rail station. See the article from The Seattle Times.
- Vacant or underutilized areas where rail stops are located can see intense residential and mixed-use development. See information about the Hudson-Bergen Light Rail system in New Jersey.
Here's what REALTORS® and other real estate experts are saying about Light Rail:
- "Why do REALTORS® care about transportation? Because REALTORS® care about where we work and live. We also want our communities to meet the changing demands of our customers who are seeking more walkable, mixed use communities with a wider range of housing options."
- Charles McMillan, 2009 NAR President
- "Real estate surrounding the light rail stations has shown a boost in sales prices, contributing, once again, to Charlotte's smart plans to maintain economic stability."
- Debe Maxwell, REALTOR®, Charlotte, NC
- "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. Transit officials estimate that since 2004, developers have spent close to $6 billion on public and private projects on and around the future light-rail line."
- The Arizona Republic, June 16, 2008
- "Personally over the last 2 years I have seen more and more relocation clients express an interest in knowing about commuting options and wanting to learn about Denver's Light Rail system."
- Steve Scheer, REALTOR®, Denver
- "As a REALTOR® here in Austin, I've been hearing from many clients wanting to purchase homes within walking distance - or at least a quick car, bus or bicycle ride - of Capital Metro's new commuter rail stations, which are set to open this fall."
- Jay Carter, REALTOR®, Living In Austin Real Estate, Inc.
- "Values of properties adjoining DART light rail stations are 25 percent higher than for similar properties not served by the rail ystem ... Proximity to DART light rail stations appears to be a plus for most classes of real estate, especially Class A and C office buildings and strip retail."
- Dr. Bernard Weinstein, University of North Texas's
Center for Economic Development and Research
- "Along its route, the system has increased the mass transit ridership, improved the environment, spurred creation of businesses, bolstered property values and tax revenues, opened up employment opportunities and engendered a "fresh, emerging sense of place."
- Voorhees Transportation Center, Rutgers University in New Jersey
Mass transit will no doubt play a role in our region’s growth. Some stats:
- A recent survey by Jones Lang LaSalle in its Property Futures publication found that 77 percent of New Economy companies rated access to mass transit as an extremely important factor in selecting corporate locations.
- Almost half of all Fortune 500 companies, representing over $2 trillion in annual revenue, are headquartered in America’ transit-intensive metropolitan areas.
- Every $1 invested in public transportation projects generates from $4 to $9 in local economic activity
- Every $10 million invested in public transportation saves more than $15 million in transportation costs, for both highway and transit users.
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