Item 5.2 - 5.4 - Laserfiche WebLink

Home Browse Search

September 16, 2002 Minnesota Real Estate Journal !002 T'rcrfllC congestion raises CONGESTION from page 9 • new business ventures or considering • job opportunities. Second, these deci- pros fortransit- sions will tend to drive the value of properties up or down based on their • accessibility. oriented development One constructive approach to these concerns is transit-oriented develop- ment— that is, capitalizing on the loca- tion value of a public transit station or CAPITALIZING ON THEartery. This is not a new idea: European, �_ �.: developers have concentrated develop- VALUE OF PUBLIC TRANSIT :: ment projects around subway and rail stops for decades. In many U.S. cities, . �.. _ however, the concept is new and evoly by Charlie Ferrell j` ing. It may seem particularly foreign in _. the Twin Cities, which has lacked com- muter the fierce debate over transit '-W,-_,,- and transportation funding in the {w=- -, muter rail transportation entirely and Twin Cities, everyone seems to agree on where public transit stations often con y g _ sist of little more than windswept bus one basic fact: Traffic congestion is bad ` - and netting =' stops on urban and suburban corners. �;.j Guest �,� �- 1,1,;-:1,---- But several factors are changing the worse.The most . I development dynamic: the emergence Columnist recent Trans- '•' - of the Hiawatha Corridor for light rail portation Sys- '3` ,.,;;=.R transit, the growing likelihood that _ expanded light rail service and other tern Audit by the Metropolitan Council ';' ::-i' -: commuter rail options will be major shows delays in the Twin Cities traffic '3,4--: t pieces of the puzzle in solving Twin system increasing at more than twice the , Cities congestion problems, and the rate of peer cities. Metro-area residents :.`` already put traffic at the top of their list :`3- development of high amenity suburban transit centers. • in identifying regional problems. rnRei Fre PHOTO As developers eye long-term trends in As a result, forward-looking real Charlie Ferrell the metro area,focusing projects around _ estate developers will want to factor :, transit hubs may prove to be a "win- • traffic issues into their plans. The adagewin" solution for the region. Real estate "location, location, location" implicitly things will likely happen: First, conges- developers will build on land that is recognizes that the relative ease of get- tion will become a guiding factor in peo- likely to increase in value and desirabil- ting to and from a given site is often a plc's behavior, whether in buying hous- ity.Businesses locating in these projects key element in its appeal, at least in es; choosing shops, restaurants and : will have ready access to consumer traf- urban areas.As traffic takes center stage other entertainment options; locating . fic. Consumers will save time and has- for businesses and individuals, two CONGESTION to page 11 sles. And the availability of services at key transit stops will tend to increase usage of transit options generally — reducing the overall burden of conges- tion. • 0