PICOR Connect | Trends in Commercial Real Estate

Private Investment in Transit Oriented Development

Posted on Fri, Jul 08, 2011

If successful, Tucson's Modern Streetcar presents opportunities for transit oriented development with myriad benefits. Early this year the Federal Transit Administration granted final approval of a $63 million dollar grant to help fund the overall $197 million cost of Tucson’s Modern Streetcar project. As of June 6th, planning is nearly complete and the 3.9 mile line is expected to go into service in 2013. The line will run from the Mission Gardens area west of Interstate 10 and Congress St, through the Central Business District, along Fourth Avenue to University Blvd, through the University of Arizona campus, and on to the University Medical Center. The streetcar line will link residential, commercial, employment, governmental, and educational activity centers in order to mitigate parking needs, improve non-vehicular connectivity, generate private development, and support population and employment growth.

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Economic development, Transportation