Study: Tempe land values increasing near light rail
[Source: April Atwood, ASU State Press] — The city of Tempe has experienced the highest increase in the Valley in land value surrounding the light rail route, according to a study conducted by ASU doctoral student Katherine Kittrell released Friday. Mixed-use buildings that incorporate residential, retail, and office space are the type of transit-oriented developments that led to increased land value, she said. “The research concludes that one of the best ways to get people to incorporate a different lifestyle is to get them to live in transit-oriented developments,” she said, referring to buildings that offer convenience for public-transit riders.
Land value appreciation was the highest along Apache Boulevard in Tempe, as well as in downtown Phoenix, she said. However, many light rail stations near downtown Phoenix did not show increases in value, while the value around every station in Tempe has grown. The study also compared the light rail stations to other desirable intersections not along the light rail route. [Note: Read the full article at Study: Tempe land values increasing near light rail.]
Posted on September 22, 2009, in Affordable Housing, Downtown Vitality, Luxury Housing, Office Space, Shopping, Transportation and tagged Downtown Phoenix, Katherine Kittrell, Light Rail, Public Transit, Tempe. Bookmark the permalink. Leave a comment.