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Rail News: Passenger Rail
Portland Streetcar spurs $4.5 billion in new real estate development, study says
Since 1998, the Portland Streetcar corridor has brought in $4.5 billion in new real estate development, according to new data released by the group that oversees the city's streetcar system.
Portland Streetcar Inc. tapped ECONorthwest to conduct the analysis, which evaluated economic development data outcomes since construction began on the streetcar line in 1998.
Since that time, real estate development has increased by 22.9 million square feet along the streetcar corridor, which is defined as the area within a quarter mile of either side of the tracks.
Additionally, the market value of both new and existing properties along the route has increased by $11.63 billion since 1998, Portland Streetcar officials said.
Of the 7.7 million square feet of commercial real estate that has been developed along the corridor, 35 percent is attributable to the proximity to the streetcar, the study found. Forty-one percent of the approximately 18,000 residential units were built due to the presence of the streetcar.
Additionally, 25 percent of all apartments along the corridor are subsidized affordable housing units.
"While there are plenty of factors that influence investment decisions, we’ve seen that the streetcar has had a positive impact on economic development in the central city,” said Portland Streetcar Executive Director Dan Bower. “By providing affordable, accessible, and reliable service, the streetcar is a key part of what makes Portland such a livable city."
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