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Rail News Home Passenger Rail

12/27/2012



Rail News: Passenger Rail

Twin Cities' Central Corridor attracts $1.2 billion in real estate development


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More than $1.2 billion in development has occurred along the Twin Cities' Central Corridor light-rail route — even before trains begin transporting riders in 2014.

Eighteen residential and commercial/retail developments worth more than $275 million began construction or entered the planning stage in 2012 along the line. The projects include nearly 2,300 housing units and more than 109,000 square feet of commercial/retail space. That's in addition to the nearly 40 developments worth more than $944 million that include 5,1000 housing units and 7.1 million square feet of space that opened, were under construction or in the planning stage in 2011, Metropolitan Council officials said in a prepared statement.

This year, eight projects began construction or entered the planning stage near St. Paul, and another 10 began construction or entered the planning stage in Minneapolis.

Earlier this month, the council awarded transit-oriented development grants to spur job growth, housing and economic development along the corridor.

"The LRT project that provided 4,455 construction jobs will create construction jobs in development for years to come," said Metropolitan Council Chairwoman Sue Haigh.

The region's second light-rail line is slated to begin in 2014. All heavy construction ended earlier this month, with 10 miles of roads and sidewalks rebuilt, 10 miles of double track installed and 18 stations structurally completed.


Contact Progressive Railroading editorial staff.

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