Phoenix-Mesa light rail line spurring local investment
Organizers have stated that another $346 million in residential and commercial building is currently being planned. Most of the investors for the $346 million amount are private developers, while there was a variety of investors for the $8.2 billion, ranging from residential development to restaurants.
“Big things are happening in Phoenix because of light rail, and big things are going to continue to happen,” Phoenix Mayor Greg Stanton said. “Light rail has been transformative for our downtown and our economy. With it we’ve linked jobs, education, arts and culture in a way that would not have been possible otherwise.”
The mayors announced these economic developments at the DeSoto Central Market in Phoenix. The market is an adaptive re-use food court, bar and market that is located nearby the Roosevelt/Central Avenue light rail station.
“Investment in transit does more than improve neighborhoods; it improves lives,” Tempe Mayor Mark Mitchell said. “More than $3.4 billion has been invested in Tempe around light rail since construction began in 2005. Everyone benefits from public transportation.”