An announcement by the mayors of Tempe and Phoenix, Arizona, on Tuesday said over $8.2 billion from private and public capital investment has been invested near the first 20 miles of the Valley Metro light rail line between Phoenix and Mesa.
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.”
More Stories
- ARIZONA DEPARTMENT OF TRANSPORTATION: Governor Ducey issues Executive Order further extending expiration of driver licenses
- AMERICAN AIRLINES: Cleaning with a Purpose, American Airlines Earns GBAC STAR Accreditation from the Global Biorisk Advisory Council
- AIRLINES FOR AMERICA: Statement from A4A President and CEO Nicholas E. Calio
- ARIZONA DEPARTMENT OF TRANSPORTATION: ADOT distracted driving campaign raises awareness
- ARIZONA DEPARTMENT OF TRANSPORTATION: Drivers get break from state highway closures through early January
- AMERICAN AIRLINES: American’s AAdvantage Program Reveals Elite Choice Rewards for Platinum Pro and Executive Platinum Members
- ARIZONA DEPARTMENT OF TRANSPORTATION: Donor Network of Arizona honors two MVD employees with awards
- AMERICAN AIRLINES: American Airlines Names Meghan Montana Vice President and Treasurer
- ALBERTA TRANSPORTATION: Building roads to economic recovery
- AIRLINES FOR AMERICA: Airlines for America Applauds the Department of Transportation’s Final Rules on Traveling by Air with Service Animals