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Wed, Jul 22, 2015

Transit Projects Spur Added Development

PHOENIX, AZ – New data demonstrating transit’s significant impact on the local economy and why locating near Valley Metro Rail is a critical business strategy is being released Tuesday at one of downtown Phoenix’s newest venues near light rail.

“Transit provides the means to kick start areas along light rail that are seeking redevelopment,” said Steve Banta, Valley Metro CEO. “A viable transportation system attracts people, which translate into a healthy, diversified economy that supports new commerce.”

The data will be announced at a special media event featuring remarks by Phoenix Mayor Greg Stanton, Vice Mayor Daniel Valenzuela and Councilmember Kate Gallego. Additional private and public sector representatives will comment on the advantages of being located near light rail.

Event details:

Tuesday, July 28, 2015
10 a.m.
DeSoto Central Market
915 N. Central Ave., Phoenix
Adjacent rail station: Roosevelt/Central Ave.

July 28 event

The 20-mile Valley Metro Rail line has generated nearly $7 billion in neighboring economic development from public and private sector investors. The development ranges from multi-family housing to mixed-use office space and hotels. Updates to the transit investment data continues as economic conditions change. Recent indicators demonstrate solid economic growth in areas near the light rail system.

About Valley Metro: Valley Metro provides eco-friendly public transit options to residents of greater Phoenix and Maricopa County including the planning and operations of a regional bus system and the development and operations of light rail. In Fiscal Year 2014, total ridership for the system was 72 million passengers. The first 20 miles of light rail opened December 2008. Seven light rail extensions are planned or are under construction that will create a 66-mile system by 2034. Valley Metro also offers transit options including alternative transportation programs for seniors and people with disabilities, commuter vanpools, online carpool matching, bus trip mapping, bicycle safety and telework assistance. Two Boards of Directors set the policy direction for the agency with the intent of advancing the regional public transit system. Get the latest news by following us on Facebook and Twitter or visiting valleymetro.org.




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