Feasibly, in combination with appropriate revisions to
zoning and parking requirements, a new light rail line could result in
substantial additional multi-family development. Multifamily development is
characterized by lower car ownership, and higher density residential is
associated with great transit use (more people nearby the transit station
generates more riders). The influx of residential population could then trigger
a surge in demand for nearby retail and services, leading to the re-use or
redevelopment of older buildings nearby. Following the exhaustion of available
space nearby, the oldest and most-run down buildings will be torn down and
replaced by new development. At sufficiently high densities, the combination of
residential density generates sufficient street-life to represent an attractive
walkable urban center, which attracts further residential develop, and
additional retail and services. Walkable
mixed-use districts are generally considered to be highly attractive to both
college-age populations and college educated professionals, and makes it
possible for the region to compete to attract such populations.
In contrast, incremental development will generate an
incremental response: there will be no sudden upsurge in property values, the
process of re-use, rehabilitation and redevelopment will be spread out over
more years, and new development generated will be at a lower intensity.
Incremental investment will never make the nearby area a ‘hot’ neighborhood.
Correspondingly, the feedback loop of benefits to the area will be slower, the
annual return on capital lower, and the whole area less attractive to
developers.
Fixed guideway rapid
transit systems also offer an opportunity to attract ‘choice’ riders to the
system, who elect to ride transit out of choice, rather than lack of
alternatives. A fully implemented rapid transit route is exponentially better
than it’s non-rapid equivalent due to the synergy between the elements:
frequency and longer operating hours. Vehicles move faster and spend less time
stopped, making is possible to provide the same amount of transit service with
fewer vehicles. The combination of high frequency and dedicated guideway
improve the reliability of the transit route. But the improved reliability of a
central rapid transit ‘spine’ makes a transfer-based transit network feasible.
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