By Daily Independent
More than $20 billion in capital investment for real estate and development projects has been spent along the light rail line since its inception nearly 17 years ago, a Valley Metro official told a Phoenix subcommittee this week.
There have been 583 different developments within a half mile of light rail lines, the first of which opened in 2008, Valley Metro Capital Planning Manager Marty Ziech told the Phoenix Economic Development and the Arts Subcommittee on Wednesday.
That totals to $20.1 billion in investment, $16.2 billion from private projects and $3.9 billion from public developments. Most of the money has flowed into residential projects, with 50,360 housing units accounting for 52.2 million of the 86.6 million square feet of developed along light rail corridors.
