While we continue to watch the local real real estate market here in Arizona, it is fun to keep an eye on how “Transit Oriented Development” is doing in other states, as well. I have mentioned that Denver land values have increased near light rail and I have heard similar things about Houston and other cities, as well.
”The city of Tempe has experienced the highest increase in the Valley in land value surrounding the light rail route, according to a study conducted by ASU doctoral student Katherine Kittrell” source: Arizona State Press
Today, I read an article in the Dallas Morning News titled ”Verizon’s refusal to donate land for rail angers Irving council members.” The article was interesting in many ways. For one, it sounds like members of the Irving (Texas) City Council are bent out of shape because Verizon wireless has not donated land for the DART Orange Line.
A few decent jabs were thrown by council members about the land in question. "Verizon is holding the process up and increasing the cost of the DART line," Stopfer said. "That’s the frustration level."
The article goes on to mention that Verizon would come out ahead in the long run: “everyone benefits from light rail – especially landowners whose land will surround future stations. The proximity grants them more zoning options, which in turn increases the market value of their land.”
Another tidbit of info from a council member states “the company will later profit again from increased market value for the remaining land because it will be adjacent to a light-rail station.“
Doesn’t sound like there is any love lost between Verizon and the Irving City Council.