Streetcars Spur Investment
Modern streetcars are well-known catalysts for economic development. In 2001, the City of Portland, Oregon opened the first modern streetcar line in North America. Since then, the city has experienced significant economic growth. By investing in a top of the line transportation service, Portland has experienced large investments in high-density, mixed-use development.
Since its doors opened in 2001, the Portland streetcar has attracted $3.5 billion of investment within just two blocks of the line*. Over 10,000 new residential units and more than five million square feet of commercial space have been brought on by the streetcar*. Because of this boom in development, Portland has rejuvenated once dilapidated neighborhoods and has transformed into a bustling regional center.
Mixed-Use Means Business
The mixed-use development brought on by streetcars has a variety of economic benefits. Reducing land consumption means developers can build more with less. These more compact, walkable neighborhoods can save big on environmental and health costs. They also harbor more retail and commercial space, making them hot spots for businesses**.
Streetcars do more than just spur economic development; they create the urban environment the leaders of tomorrow are demanding. By investing in a modern streetcar system, our region will be able to attract and retain the businesses and leaders of tomorrow.
Cities across the nation are recognizing the economic potential modern streetcar systems have. Beyond Kansas City, Missouri, there are streetcar systems being constructed in Tucson, Atlanta, and Washington D.C. Streetcar lines are also proposed and being studied in Cincinnati, Fort Lauderdale, St. Louis, and Detroit.