The Blue Line's Massive Impact on Economic Growth
Has the Blue Line lived up to its billing as a generator of real estate value? Multi Housing Advisors managing director Jordan McCarley tells us yes—and not only that, Charlotte stacks up well in transit growth compared to other Southern cities.
“The LYNX Blue Line has been instrumental in creating value in Charlotte, both in terms of real estate and quality of life," Jordon explains. About 15,000 riders use light rail daily, and Charlotte's become an example for other cities because of the light rail’s demonstrated ROI, he notes. The Blue Line cost less than $470M to construct, yet it's spurred over $1.8B in private development, according to 2010 estimates, the most recent available—and certainly more since then.
"We expect the positive impact of the Blue Line to spread with the construction of its northeast extension into the NoDa and University neighborhoods," Jordan adds. According to CATS’ estimates, the extension will lead to $4.4B in new development and property appreciation combined. Recently MHA released a report comparing systems in various cities. Charlotte doesn't have the largest system, but it's still ahead of places like Austin, Nashville and Jacksonville—and it's growing more rapidly than most cities in the region.