FORT LAUDERDALE: IS RIDING 'THE WAVE' WORTH THE COST?

Last June, the South Florida Business Journal announced a Fort Lauderdale proposal for a new streetcar system called, The Wave, to replace the current downtown Sun Trolley. The proposed running date: 2012. The proposed price tag: $150 million.

The present Sun Trolley (on wheels) conveys approximately 100 passengers per day. The Downtown Development Authority of Fort Lauderdale, which is planning The Wave, believes this jazzy new, electric streetcar system will attract 6,000 riders per day, especially with plans to link it to the Tri-Rail system.

By September 9th, the Broward County Commission voted to own and operate The Wave. Doing so, the Commission will seek $75 million in federal funding. The Fort Lauderdale city commission voted to contribute $10.5 million toward construction. The state of Florida has budged $37.5 million. Another $27 million is planned to be raised over 30 years by placing assessments on downtown residents and businesses.

The proposed 2.7 mile route with double tracks will begin at Sistrunk Boulevard at the north, run through downtown and finish at Broward General Medical Center south of downtown.

Proponents for the streetcar system say streetcars are cleaner, last decades longer than their wheeled counterparts, rely little on oil, and will encourage local business development. In addition, Fort Lauderdale could enjoy the same popularity of San Francisco’s trollies. One supporter believes that streetcars are fun to ride and calls them, “transportainment”.

The Broward County Commission’s vote for The Wave is not yet a commitment to funding. Whether or not they move forward on the project depends on the staff’s success in raising the $75 million in federal support. Otherwise, the project could die.

So, I pose two questions for our real estate gurus and environmentally savvy readers. First, for a price tag of $150 million (versus approximately $13 million for buses), do you think downtown visitors, residents and potential buyers, and businesses will benefit from the revenue spent in constructing a 2.7 mile electric streetcar? Second, if she was in service, would you ride The Wave?

Julie Jones
Luxury Ocean and Waterfront Specialist
julie@premierestateproperties