If you build transit corridors, developers will come

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Cities that want to encourage redevelopment in transit corridors will get the most bang for the buck from bus rapid transit, a new study of 21 light rail, bus rapid transit and streetcar corridors in 13 cities shows.

The study, “More Development for Your Transit Dollar,” by the Institute for Transportation and Development Policy, found that 14 of the 21 corridors studied generated more than $1 of investment in transit-oriented development for every $1 spent on transit.

Developers invested $5.8 billion in transit-oriented development after Cleveland, Ohio, spent $50 million on bus rapid transit — a return of $114 in investment for every $1 spent on transit. Portland, Ore.’s MAX Blue Line spurred $6.6 billion in transit-oriented development, but cost more to build, generating only $3.74 in investment for every $1 spent on the transit system. Source: itdp.org