Transit Agencies Get Creative with Real Estate Development
Transit agencies in the U.S. looking to expand rail lines are getting into the real-estate-development business to raise revenue.
In Atlanta, the regional transit agency is considering three possible expansion plans for its rail line, which opened in 1979 and services more than 100 miles of track. But the Metropolitan Atlanta Rapid Transit Authority has struggled because revenue from a county sales tax that provides a large portion of the system’s funding dropped during the recession and has increased slowly since then.
The authority is targeting underutilized parking lots near train stations for mixed-use development. It is negotiating leases for three parcels with developers who are planning to add more than 1,400 residential units and about 50,000 square feet of retail space.
Read more via The Wall Street Journal