The Railway is building communities with apartments,
condos, restaurants, offices, retail shops and parking garages at stops in
Miami, Ft. Lauderdale and West Palm Beach, and that will boost inventory, much
needed, when completed. More stations
will also have a windfall of new development and that will bring in tax revenue,
some of which will be applied to the cost of running the railroad, and
revitalize rundown areas. Residents who live in these new
properties may be train riders. Shops
may have their employees riding the rails.
Tri-Rail has proposed 28 stations and new developments in
those areas along their Tri-Rail Coastal Link on their eastern tracks, from
Jupiter to Miami, which run almost parallel to I-95.
Nearly 2500 new
residences and 4.4MM sq ft of commercial space may be built in the next 10 years,
if the Coastal Link is built. A $1.25MM
federal grant for some of the developments has been given to Coastal Link. Broward County stations could have 4,220 new
residenceds and 3.2MM sq ft of commercial space.
That
could translate into nearly $5 million in extra taxes collected in both Palm
Beach and Broward counties.
"A lot of
the cities are thinking, 'How can I attract a station here and get economic
value from it?'" said Jack Stephens, Tri-Rail's executive director. These cities will be expected to help
maintain and operate the stations.
Cities are adjusting their zoning laws to encourage these developments which
complement public transportation.
Jupiter, Palm
Beach Gardens, West Palm Beach, Lake Worth and Boynton Beach created special
areas in their downtowns to allow these types of developments near potential
stations. Delray Beach also has been
making similar adjustments to its rules. Even as its downtown is booming with
development, Mayor Cary Glickstein said there is still room for office space. "Not 'class-A' shiny buildings, but
smaller-scale buildings that honor our town and will attract knowledge-based
rather than service-based employment," he said.
Young folks and
older adults want to live close to public transportation where it is easy to
get around without a car. In West Palm
Beach, Transit Village, a 1.1MM sq ft development will include a hotel,
offices, 400 apartments, retail shops, civic and community space.
Construction
will begin early next year. One place
may just offer housing while another offers office buildings. Each location is
expected to be distinctive, fitting in with each downtown's character.
Positive spin
here!
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