This year, Colorado is going to start an eight-year widening of Interstate 25 from downtown to the southeast corridor, which will include a new light rail line. The southwest corridor's light rail line had its launch last year.
Utter told GlobeSt.com that land around the 37 light rail stops would be worth at least 20% to 25% more than nearby parcels. "Land along the southeast corridor will become even more valuable than land along the southwest corridor because the Southwest Light Rail Line goes through a primarily industrial area, while light rail along the southeast corridor is going through the most established office corridor in the metro area," says Utter.
Utter had been the keynote speaker at the annual breakfast sponsored by the Southeast Business Partnership. She told the 150 attendees it's important to build extremely high-density, mixed-use developments at the light rail stop and other transportation hubs, such as the proposed Inter Modal Facility at Union Station in downtown Denver, which will provide a regional hub for light rail, an air train connecting downtown to the Denver International Airport and bus routes. "The biggest mistake you can do is not build enough density," she says.
Utter says developers will need to convince communities that they don't need to build as much parking as normally required because as residents, shoppers and office workers can take light rail instead of driving in a car. "If a developer doesn't have to build as much parking, the projects cost less and are more profitable," she says.
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