Value of City Building Permits Increases Within ART Corridor
Since the announcement of the Albuquerque Rapid Transit (ART) project being included in the President’s budget, the City of Albuquerque Planning Department has seen a 12 percent increase in the value of building permits within 5/8 of a mile along the ART corridor, as compared to the same time period in 2015.
From March 1st to July 20th, 2015, total permits (both residential and commercial) valued $23,218,828. During the same period in 2016 immediately following the announcement of ART, total permits valued $28,478,182—a 12 percent increase.
“Seeing this type of growth along the Central corridor from Coors to Louisiana is representative of the continued transit-oriented development expected to come with improved transit options in the area,” said Michael Riordan, Chief Operations Officer. “This growth spike correlates to what other cities have experienced when announcing bus rapid transit systems. Economic Development studies have shown that people choose to live, work, and spend money in areas more easily accessible by public transportation systems.”
The Albuquerque Rapid Transit project will break ground in August and will be completed in fall 2017. For more information on the project or to view economic studies showcasing the projected economic growth related to the project, visit BRTABQ.com. For specific questions, call the 24-hour hotline at (505) 398-4ART.