The following excerpt appeared in the Southern California News Group papers on November 1, 2016. To read the full article, click here.
This group quantified the financial benefit from the Gold Line, and it’s in the billions – Pasadena Star-News/San Gabriel Valley Tribune/Los Angeles Daily News/Inland Valley Daily Bulletin
By Kevin Smith
November 1, 2016
The Foothill Gold Line has long been touted as an important piece of Southern California’s growing transit network, but a pair of new reports show it is also generating billions of dollars in private investment along its 18 stations running from Chinatown a future extension to Montclair.
One report from real estate and business consulting firm The Maxima Group reveals that existing projects and others that are underway have resulted in $6.7 billion in private investment along the corridor since 2003.
Broken out, that includes more than 12,500 new housing units, 3.6 million square feet of commercial space and 1,400 hotel rooms within a half-mile radius of a Gold Line station.
Those investments have created nearly 50,000 direct and indirect jobs during construction, 20,000 ongoing jobs for Los Angeles County workers and $50 million in annual tax revenues to the county.
To read the full article, click here.