The Boston Globe's Tim Logan reports that value capture is on the table for MBTA Red Line improvements in Boston and potentially in other locations.
Cambridge is proposing to levy a new fee on real estate developers in Kendall Square to help pay for public transit improvements, a model that officials said could be adopted by the MBTA for the Green Line extension and other projects.
Value capture is supported by State Transportation Secretary Stephanie Pollack, a regular Rail~Volution attendee and former academic.
State Transportation Secretary Stephanie Pollack has suggested that real estate interests along the Green Line corridor could help pay for the extension because they stand to benefit from the new service.
According to Somerville’s economic development director, Ed O’Donnell, transit value capture is a consideration for the Green Line.
“There is an openness to finding funding in a creative fashion,” O’Donnell said. “I’d only say we’re in very, very preliminary talks.”
I look forward to following Boston's new push for transit value capture.
Ian Carlton is a transportation and land use expert specializing in transit-oriented development (TOD). He helps clients - including transit agencies, planning departments, and landowners - optimize real estate development around transit.
Special thanks to Burt Gregory at Mithun for permission to use the Portland Streetcar image above.