Miami Today's Catherine Lackner writes in a recent article that, in traffic-choked cities like Miami, the value of living or working close to transit is one's ability to avoid time spent in the car. So, does that mean that Bentley-loving and Ferrari-worshiping sun lovers in South Beach are giving up their cars for the bus? Well, no. But it does seem that transit is influencing real estate trends in car-loving Miami and other congested cities.
“This is a major shift that’s going to affect everything,” said W. Allen Morris, chairman and CEO of the Allen Morris Company. “Access to all forms of mass transit is very important for both residential urban properties and office space. People want to live and work near transit.”
As I have noted previously on this site, for transit to directly generate positive real estate value, the key is that the transit is designed to maximize accessibility gains relative to other transportation options. It seems that transit is providing an advantage over other transportation modes in Bentley-loving Miami.
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.