Quote:
Originally Posted by Policy Wonk
So what would you consider a satisfactory level of density along a surface Centre Street alignment that would justify the investment?
This is where I cease to understand, I just can't conceptualize a plausible outcome that would justify the expense of this type of investment in Centre Street.
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Centre Street is only an option because of how bad the other options are. Nose Creek alignment fails to serve the 123 000 who will live in existing communities south of Beddington, and provides indirect, ineffective service to those North of Beddington. On top of that, it will impact service for the W-NE LRT, making the entire LRT network worse. That's why if this line gets built at all, it has to be under Centre Street. Only Centre Street alignment will tie in with the SELRT, which will make the entire system WAY more efficient.
Even the Nose Creek option will come in around 1.5-2 B minimum: Big cost - medium benefit.
I have no idea what a tunnel under the Bow, 20 blocks of subway under Centre Street, and HUNDREDS of concessions/property acquisitions/disputes will cost, but I estimate 2-3 B for the whole line: huge cost - big benefit.
Housing prices within 800 m of stations would be expected to rise by about 20%, and commercial property values in the area could rise by as much as 50%. If done right, and homebuyers like the new line, property values could increase everywhere in the city that is near a C-train, ESPECIALLY, if they make provisions for an airport spur.
As a thought experiment, play with some math! 111 400 people (2006 NC corridor review) lived in the area south of Beddington that could be serviced by the LRT (~11.1% of the total population). Total city residential taxable assessment value = 165 154 970 489 (2011 budget); 11.1% of that is about 18 billion. If the value of this entire part of the city was increased by 10% (1.8 billion), that's about 11 098 000 more tax dollars to city and provincial coffers/year, meaning that the benefit of Centre Street alignment would take between 45 and 90 years to pay off (assuming 0.5-1B more expensive than Nose Creek) with
zero growth and not including the broader economic impact of jobs created, hours saved by a more direct commute, or commercial property value increases. While the broader economic impact should not be understated, it seems clear to me that increased density is a must if we want to see this thing pay for itself in 10 or 20 years. By the time this thing gets built, the city expects about 10% more population here, but we'll have to do better than that. I'd argue that only with a rapid transit option is investment in Yonge-Street-like TOD density practical on Centre Street... so a bit of a chicken and the egg thing.
Personally, I think this would be a great project in the long term and that Nose Creek Alignment is a non-starter, the question is: is this worth doing at the expense of other projects. As PW mentioned, the difference is likely enough to extend each of the existing 4 lines another station. I'd think that the ROW (and knowing that LRT is coming) does almost as much for property values as actually extending the line to the current city limits and that travelling a short distance to park and ride is good enough for communities just beyond c-train's reach (at least, temporarily), and therefore there is more value in providing quality service to an under-served part of the city. That said, a billion dollars could go a long way to serving areas like FMC, MRU, Rockyview, Forest Lawn, Evergreen, and the Airport; or alternatively, establish commuter rail (that would serve the Nose Creek corridor anyway).
Sorry about writing the longest narrative on SSP that isn't by Tropics.
Here's a decent article with some good links for property values and LRT if you haven't seen it:
http://www.realestateinvestingincanada.com/portals/0/media/calgary_transportation_%20report.pdf