RPA Report Finds ARC To Raise Home Values By $18 Billion
July 30th, 2010 by Jay Corbalis
Though it’s been billed as the most expensive infrastructure project in the nation, the Access to the Region’s Core (ARC) tunnel currently under construction between New Jersey and New York will provide a substantial return on investment, according to a study released this week by the Regional Plan Association. Looking at the impact on property values of several recent service improvements, including Midtown Direct and the Montclair Connection, the study is able to estimate increases in value for homes within two miles of train stations that will see improved rail service as a result of ARC.
New Jersey Future has long been a supporter of the ARC tunnel project, not just for its value as a transportation project, but also as a catalyst for sustainable, transit-oriented development that will allow New Jersey to accommodate new residents without perpetuating the low-density sprawl that has defined growth in New Jersey in recent decades.
The full report can be seen here: http://www.rpa.org/pdf/RPA-The-ARC-Effect.pdf
- Rails Aid NJ Homes (Wall Street Journal)
- Report: Train tunnel would add home value, shorten NYC commutes (Bergen Record)
- Railroad tunnel connecting N.J., N.Y. will increase property values, study says (Star-Ledger)