Tuesday, August 31, 2010

Tempe TOD Zone Land Values Up 429%

Rezone the land, build the light rail line, then watch what magic the marketplace can do. In Tempe the areas rezoned for Transit-Oriented Development (TOD) have experienced increases of 429% in value this year. http://www.statepress.com/archive/print/node/7674

What does that have to do with Virginia Beach? We've already rezoned the Strategic Growth Areas (SGAs), and many have low-end uses of their land presently. Constructing light rail would make those uses economically obsolete, redeveloping the land without a Redevelopment Authority.

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