M-1 RAIL streetcar projected to ignite more than $3 billion in economic development
DETROIT – Portland Streetcar, Inc. Board Chair Emeritus, Michael Powell, will join M-1 RAIL President and CEO Matthew P. Cullen in Detroit on Wednesday, Nov. 19 to discuss the development benefits of streetcars at the 28th Annual University of Michigan & Urban Land Institute Real Estate Forum.
Cullen and Powell will take part in a one-hour, moderated session titled: “Transit Oriented Development comes to Detroit.” It will be hosted inside the Cobo Center Ballroom from 1:30 p.m. to 2:30 p.m. on Wednesday, Nov. 19.
Portland Streetcar was part of a unique strategy to link investment in high quality transit service with major redevelopment. On July 20, 2001, the Portland Streetcar began operations and became the first modern streetcar system in North America. Since then, the area around the streetcar system has benefited from $4.5 billion in private investment, including 14,000 new housing units.
It is projected the M-1 RAIL streetcar will ignite more than $3 billion in economic development over 10 years, including 10,000 new housing units and upwards of 5 million square-feet of new commercial space. M-1 RAIL construction began in July and will be operational in late 2016.
The 28th Annual University of Michigan & Urban Land Institute Real Estate Forum onNovember 18 and 19 is only the fifth time it has been hosted in Detroit. In prior years, it moved to various locations to highlight local markets, but starting this year the Forum will take place in Detroit for at least the next three years.