Another high-profile project will be Las Colinas Live!, a public/private $600-million development totaling 40 acres. It will contain a convention center, an equestrian arena, restaurant/retail space and a concert hall that will seat about 7,500 people.
Economic impact takes many forms
These TODs pay off when it comes to building ridership on a fledgling system: Last year, DART’s 45-mile light rail network added more than one million passenger trips.
But these TODs are more than new buildings and destinations that enhance our system – they serve as a major economic engine for the region. Existing developments are projected to yield $78 million in annual property tax revenues (based on 2006 rates) for North Texas cities, counties and schools districts. Weinstein and Clower’s 2007 review estimates the new retail developments located near DART Rail stations will produce $650 million in annual taxable sales. This is projected to generate $40.6 million in sales tax income for the state and $6.5 million for local municipalities.
No Limit to Future Growth
Already the country’s second-fastest growing area, our region will be home to more than nine million people by 2030. While DART will be challenged to offer comprehensive transit solutions, area business, community and government leaders will be challenged to take full advantage of the opportunities our vibrant rail system will create.