From: "Friends of Transit NEWS" To: "Friends of Transit NEWS" Subject: Development Around Light Rail Stations Date: Friday, November 30, 2001 11:27 PM For more information, contact Daina Mann (602) 744-5592 or Tom Tirone (602) 262-6180 November 8, 2001 - For Immediate Release National Experts to Provide Crystal Ball for Development Around Light Rail Stations PHOENIX -- Researchers from the prestigious Urban Land Institute (ULI) will be here the first week in December to review Phoenix's light rail plan, interview community leaders and determine real estate development potential around proposed rail stations. When Phoenix's light rail system is complete in 2006, it will provide a link between major destinations and bring more than 25,000 passengers each day to rail stations. Businesses leaders and public officials hope to capitalize on this increased foot traffic by promoting light rail access as an amenity to developers. They are turning to Washington-based ULI, one of the world's most respected organizations in urban planning and land use, to help guide planning and economic development efforts around selected rail stations. ULI's visit is being arranged and funded through a public/private partnership between the City of Phoenix and ULI of Arizona. Findings of the week-long research study will be disclosed at a news conference on Friday, Dec. 7. "Phoenix has a big investment in the light rail project, and we want to maximize that investment by guiding smart development around rail stations," according to Phoenix Economic Development Director Patrick Grady. "If ULI can tell us which stations have the most potential and give us a blueprint for development, it gives us a powerful tool to help us lure investment around the right stations," Grady added. In addition to reviewing market data and studies, an important part of the panel's assessment will be interviews with local community leaders who will provide more insight into the area's planning and development challenges and opportunities. Matt Crow, chairman of the Urban Land Institute of Arizona and CEO of Grossman Properties, a local real estate developer, said he is excited about learning the results of the study. "As a developer, I rely on this kind of data to make decisions about where to invest," Crow said. "It's like having a crystal ball for future economic development." Established in 1936, ULI's membership includes approximately 15,000 professionals in 50 states and 52 countries. The ULI representatives assigned to Phoenix's Light Rail Project study were selected for their expertise on light rail economic development and donate their time to further the Institute's work and objectives.