Credits: Wikipedia.org
Local Rapid Transit across town is primarily meant to improve transportation and it also impacts the regions going through. We’ll take a look at the Eglinton Crosstown for example, and what are the positive results after construction, and also some of the downsides while the transit line construction is still in progress.
Benefits of LRT in GTA
- Overall revenues for majority of business located along the rapid line increase in long-term
- Commute with increased accessibility and foot traffic augment the number of people directly taking the public transit
- New real estate developments, whether residential, commercial or a mix rise in numbers creating new local retail cores boosting local economies
- Economic activity increases the number of jobs available in the community and brings in more customers making the locations more appealing to investors
- Businesses along LRT have more access to a larger number of employees from farther areas thanks to this type of transit
- Dynamic economies around the LRT lead to increased value of properties which is beneficial for property owners and tenants alike with more viable opportunities.
While the LRT construction unfolds there are some drawbacks as well:
Businesses in the LRT construction zones experience revenues loss, since usual commercial access may be blocked, visibility reduced, and customers may find other more convenient sources to purchase products and services.
Existing businesses in the LRT zones require significant support to continue activities and the government should step up to help until full benefits are realized.
For the future, the fully operational LRT is meant to significantly contribute to businesses growth, increase accessibility and foot traffic, raise property values, bring in new customers and developments from across town. LRT also sustains transit-oriented growth turning regions into desirable living, working, and shopping communities where the businesses adapt to the vibrant clock of new local economies while themselves transforming the areas into attractive places.
