At least $2.5 billion is being invested in new and renovated commercial and housing projects near the Green Line light-rail line, scheduled to begin operating next month, Metropolitan Council Chairwoman Sue Haigh said Wednesday.
That sum takes in 78 projects that are built, planned or in some stage of construction with prices either known or estimated. The value is unknown for another 43 projects, meaning that the $2.5 billion figure likely is a conservative one, she said.
On the other hand, 37 percent of the projects also are on the Blue (Hiawatha) Line where it merges with the Green Line in downtown Minneapolis. Haigh acknowledged that not all the projects counted can be fully credited to the development of the Green Line, also known as the Central Corridor, but noted that most are relatively near the tracks.
"We expect that this is just the beginning of the development," said Haigh, who spoke outside Episcopal Homes' $45 million senior housing expansion under construction near University and Fairview Avenues in St. Paul.
The 171-unit addition, which will open in November, is drawing a waitlist of prospective residents excited about living near the Green Line, Episcopal Homes President and CEO Marvin Plakut said.
"A large reason for sustained and increasing demand is light rail," he said.
The Met Council included on its list the Union Depot renovation, which cost $243 million, but left off other large public projects that likely would have developed regardless of transit connections: Target Field, the new Vikings stadium in downtown Minneapolis and TCF Bank Stadium at the University of Minnesota.
In all, 121 projects are within a half-mile of the Green Line. The Met Council also singled out 36 other projects, many of them student housing, more than a half-mile away but still in the vicinity of the light-rail tracks.