Los Angeles Transit Projects That Will Impact Your Multifamily Property Value
Los Angeles’ traffic has become one of the most congested in the world, causing the city to work on projects to enhance the public transit system in order to alleviate the congestion. With the passing of measure M, the city of Los Angeles has embarked on a massive 50 year expansion plan.
Below is a list of seven projects to look out for in the coming years that may impact the value of your apartment building.
LAX airport has proven to be a huge nightmare during holidays and various events throughout the year. The Crenshaw/LAX line was created to connect Downtown Los Angeles and LAX with eight other sub-station stops in between, bringing new businesses and opportunities to these less popular areas. Of course this line will not connect directly to the terminal. It will transfer passengers through a people mover, which will have three stops at different terminals. This project has already broke ground and is scheduled to open by 2019.
This project is mainly to connect East LA to Santa Monica/Azusa and Long Beach. It will connect Union Station to the 7th Street/Metro subway stop. The passengers on the Gold, Blue, and Expo line will no longer need to make multiple transfers in order to reach their destinations.
This line looks to alleviate traffic for commuters who use Wilshire Boulevard and the surrounding streets. It will also provide easy access to some of LA’s most prominent cultural establishments (LACMA, the La Brea Tar Pits and the Page Museum, and UCLA just to name a few).
This project will connect the western San Fernando Valley to the Westside and offering a much-needed alternative to traffic on the 405 freeway.
There is not a lot of detail on this project yet. It is scheduled to be completed in 2033; however, there have been many proponents pushing for the project to finish much faster than their anticipated timeline.
This project looks to alleviate congestion on the busy Vermont Avenue. It will connect the North with the South end of the street with a subway station. There is a possibility of extending the Red Line south along Vermont all the way to 120th Street to make this project possible. The new subway will connect to the Expo and Green Lines.
This San Fernando Valley project will connect the Van Nuys Orange Line stop to the Sylmar/San Fernando Metrolink station 9 miles away. It currently could be a light rail route, a bus line, subway or a tram system.
The high speed rail will link between Los Angeles and San Francisco, which is currently set to be completed in 2029. The commute time is around three hours and will change some commuting options for residents in both cities.
Most of the projects mentioned above will most likely be completed in the next 20 years. The impact that it’ll have on Los Angeles may completely transform Los Angeles and the communities surrounding it. If you have any questions regarding your property value, please call us at 818-915-9118 or send us an email.