Expo Line Brings Business and Housing Improvements Throughout Los Angeles
The question many were asking a decade ago: “If we build it, will they come?” This had less to do with ridership on the new Expo Line, although that was certainly a question that mattered. The bigger issue was whether the Expo Line stations would attract new development around them.
In other cities with more dense housing and business centers and long histories of subways, the issues were far different. No one could really clearly say if the city associated with the word sprawling would adapt to more density at least around the stations.
The question has been answered with great clarity. Massive projects are in the works for Bundy, Culver City, and San Vicente. Smaller projects are starting at 26th St, Lincoln Blvd, and Crenshaw Blvd. Mixed use building are already finished within half a mile of the Palms station.
With this fast start it seems likely that other developers will follow with more projects at these locations and others.
The impact of the Expo line and the development projects that are popping up around the stations can only be fully understood within the context of the tech industry boom that is as disruptive to downtown LA and West LA as the products they are making are disruptive to the world economy. The tech employees are coming from cities like San Francisco and Seattle where public transit is a more accepted method of transportation for highly paid workers. Thus the ability to move by train from Santa Monica to Westwood, USC or downtown will make this portion of the Metro Transit effort potentially very effective.
When the Crenshaw line adds a link to the Airport, and the airport opens its own transportation system linking to the trains, there could be an entirely new element to the direction of development in the 10 Fwy Corridor. In particular there could be substantial gentrification near the Crenshaw station that could spread to LaBrea Station.
There is a crying need for affordable housing as close to Santa Monica or Downtown as possible. Currently, the housing from Santa Monica to Culver City/Beverlywood is already pricing many out of the market. This would then push Eastward to La Cienega, La Brea, and Crenshaw. It seems inevitable.
At any point in time that you are ready to buy real estate for your family residence or vacation property or as an investment vehicle, and you need a mortgage, call Bill Rayman for an in depth review of your needs and the best possible mortgage product for your specific circumstance. Phone: (424) 354-5325
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