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Metro Rail & Development in LA

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  • Richard Risemberg
    From Los Angeles Business Journal http://www.labusinessjournal.com Weekly Summary - August 1, 2005 _____________________________ This week in the Los Angeles
    Message 1 of 1 , Aug 1, 2005
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      From Los Angeles Business Journal
      http://www.labusinessjournal.com
      Weekly Summary - August 1, 2005
      _____________________________
      This week in the Los Angeles Business Journal

      East Side Story - New Rail Line Spurs Early Investment
      By HOWARD FINE
      Investors and developers are eyeing sites and quietly buying up
      properties around the $900 million Eastside rail line now under
      construction through Boyle Heights and East Los Angeles.
      Developer interest in the rail line is coinciding with a surge of
      publicly sponsored projects in the area and could lead to a rebirth
      that's similar to what happened in Hollywood after the subway was
      completed there.
      The 6.5-mile Gold Line Eastside Rail Extension had been on the
      drawing boards for 25 years as a mass transit option for the densely
      populated and heavily transit-dependent Eastside communities of Boyle
      Heights and East Los Angeles. But because of dwindling federal
      transportation budgets and lingering doubts about rail construction
      after the Red Line fiasco in Hollywood 10 years ago, it wasn't until
      last year that final federal funding was secured.
      Preliminary construction began last summer. This October, work is set
      to begin on the centerpiece of the project: a two-mile tunnel
      underneath First Street in Boyle Heights.
      Next year, preliminary work is set to begin on the eastern portion of
      the rail line, which will go down the middle of Third Street in East
      Los Angeles. Construction of the entire line is set to finish in mid-
      2009, about six months ahead of schedule.
      In past years, developers tended to hang back to see how much
      additional traffic the rail lines would generate. But there is now
      enough of a positive track record in Hollywood and along the Gold
      Line to Pasadena that activity is blossoming early. Construction on
      the western end of the line is already getting off to a healthy start.

      Much of the development will be controlled by the public entities
      that own considerable tracts of land along the route of the Eastside
      Extension, including the city and county of Los Angeles and the
      Metropolitan Transportation Authority, which is building the rail
      line.
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