Streetcars would bring massive economic benefits to D.C.

Take another look at that picture above. The sidewalks are packed and D.C. is bustling with activity. That was more than 50 years ago, when D.C. had a streetcar system.

It's been almost exactly 50 years since the last streetcars weaved their way through Washington, D.C., but plans are in place to resurrect the streetcar in the nation's capital. In the process, the city looks to capture the economic activity that was lost when the streetcar was dismantled.

Despite project delays, streetcar tracks have been laid for the first phase of the project and the streetcar is expected to be up and running in the summer of 2013.

To take a big picture view of the $1.5 billion, 37-mile streetcar network, D.C.'s Office of Planning released a study that, for one, looks at the economic benefits of the streetcar if the project ever reaches its full potential.

On the local BeyondDC blog, Dan Malouff provides a rundown of the economic impacts the study says the completed streetcar system would have on the city.

[T]he great benefit of streetcars will be that they tremendously expand the number of households and business properties that are within walking distance of a rail station. With streetcars, the share of DC residents within a quarter mile of a rail stop will increase from today’s 16% up to 50%.

That will correspond to an increase in the value of properties along streetcar lines by $5-7 billion. Another $5-8 billion in new development can be expected, resulting in a total property value increase of $10-15 billion due to streetcars.

That would result in $238-291 million in new tax revenue for the city each year, after completion of the 37 mile streetcar network. At that rate it would take only 6 years for the city to recuperate the full $1.5 billion cost. After 6 years, the tax revenues would be pure profit.

And over a 10 year period, the streetcar system would be responsible for 6,300-7,700 new jobs, up to 12,000 new households, and as much as 1.3 million square feet of new retail development.

Impressive.

Not bad for an old-fashioned transportation system.

Streetcars will benefit DC’s bottom line [BeyondDC]

Photos: Flickr via Stephen Rees and thecourtyard

This post was originally published on Smartplanet.com