RPA: ARC tunnel will cause spike in property valueBy
The new cross-Hudson River tunnel under construction as part of the effort to improve access to the New York region’s core could generate nearly $18 billion in property value increases, the Regional Plan Association said yesterday. A new study of the ARC Tunnel found that home values could increase by an average of $19,000 if homes are within two miles of a commuter rail stop and nearly $30,000 if homes are within walking distance. Additionally, ARC will double the number of residents west of the Hudson River who are within a 50-minute train ride to Midtown and increase those who are within 70 minutes by 25 percent.
RPA officials were quick to praise the project. “There is not a more clear-cut instance of a project with tremendous public benefits
that will improve the region for decades to come,” Bob Yaro, association president, said. The ARC Tunnel is expected to be completed by 2018 and will carry a price tag of $9 billion. The RPA’s full report is available here as a PDF.