The new Metro Transit New Green Line, opening June 14, 2014, equals sustainability in Minneapolis & St. Paul urban living. Sustainability is all about keeping the area productive and diverse. The added transportation allows nearby businesses to grow, it reduces traffic, increases walking neighborhood available, increased real estate demands and is better for the environment. Basically, it creates a more livable community.
Of the more than 12,400 residential units added in the corridor, nearly 2,800 are affordable housing units, according to the Met Council's tally. Affordable housing is a priority on the line, and yet, median rent for a two-bedroom has increased 24 percent since the third quarter of 2011. Given that Twin Cities monthly rents are on the rise; in some situations, it may be cheaper to buy a new home than to rent one.
It will be exciting to watch how this develops over time. The initial response has been great. Read more here:
Here are some of the biggest projects being planned mentioned in the article above:
- Downtown East, $400 million. Minneapolis mixed use (residential & commercial) project near new Vikings stadium.
- Parking ramp/hotel, $101 million. Minneapolis project near new Vikings stadium.
- Latitude 45, $70 million. Minneapolis housing and retail project.
- Five15 on the Park, $52.5 million. Minneapolis housing and retail project.
- 401 Nicollet. $50 million. Minneapolis building for Xcel Energy.
- Episcopal Homes, $45 million. St. Paul campus expansion.
According to the American Public Transportation Association (APTA), public transportation in the United States saves approximately 1.4 billion gallons of gasoline and about 1.5 million tons of carbon dioxide annually. Yet only 14 million Americans use public transportation daily while 88 percent of all trips in the United States are made by car-and many of those cars carry only one person. Not only do we save in gas use and the carbon dioxide, this provides transportation, jobs, community development, affordable housing and more. Think of what we could do if more people used public transportation.
If you are looking to purchase or sell a real estate property near the Minneapolis-St. Paul Metro Green Line, feel free to call or email Realty Group, Inc.-Shannon Lindstrom, Realtor® at 612-616-9714 or [email protected] today.