Will the streetcar lift property values?
Downtown’s biggest beneficiary from the streetcar investment could be The Banks, the mixed-use riverfront development featuring apartments and dining, Dansby said. It more recently got its first retail store in Tervis and office tenant in General Electric Co., which could eventually employ 2,000 people Downtown.
Still, Dansby expects downtown property owners to take a wait-and-see approach before making investing in the urban core. Better than expected ridership and revenue projections could convince some owners to cash in or increase their investments.
“Clearly there are property investors who believe making a bet on the streetcar will pay off handsomely,” said Kathleen Norris, principal of Over-the-Rhine real estate consultancy Urban Fast Forward. “That’s what the transfer records show us.”