An estimated $1 billion-worth of residential and commercial development will rise within half-mile radius of future Foothill Gold Line stations to service the new 12.3-mile light rail extension, said a report prepared by economic research and forecasting firm Beacon Economics.
The Foothill Gold Line from Glendora to Montclair will connect the Metro Gold Line to the cities of Glendora, San Dimas, La Verne, Pomona, Claremont and Montclair. To service the $1.476 billion-worth segment, six stations will be built in each city.
The Beacon report outlined the secondary economic benefits to the region showing private investments made in surrounding areas of each station. Posting the highest amount is the area around Montclair station where investors have already spent on nearly 1,200 residential units and one million sq ft. of commercial property.
An additional $600 million in development is being planned for the area. According to the report, 1,800 new homes and 10,000 sq ft. of commercial space is currently under construction within the future station’s half-mile radius.
“The economic story of the Gold Line must also include the long-term private investment that is happening around these light rail stations as the area evolves from what was historically industrial land to suburban communities,” said Habib Balian, CEO of the Foothill Gold Line Construction Authority.
Balian added: “There is a unique opportunity along this light rail line to see extensive growth, allowing the region to add much-needed housing and jobs near our expanding country rail system…”
The report, which was released Nov. 16 by project developer Foothill Gold Line Construction Authority, highlighted the economic impact of the extension project to the Los Angeles County. During construction alone, Beacon predicted it will bring 17,000 jobs, $2.6 billion in economic output, $1 billion in labor income, and $40 million in tax revenues.