W. Allen Morris, chairman and CEO of the Allen Morris Company comments on how important proximity to mass public transportation is to commercial retail site values. “This is a major shift that’s going to affect everything,” said Mr. Morris. “Access to all forms of mass transit is very important for both residential urban properties and office space. People want to live and work near transit.”
SLS Lux in Brickell, one of Allen Morris Company’s 58-story development sits just across from a Metromover station. Mr. Morris continues to say “the appeal of less time driving is undeniable, it’s a function of money and time. Millennials don’t think a car is necessary, especially if they live in Brickell and go to work right there.”
Marcie Williams, real estate expert, gives her opinion on the matter, stating that “being on a stop is where the difference really comes in. The value is going to be graduated depending on how close you are to that starting point.” She adds “if a multi-family unit is immediately adjacent to a station, a landlord can charge 20 cents more per square foot per month than competitors further away.”
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