New Streetcar line will spur developement even more in Warehouse District, French Quarter and Marigny
The new streetcar line that will run 2.5 miles down Loyola from the Train Station will run through the Warehouse Distirct, French Quarter, Treme, Marigny, and the Bywater neighborhoods of New Orleans. It is currently under construction and would expect these lines to be ready for the Super Bowl in New Orleans in 2013. I think this is a perfect fit for our city. Streetcars just make our city have that sense of history and will provide another tourist attraction as well as transportation for the local community.
How will this effect the real estate values in the areas? It is one of the best developments that can help the real estate market and condos in particular. The Warehouse District is moving this way towards the Super Dome, New Orleans Arena, New Hyatt Hotel, Champions Square and the Benson Mall next to the Champions Square. This will just make it more friendly to leave your car and ride to the French Quarter and points beyond.
The impact on the French Quarter will also be great for Burgundy Street, N. Rampart and Esplanade. It will really give notice to the Marigny as a place to live and enjoy. This is a natural that will pay for it self but also spur development along the route. You can see this along the Canal Route as well. It would have been much further along except Katrina came along in 2005. However now its better than ever. But now Mid City is doing quite well.
The new lines along with some two of the largest projects ever in New Orleans such as the new VA hospitaland LSU Medical Center are going to be a magent for these areas. A certain per centage of people employed along the route will want to live in the area. We already see a shortage of condos and would expect it to grow as these projects come on line. The streetcars will just add to the quality of life that enjoy Urban Living.
This does not count all the spin off business that will employ even more people in the general area. So if you have been thinking of a primary residence or a second home, now may be the time to invest with rates at 3.5% before all these projects come on line. I am convinced enough to start looking myslf as I could see an entirely different look to the areas along the New Orleans Streetcar Lines.
Then they are just fun to ride while leaving the car parked. Project this to be a must for all tourist that come to town. Many have never been to these areas before. Riding the line as the Saitns win the Super Bowl can be remember forever. Geaux Saints….Get an all day pass or just pay the $1.25