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8.B. - Page 7 of 70
<br />For context, today:
<br />• Commute.org shuttles provide peak -hour service between the transit center and Stanford
<br />Redwood City campus and have over 300 average daily riders.
<br />• Stanford averages over 160 passengers per day on Marguerite shuttles that run during the
<br />morning commute (augmenting the Commute.org service) and midday.
<br />As new development occurs along the Broadway corridor (e.g. Stanford University, Stanford Medical,
<br />Broadway Plaza , the demand for first -last mile connections to the transit center will increase.
<br />Economic Benefits: The study evaluates and summarizes the economic benefits of the streetcar and urban
<br />circulator. The full Economic Benefits Memorandum is available on the project webpage. A summary of
<br />findings is listed below:
<br />• A streetcar/urban circulator can potentially increase housing and commercial development, as
<br />well as additional quantifiable economic benefits. Transit has been shown to encourage both
<br />residential and commercial developments as the area served becomes more convenient and
<br />attractive for residents and workers.
<br />• Existing properties may experience a one-time increase in property value once the transit line is
<br />introduced as the location (land) becomes more valuable.
<br />• Businesses in the study area may see increases to their annual sales as a result of the added foot -
<br />traffic brought by the streetcar/urban circulator.
<br />• The combined effect of increased development, property appreciation, and business activity can
<br />have an appreciable impact on Redwood City's General Fund revenues.
<br />• A streetcar/urban circulator could also provide a range of benefits stemming from improved
<br />pedestrian accessibility, urban design, placemaking and related considerations that, although
<br />difficult to quantify in economic terms, are nevertheless significant.
<br />The table below shows the quantified economic benefits of a Redwood City streetcar/urban circulator in
<br />2018 dollars:
<br />Areas of Economic
<br />Existing
<br />Baseline/No
<br />Estimated
<br />Estimated Increase
<br />Percentage
<br />Benefit
<br />Build Scenarioz
<br />Growth with
<br />Increase
<br />(includes
<br />Streetcar / Urban
<br />projects in
<br />Circulator (Low -
<br />development
<br />High)
<br />pipeline)
<br />Residential
<br />1,477
<br />4,150
<br />4,360 - 4,570
<br />210-420 units
<br />5%-10%
<br />development/units
<br />Commercial
<br />5,861,174
<br />7,343,124
<br />7,710,300-
<br />367,200-734,300
<br />5%-10%
<br />development/Sq.Ft.
<br />8,077,400
<br />Sq. Ft.
<br />Property value
<br />$2,799,900,000
<br />$4,862,830,000
<br />$4,993,721,500 -
<br />$130,891,500-
<br />3%-6%
<br />$5,176,968,600
<br />$314,138,600
<br />Annual hotel
<br />$1,151,000
<br />$1,151,000
<br />$1,209,000 -
<br />$58,000-$115,000
<br />5%-10%
<br />revenues
<br />$1,266,000
<br />Annual retail sales
<br />$129,743,000
<br />$219,547,000
<br />$230,080,000 -
<br />$10,533,000-
<br />5%-10%
<br />$240,970,000
<br />$21,423,000
<br />z Projections for the Baseline/No Build scenario are based on the Existing Conditions Study (October 2016) which
<br />account for residential and commercial development already in the development pipeline.
<br />Page 7 of 10
<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org
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