Measure M’s passage in November 2016 is welcome news for Angelenos tired of relying on crowded freeways and pot-hole-ridden roads to get around.
Measure M’s passage should also be a welcome opportunity for commercial real estate developers.
As L.A. roads become more congested, people will seek out alternate methods to get from point A to point B. The opening of new rail and bus lines could change the landscape of the city, as it will help determine where people live, shop and work. As more individuals rely on light rail, metro and buses to get around, demand for convenient living and shopping spaces near transit-orientated nodes will increase, while developers who anticipate that demand will benefit greatly.
Funding provided by Measure M will transform transportation and the movement of people. Forward-thinking developers, with an understanding of where the next transit stops and corridors will develop in the next 10 years, will see opportunities for building live-work-shop components around, and near, light rail and bus stations. Developers are already embracing the opportunities offered by city planning incentives that allow for more floor area and density, while reducing open space and parking requirements. These incentives translate into profitable, sensible projects that will support the future of Los Angeles.
With traffic increasing as Los Angeles grows, public transportation will become more important and, in turn, Transit Orientated Development will flourish. Measure M will greatly benefit the interests of consumers, developers and city planners alike. Measure M will also assist in creating an ecosystem for viable economic growth, and an accessible lifestyle experience for all Angelenos.
Time will show how much Measure M will impact our city. And, those who seize the opportunity now will reap the highest rewards in the future.