The anticipated West Rail Line opening in late April will not only make a lot of west side commuters happy, but real estate experts agree that nearby homeowners can also expect significant home appreciation in the next few years.
Industry insiders conclude that homeowners close to light rail stops can expect to see their values increase by nearly five percent in the first year, 10 to 11 percent in the second year and between 15 and 16 percent in the third year following the opening of the line.
Completed eight months ahead of schedule, the W Line is currently undergoing trial runs and emergency responder testing and is slated to open on April 26. The West Line project is part of the FasTracks program, a $4.7 billion comprehensive transit expansion plan that will improve public transportation across eight counties that make up the entire Denver metro area. The West Line is expected to serve 20,000 commuters each day.
It’s been reported that RTD will provide 5,600 parking spaces along the W Line along with an additional $2 million invested by the City of Lakewood to improve bike paths and public art installations planned for the stations, neighborhood walk-up stations, which will make the daily commute much more convenient for passengers.
The new line has proven to be enticing to not only commuters, but Denver businesses as well. In fact, several employers, such as St. Anthony’s Hospital in Lakewood and DaVita in downtown Denver, purposefully sought locations with easy access to the new stations as well as other commercial development projects, bringing thousands of employees to Lakewood each day.
Lakewood city officials agree the line opening will have a very positive impact on the city as well as for homeowners within two to three blocks of the light rail line. It also will be convenient for those on the west side who work in downtown Denver and want to leave their cars at home.