CONTACTS:
Patricia Quinn, Northern New England Passenger Rail Authority: 780-100 x105 or patricia@nnepra.com
Scott Bernstein, Center for Neighborhood Technology: 773-269-4035 or scott@cnt.org
David Chandler, Center for Neighborhood Technlolgy: 773-269-4023 or david@cnt.org
REPORT SHOWS DOWNEASTER TRAIN GENERATES BILLIONS FOR MAINE’s ECONOMY
PORTLAND, MAINE - A Chicago-based research firm has determined that the Amtrak Downeaster is more than a train ride; it’s an economic engine that will generate billons of dollars in economic impact in Maine over the next two decades.
A new report, produced by the Center for Neighborhood Technology (CNT), concludes that the Downeaster is a catalyst for new “transit oriented development” (TOD) projects which will have profound long-term positive impacts on the construction, professional, service and retail industries of Maine. CNT suggests that a strategy of optimizing growth in TODs built around Downeaster stations will hold several strategic economic advantages for Maine people and communities.
According to CNT, development projects along the Downeaster corridor will generate $3.3B in construction investment and create more than 8,000 new jobs in Maine over the next 22 years. This will lead to the contribution of more than $55M in new state tax revenues annually. The CNT report further explains that new resident and business relocation associated with TODs along the Downeaster corridor will contribute nearly $1B in new purchasing power annually to Maine’s economy by the year 2030. The extension of service to Brunswick and Rockland would create an additional 2,582 jobs, generate an additional $16.5M in annual tax revenues, and $290M in
annual purchasing power by the year 2030.
A TOD is a compact and integrated development of homes, retail and service businesses, public park space and other amenities that create an inviting atmosphere for pedestrians in the area surrounding a public transit station. Saco’s “Island Point” is a prime example of a Downeaster TOD project underway in Maine. The abandoned mill site was selected by investors to be the home of the $100M project because of its location adjacent to the Downeaster station. A $20M condominium complex and over 800 new residential housing units have been built within 2 blocks of the Downeaster platform in Old Orchard Beach. In Portland, the 30-acre site for sale adjacent to the Downeaster
station on Thompson’s Point is being marketed as a TOD site.
These developments will help Maine attract new business and contribute substantially to the tax base of state and local governments. According to CNT, national trends suggest that green TOD sites in particular are preferred among many companies and individuals looking to invest and relocate. Because TODs concentrate growth in planned development centers of existing communities, they have a minimal negative impact on the natural environment and help control the costs of providing infrastructure, schools, and other basic services. Such costs have been disproportionately high in Maine’s swelling suburban population, contributing to increased public sector spending.
The Center for Neighborhood Technology projects that TODs along the Downeaster corridor will reduce household transportation costs in Maine by $71M annually by 2030. Because residents of TOD neighborhoods can conveniently walk or take public transportation to their regular destinations, they spend less on gas and transportation and have more disposable income to invest in the local economy.
The report, entitled “AMTRAK DOWNEASTER: Overview of Projected Economic Impacts,” was commissioned by the Northern New England Passenger Rail Authority (NNEPRA) to identify the long-range economic impacts associated with development projects along the Downeaster’s current Boston to Portland corridor as well as the potential impacts of expanded service to Brunswick and Rockland.
For a complete copy of the report click HERE
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