…Comes to us from London, my brief one-time home. Courtesy of Crossrail, the major commuter rail project linking East and West London together more seamlessly with dramatic expected time savings. While Crossrail is not scheduled to open until 2018, the benefits that the Crossrail project is promising to deliver have already impacted the local real estate market.
Goldman’s employees would be able to reach Heathrow Airport from Farringdon in about 30 minutes on Crossrail, compared with more than an hour on the London Underground. Travel to east London’s Canary Wharf financial district will take 9 minutes, from about 25 minutes today. The City Thameslink system already takes passengers to Gatwick Airport to the south and Luton Airport north of the City.
“That’s what makes this the crossroads of central London,” Rees, the City’s top planner, said in an interview.
Crossrail will build 9 new stations in Central London, provide up to 24 trains per hour (1 train every two and a half minutes!) carrying 1,500 riders each. It will increase the rail network capacity while simultaneously reducing travel times by up to 50%. Transit-oriented development is already taking place, capitalizing on new areas of Central London becoming more accessible. More than 3 million square feet of residential and retail development are anticipated to take place, just over the stations sites.
This is the benefit that transportation infrastructure can bear on a place. It is smart development – taking advantage of the high-capacity, incredibly expensive infrastructure by also providing high density land uses to leverage that infrastructure investment.