Property Values Climb Along The Hop Streetcar Route
Investment and New Construction Part of Downtown Growth
The Hop’s first vehicle making its inaugural trip to the maintenance facility. Photo by Jeramey Jannene.
Property values within one-quarter mile of The Hop streetcar route have climbed almost 28% since the streetcar was given the green light in 2015. The values along the route have grown at twice the rate of property value growth citywide.
Milwaukee Mayor Tom Barrett calls the Hop an important factor in the increase.
“Of course, The Hop is a transportation asset. At the same time, it is an economic development tool, and we are seeing new construction and significant investments around The Hop stations,” Mayor Barrett said. “By adding to the economic strength of the center of Milwaukee, The Hop brings benefits throughout the city.”
Mayor Barrett shared the property value information at a news conference Tuesday where he was joined by developers and the head of the downtown business improvement district.
The Mayor spoke to reporters at the streetcar station at the corner of Broadway and Wells Street where multiple development projects are planned or underway. One of those projects, the new 25-story BMO Tower, is rising adjacent to the streetcar line.
According to information from the City Assessor, property values within one-quarter mile of the streetcar route rose from $3,090,271,332 to $3,952,429,882 since 2015. That’s a 27.9% increase. Citywide, values went up from $24,412,067,899 to $27,682,655,024, or 13.4% during that same period.
The M-Line of The Hop is scheduled to begin service on November 2nd. During its first year of operation all rides are free thanks to presenting sponsor Potawatomi Hotel & Casino.
More about the Milwaukee Streetcar
For more project details, including the project timeline, financing, route and possible extensions, see our extensive past coverage.
- Plats and Parcels: Lakefront Streetcar Extension Scheduled for June 2022 Opening - Jeramey Jannene - Dec 6th, 2020
- Transportation: Should Milwaukee Stop The Hop? - Jeramey Jannene - Oct 13th, 2020
- Transportation: The Hop Now Wears a Mask - Jeramey Jannene - Aug 18th, 2020
- Eyes on Milwaukee: Is A Couture Deal Finally Coming? - Jeramey Jannene - May 13th, 2020
- Transportation: SUV Driver Runs Into The Hop - Jeramey Jannene - Feb 28th, 2020
- Transportation: Streetcar Kiosks Could Bring In $500,000 Annually - Jeramey Jannene - Feb 20th, 2020
- Thanks A Million, Hop Riders! - The Hop - Feb 19th, 2020
- Transportation: We Energies Will Sponsor Streetcar - Jeramey Jannene - Feb 10th, 2020
- Transportation: Streetcar Ridership Up in January Versus 2019 - Jeramey Jannene - Feb 7th, 2020
- Transportation: Streetcar Ridership Up in December - Jeramey Jannene - Jan 14th, 2020
Read more about Milwaukee Streetcar here
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