LAND USE & ECONOMIC DEVELOPMENT
The Okeechobee Blvd & SR 7 Multimodal Corridor Study identified land use and economic development opportunities at various locations through coordination and interaction with businesses, the public, and other relevant government agencies.
Taxable Benefits of Enhanced Transit
The taxable value of land along a corridor directly correlates with the type of transportation investment made on the roadway. Multimodal infrastructure promoting safe and efficient transportation options for cars, bicyclists, pedestrians and transit riders benefit from a more walkable land development pattern, which yields a larger taxable value for a community. The map above illustrates the taxable value per acre along the Okeechobee & SR 7 corridors. Several locations near proposed station locations currently have a low taxable value and could be prime locations for redevelopment.
Land Use Opportunities
To show an example of potential redevelopment opportunities along the corridor, the animation below takes the taxable value for mixed-use development in Boca Raton’s Mizner Park and overlays it on the southeast corner of the Okeechobee Blvd. and SR 7 intersection. The results indicate a $652 million, or $11 million per acre increase in taxable value at that intersection that is currently has a taxable value of nearly zero. This type of investment provides economic benefits for the community as well as a demand multimodal transportation options such as enhanced transit.