The Southeastern Pennsylvania Transportation Authority’s (SEPTA) proposed extension of the Norristown High-Speed Line to King of Prussia, Pa., is expected to add $540 million to $946 million to the city’s real estate value over 20 years, according to a new report.
Released by the Economy League of Greater Philadelphia and Econsult Solutions Inc., the “Connecting KOP” study quantifies benefits associated with SEPTA’s project, including job growth, shorter commute times, reduced congestion and increased development, league officials said in a press release.
The extension would cut transit time to King of Prussia from Philadelphia’s Center City district by more than 30 minutes, the study found.
Additionally, construction of the rail extension is anticipated to generate $1.1 billion to $1.3 billion in economic activity within the five-county region of southeastern Pennsylvania, along with an estimated $20 million in income tax, sales tax and business tax revenues in the state.
“The region still lacks a reliable and direct transit connection between Philadelphia and King of Prussia — the largest job center in the region outside of the city,” said Elizabeth Smith, SEPTA’s manager of long range planning. “The analysis conducted by the Economy League and Econsult Solutions helps illustrate the widespread impact that this investment in our region’s infrastructure would have.”