09-22-04
Contact: Melissa Sabatine
Telephone: (202) 366-4043
Federal Transit Administrator Jennifer Dorn today visited Portland, Oregon to announce a $37 million grant to Tri Met for the Interstate MAX, otherwise known as the Yellow Line. Dorn was on hand to see how the line is contributing to the ongoing revitalization of the neighborhood, including new businesses and homes.
“President Bush knows that transit is about more than moving people, it’s about moving new investment and energy into our communities,” said Dorn. “Today’s investment will continue to fund the rebirth of some of Portland’s wonderful communities.”
Administrator Dorn saw first hand how the Interstate MAX is encouraging new investment. She visited stores that have opened since completion of the line. It is estimated that about 50 new businesses and hundreds of new jobs have been attracted to the area as a result of the increased traffic from the transit line.
One business Dorn visited is the Fred Meyer store, which is investing $20 million to renovate its existing property to take advantage of the growing customer traffic coming from the Interstate MAX line. The renovated complex will employ almost 240 people and is expected to open before the end of the year.
Other major developments to come include a New Seasons Market for North Portland, which currently has very limited options for grocery shopping, and a 36,000 square foot transit-oriented village at North Interstate and Killingsworth Street that will include affordable apartments, condos, townhomes and street-level retail.
The $37 million grant to the Interstate MAX will be used for continued activities related to the development and general operation of the line. The investment will fund the purchase of new signs, train control signals and new equipment for the line. The Interstate Metropolitan Areas Express (Interstate MAX) is a 5.8-mile light rail line extending north from central Portland along the Interstate-5 corridor. There are 10 new stations, including two that offer park and ride.
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