Sunday, January 25, 2009

The Tunnel: From a Real Estate Perspective

The announcement that the Viaduct dilemma has finally been resolved comes as a great relief. With the current structure unstable and unsafe it is time that Seattle moved forward with the replacement plan.

Looking at the tunnel from a real estate perspective, this is great for Seattle. The property values for those people who own property near the Viaduct will greatly increase with the decrease in noise pollution and the absence of the unattractive elevated structure making way for what should be striking views of the Sound for some.

This will also help commercial real estate owners in the Viaduct zone by increasing their property values for the same reasons as above but also by increasing their foot traffic by creating an easy and eye pleasing way for tourists, downtown dwellers and all people to make their way from the shopping and financial districts to the waterfront.

The city as a whole will benefit from tunneling the noisy roadway underground. Noise will be decreased, road dust and grime will decrease, green space will be added where the Viaduct once stood, access from 1st Avenue and the Pike Place Market to the waterfront will be greatly improved, and money from tourism is expected to increase with visitors being more pleasantly able to stroll down to the waterfront and enjoy what Seattle's piers and surrounding businesses have to offer.

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