Properties in Blue Ash and along the Ohio River might enjoy the biggest spike in value if an $800 million light-rail system is built linking Northern Kentucky to suburbs north of Cincinnati.

        A commuter system from Covington to Blue Ash would add $353 million in worth to commercial and residential properties near the route's proposed 21 stops, according to a study released Tuesday by HLB Decision Economics.

PROPOSED STOPS

1. Cornell Park     2. Reed-Hartman     3. Pfeiffer     4. Cooper     5. Galbraith     6. Silverton     7. Ridge     8. Norwood     9. Xavier     10. Avondale     11. Medical Center     12. Cincinnati Zoo     13. University of Cincinnati     14. Mount Auburn     15. Over-the-Rhine     16. Court Street     17. Government Square     18. The Banks     19. Covington riverfront     20. Pike Street     21. 12th Street

        The Silver Spring, Md.-based firm singled out four areas that stand to benefit the most: Covington, the Banks riverfront property and two sites in Blue Ash — Cornell Park and Reed-Hartman. Commercial property values within a half-mile of those four stations would jump an average of 7.3 percent, in addition to regular appreciation, over three decades.

        Properties near the University of Cincinnati, Over-the-Rhine and Avondale would see a slightly smaller boost of 6.7 percent.

        Ken Schuermann, a senior vice president with Duke-Weeks Realty Corp., Greater Cincinnati's largest commercial developer, said he isn't surprised by HLB's findings.

        “It would certainly benefit all the employers along Interstate 71,” said Mr. Schuermann, who oversees several Duke-Weeks' office towers downtown and in Blue Ash. “It would make it easier for employees to get to and from work.”

        HLB's study, completed on behalf of the MetropolitanMobility Alliance, cited higher property values, decreased traffic congestion and affordable transportation as reasons Greater Cincinnati should pursue light rail instead of widening I-71.

Tracks crossing Cornell Road near Grooms Road boost Blue Ash if a light-rail line runs through, an economic study says. Arthur Catamari, a leasing representative for Summit Woods Corporate Center, walks along the tracks. (Tony Jones photo) | ZOOM |

        Light-rail benefits would exceed costs by $786.6 million. The benefits after costs of adding lanes to I-71 would be $156.1 million, HLB concluded.

        The Ohio-Kentucky-Indiana Council of Governments and Metro are touting light rail to reduce Greater Cincinnati's traffic congestion, pollution and sprawl as well as to spur development. OKI formed the Regional Mobility Alliance to study the feasibility of light rail and how to pay for it.

        Despite the rosy findings, not all developers are sold on the idea of light rail.

        J.R. Anderson, of Jeffrey Anderson Real Estate, questioned how the project would be funded. Although OKI hasn't decided how to pay for light rail, any plan likely will require local taxes to supplement state and federal money.

        That could be a tough sell for a community that already approved a sales tax increase for two professional sports stadiums. Community leaders also are pondering the $335 million expansion of the downtown convention center.

        “It's not a cheap endeavor, and in the Midwest, people aren't used to riding (light rail),” said Mr. Anderson, whose firm developed the Rookwood shopping/office complex in Norwood. “As far as increasing property values, I don't see why it would.”

        The study said the properties would be more valuable because they would be easier to get to for shoppers and workers.

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