Utility work for the $140 million M-1 Rail project has already begun, and Rock Ventures President and CEO Matt Cullen said he expects to officially break ground for the lightrail track this summer. Once that work begins, the project will be finished in about two years, Cullen said Wednesday at a Detroit Economic Club lunch panel.
The M-1 Rail is a development that had to depend heavily on private and philanthropic money to become a reality. Cullen called it one of the most challenging projects he’s ever been apart of.
More than $100 million was raised privately for the M-1 Rail. Another $50 million is currently being raised to operate the system over its initial 10-year period, he said.
Once initial construction is complete, the lightrail will have 11 stops from Grand Boulevard in New Center to Congress Street in downtown Detroit. Tickets to ride will cost $1.50, with reduced rates for seniors, veterans and other groups.
California-based Stacy and Witbeck was named construction manager and general contractor for the project in July. The firm has constructed 17 streetcar developments in the U.S., the first of which was in Portland, Ore. The company is also currently building three streetcar projects in Seattle, Salt Lake City and Dallas.
Cullen said Wednesday that some people have asked why the project isn’t larger, extending for example from Cobo Hall to the Renaissance Center or heading down Gratiot Avenue to Eastern Market. He said the group has learned from Portland’s streetcar system that “expansion can come later.”
Meanwhile, the 3.3-mile M-1 Rail streetcar project will be “a huge integrator,” for major developments along the Woodward Avenue corridor, not the least of which includes a new Detroit Red Wings Arena and entertainment district, Cullen said.
Source: Mlive.com