As we get closer to the big day in December when the light rail trains begin to carry passengers in Phoenix, Tempe and Mesa, we are seeing a lot more media coverage. Recently, there was a story in the AZ Republic talking about the development along the 20 mile route and the amount of public and private development created since 2004. The figure; SIX Billion dollars. According to the article.. "The price tag includes projects already completed, developments under construction and announced projects within a half-mile radius of the line that officials from those cities say will likely come to fruition, according to Ben Limmer, a Metro light rail planner."

They also had a breakdown (as provided by Metro) that mentioned the following. (yes, we know the real estate market is different today than it was a few years ago)

$6 billion Total value of public and private investment in transit oriented projects along the light-rail line since 2004.
15,000 Approximate number of residential units that are planned, under construction or already completed along light rail since 2004.
7 million square feet Amount of commercial space that is planned, under construction or completed close to light rail since 2004.
1800 Approximate number of hotel rooms that are planned, under construction or completed along the line. 

While that is a lot of cabbage, it is important to note (also mentioned in the article) that much of this development is in areas that would have built even without light rail. However, there is no doubt that many projects have been put in the works because of their proximity to the line. You see, rail is more appealing to many because it is more tangible than say, a bus route. ie: The stops create more opportunity to build community, to build small business etc. 
The timing for light rail in Arizona couldn't get much better. As gas prices continue to climb, people are embracing public transportation more than ever. While the "cost" of the system has been reported as $1.4 Billion, there are many factors to consider when evaluating future expansion and success of the overall project. Time will tell how many people will ride, how many will be occasional users and how many will use it as an effective way to get to school and work every day.

Following the project a little more closely than the average person, I have been amazed at the amount of work, planning and design that has gone in to bringing light rail to Arizona. I get the feeling that many people believe someone throws down a few tracks, buys a few "electric buses" and bam, we have a new transportation system. This just isn't the case.. Come December though, I bet Metro hopes to make everything look "easy."