Let me begin by saying that I'm not yet sure how I feel about the proposed light rail for Stamford. Now let me bring to your attention a seemingly far-fetched proposal to turn Manhattan's 42nd Street into a traffic-free light rail line. Here's the Times article.
Some interesting quotes:
“Real estate people should take a look at what’s happened with real estate values in other cities where there are these walking streets,” said Mr. Durst, who visits pedestrian-friendly Copenhagen frequently, as his wife is Danish. “They’ve increased tremendously.”
Vision 42 advocates said light rail lines in Dallas had stimulated more than $1 billion worth of development. In Portland, Ore., light rail has catalyzed about $1.2 billion worth of development. In Jersey City, about 33.3 million square feet of development is under way, Mr. Haikalis said.