https://trec.pdx.edu/news/active-transportation-projects-offer-solid-returns-investment-economic-study-finds

Overall, the research team found positive effects on business activity in the retail and/or food sectors, demonstrating that the potential economic benefits are not just in more urban parts of the city of Portland:

"The findings reveal that these types of investments can have positive outcomes in places outside of downtown and inner Portland, particularly when coupled with other planning and infrastructure investments, but that we do need to address the negative effects of high speed, multi-lane arterials," Dill said.