TRANSIT'S VALUE-ADDED EFFECTS: LIGHT AND COMMUTER RAIL SERVICES AND COMMERCIAL LAND VALUES
Transit-oriented development has gained favor as a means of reducing traffic congestion, promoting affordable housing, and curbing sprawl. The effects of proximity to light and commuter rail stations are modeled as are the effects of freeway interchanges on commercial-retail and office properties in fast-growing Santa Clara County, California. From hedonic price models, substantial capitalization benefits were found, on the order of 23% for a typical commercial parcel near a light rail transit stop and more than 120% for commercial land in a business district and within 0.25 mi of a commuter rail station. Such evidence is of use not only to developers and lenders but also to transit agencies facing lawsuits over purported negative externalities associated with being near rail. It can also help in the design of creative financing, such as value-capture programs.
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Availability:
- Find a library where document is available. Order URL: http://worldcat.org/isbn/0309077311
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Supplemental Notes:
- This paper appears in Transportation Research Record No. 1805, Travel Demand and Land Use 2002.
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Corporate Authors:
500 Fifth Street, NW
Washington, DC United States 20001 -
Authors:
- Cervero, R
- Duncan, M
- Publication Date: 2002
Language
- English
Media Info
- Features: Figures; References; Tables;
- Pagination: p. 8-15
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Serial:
- Transportation Research Record
- Issue Number: 1805
- Publisher: Transportation Research Board
- ISSN: 0361-1981
Subject/Index Terms
- TRT Terms: Accessibility; Benefits; Commercial strips; Land values; Light rail transit; Railroad commuter service; Transit oriented development
- Uncontrolled Terms: Hedonic price models
- Geographic Terms: Santa Clara County (California)
- Subject Areas: Economics; Highways; Planning and Forecasting; Public Transportation; Society;
Filing Info
- Accession Number: 00935398
- Record Type: Publication
- ISBN: 0309077311
- Files: TRIS, TRB
- Created Date: Dec 13 2004 12:00AM