Impacts of CTfastrak on Real Estate and Urban Economic Development: Phase 1

CTfastrak, a bus rapid transit service connecting four municipalities (Hartford, West Hartford, Newington, and New Britain) in Central Connecticut (CT), received final funding approval in 2011 and opened for service in March 2015. This new service may be encouraging transit-oriented development (TOD) along the busway, including new retail stores, restaurants, office space and housing. These potential impacts of CTfastrak are expected to affect property values. But, a priori, the magnitude of the impact is unknown. The overall aim of this study is to measure the impact of CTfastrak on real estate and urban economic development in these four municipalities. The change in property values and economic development will be analyzed before and after two crucial dates: the announcement of the funding commitment for the project in 2011 and the commencement of service in 2015. The first phase of this project – the focus of this report – involves collecting the necessary data for the second phase, which could encompass a data analysis study on the potential impacts on residential property values, businesses, residents, and towns in the areas surrounding CTfastrak stations over approximately the next five years.

• Record URL:
  http://www.ct.gov/dot/lib/dot/documents/dresearch/CT-2301-F-17-7.pdf
• 
• Record URL:
  https://rosap.ntl.bts.gov/view/dot/34984
• Corporate Authors:

  University of Connecticut, Storrs

  Connecticut Transportation Institute
  270 Middle Turnpike
  Storrs, CT  United States  06269-5202

  Connecticut Department of Transportation

  2800 Berlin Turnpike
  Newington, CT  United States  06131

  Federal Highway Administration

  1200 New Jersey Avenue, SE
  Washington, DC  United States  20590
• Authors:
  • Cohen, Jeffrey P
  • Danko III, Joseph J
• Publication Date: 2017-7-30

Language

• English

Media Info

• Media Type: Digital/other
• Edition: Final Report
• Features: Appendices; Figures; Photos; References; Tables;
• Pagination: 128p

Subject/Index Terms

• TRT Terms: Bus rapid transit; Costs; Economic benefits; Economic development; Property values; Real estate development; Transit oriented development; Urban development
• Geographic Terms: Connecticut
• Subject Areas: Economics; Planning and Forecasting; Public Transportation;

Filing Info

• Accession Number: 01651429
• Record Type: Publication
• Report/Paper Numbers: CT-2301-F-17-7
• Files: NTL, TRIS, ATRI, USDOT, STATEDOT
• Created Date: Nov 22 2017 3:26PM