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An Assessment of the Marginal Impact of Urban Amenities on Residential Pricing

An entire industry has arisen dedicated to the concept of “Placemaking”, which recognizes that an agglomeration of activities and amenities is a critical aspect of an urban experience. Placemaking is a term that began to be used in the 1970s by architects and planners to describe the process of creating squares, plazas, parks, streets, and waterfronts that will attract people because they are pleasurable or interesting. While widely discussed with anecdotal evidence, to date there has been little if any substantive analysis of the marginal impact of the amenities associated with an urban experience on achievable pricing. This study addresses the missing substantive evidence of the relationship between a range of urban amenities and pricing.