TCRP 129: Local and Regional Funding Mechanisms for Public Transportation
September 15, 2008|Transit Cooperative Research Program
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It has been more than 20 years since significant research has been conducted on local and regional (i.e., non-federal and non-state) funding for public transportation. No information is available that describes funding mechanisms from local and regional sources beyond the revenue amounts reported in the NTD for key categories of transit operating and capital funds. Without this information, communities and public transportation agencies spend considerable time and money identifying and considering the funding options available. Research is needed on funding mechanisms to allow local governments and transit agencies to consider and pursue appropriate funding for current and future public transportation services. The research results should describe a broad range of funding mechanisms and provide sufficient information to allow investigation and comparison of funding options and to implement the funding mechanisms.
The objectives of this research were to…
The objectives of this research were to…
Did the Hiawatha Light Rail Line Increase Single-Family Residential Property Values?
June 10, 2008|Minneapolis Federal Reserve
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In 2001, the City of Minneapolis began construction on the Hiawatha Light Rail Line, one of the largest mass transit projects in the history of Minnesota. Opened in June 2004, this twelve-mile, seventeen-station line connects Minneapolis’s downtown with the Minneapolis- Saint Paul International Airport and the Mall of America. In addition to connecting major amenities, the Hiawatha Line runs through several of Minneapolis’s residential neighborhoods. To the extent that light rail increases accessibility and decreases transportation costs for nearby residents, such effects should be capitalized into local property markets.1 With this in mind, our paper examines the effect of the Hiawatha Light Rail Line on single-family residential property values between 1997 and 2006.
Rail + Property Development: A model of sustainable transit finance and urbanism
May 30, 2008|UC Berkeley Center for Future Urban Transport
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Hong Kong’s principal rail operator, the MTR Corporation (MTRC), has advanced the practice of transit value capture more than any public-transport organization worldwide. It has done so through its “Rail + Property” development approach, or R+P. Chapter One examines the evolution and implementation of R+P since its inception in the mid-1980s. The role of MTRC as master planner of station-area development and the process introduced to share risks and rewards among public and private stakeholders are discussed. Chapter Two discussed R+P as a form of transit-oriented development (TOD). Through good quality urban design and attention to the needs of pedestrians, concentrating growth around stations can not only help finance capital infrastructure but can also contribute to place-making and community enhancement.
Streetcar Development Linkage: Portland Streetcar Loop
February 7, 2008|E.D. Hovee and Company
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Starting in the mid to late 1800s, streetcar systems were implemented across America. Real estate owners and developers sought to increase sales by connecting their newly-built homes to Central City employment and retail via streetcar transit. Mass marketing of the automobile deflected attention from – and investment in – these systems in the 1900s in all but a handful of cities, including Toronto, New Orleans, Philadelphia and San Francisco.
In 2001, Portland opened a new Central City streetcar line, the first modern streetcar system built in America. Since that time, America appears to have collectively recalled the power of streetcar to support and compliment land use development, and five years later more than 80 American communities were planning for streetcar implementation. Portland is now seeking funding for the extension of its 4-mile streetcar line to a Portland Streetcar Loop encompassing both the west and east sides of its Central City.
In 2001, Portland opened a new Central City streetcar line, the first modern streetcar system built in America. Since that time, America appears to have collectively recalled the power of streetcar to support and compliment land use development, and five years later more than 80 American communities were planning for streetcar implementation. Portland is now seeking funding for the extension of its 4-mile streetcar line to a Portland Streetcar Loop encompassing both the west and east sides of its Central City.
Large Scale Redevelopment Initiatives, Housing Values, and Gentrification: The Case of the Atlanta Beltline
January 1, 2008|Georgia Institute of Technology
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This paper examines the impacts on residential property values of municipal-led planning for a large-scale, multi-use land development project called the Atlanta Beltline, which involves the production, over a 25 year period, of a wide array of greenspace, light rail transit, and related privately-owned real estate developments. The paper considers the impacts on homes within the target development area as well as in nearby locations, with a particular emphasis on the portion of the Beltline adjacent to substantial low-income populations.
Minneapolis Streetcar Feasibility Study
December 1, 2007|City of Minneapolis
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This Streetcar Feasibility Study is being conducted in conjunction with the Access Minneapolis Ten-Year Transportation Action Plan, which lays the groundwork for transportation improvements that are designed to meet the long-term objectives of the Minneapolis Plan, the City’s comprehensive plan.
The Impact of Transit Corridors on Residential Property Values
September 1, 2007
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Most of the literature on transit corridors, such as superhighways and tunnels, focuses on the positive externality of transit access (e.g., interstate access, transit station) and fails to isolate the negative externality of the corridor itself. This empirical study examines two situations: one with both access benefits and negatives, and another without the access benefit. The findings reveal that proximity to the transit corridor alone without direct access conveys a negative impact on nearby housing values.
The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis
June 19, 2007|Springer Journals
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Railway stations function as nodes in transport networks and places in an urban environment. They have accessibility and environmental impacts, which contribute to property value. The literature on the effects of railway stations on property value is mixed in its finding in respect to the impact magnitude and direction, ranging from a negative to an insignificant or a positive impact. This paper attempts to explain the variation in the findings by meta-analytical procedures. Generally the variations are attributed to the nature of data, particular spatial characteristics, temporal effects and methodology.
An Assessment of the Marginal Impact of Urban Amenities on Residential Pricing
June 1, 2007|Portland Metro
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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.
The Estimated Value of New Investment Adjacent to DART LRT Stations: 1999-2005
September 23, 2005|Dallas Area Rapid Transit
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As the DART system has expanded in recent years, developers and planners have paid increasing attention to “transit-oriented development” (TOD) in order to capitalize on access to this high-speed urban transit alternative. Evidence to date suggests that a significant amount of new and rehabilitated property development has, in fact, occurred in close proximity to DART LRT stations.
