Large Scale Redevelopment Initiatives, Housing Values, and Gentrification: The Case of the Atlanta Beltline
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.
Unlike many analyses of state-led development initiatives, the analysis here focuses on impacts that occur as a result of the early planning for the ultimate project – and the public knowledge of such planning – rather than on impacts that follow formal state intervention or actual physical redevelopment. Given the long timelines involved in large-scale projects, and the possibility that land speculators and others may drive up land values well before the formal adoption of state subsidies or the breaking of ground on actual redevelopment projects, it is important to analyze price changes from the point of initial public and investor awareness.