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  • Key message: studies show the accessibility benefits of living near rail stations get reflected in land values and rents – with the largest benefits generally accruing to properties closest to the station. Theory says benefits of living near rail get capitalized into land values. Thus a good way to reflect benefits of TOD is to examine rent and land value premiums – often by comparing “comps” (similar projects except one is near and the other is not near transit). Note: design factors weigh in. QUESTION : How might this “land premium” curve look if the immediate station is surrounded by a park-and-ride lot? To the degree traffic entering a neighborhood creates a nuisance (or what economists call a “disamenity”), there might be a dip in the curve close to the station.
  • TRANSPORTATION AND LAND USE 10- Key message: Design is partly about making TOD attractive places for “choice consumers”, but also to make densities tolerable – by softening perceptions of density, it is possible to push the envelope of densities high enough to sustain often-expensive fixed-guideway transit investments. Key design attributes: civic spaces near station; pedestrians and transit co-habitate streets (with minimal car interference); “green connectors” – good bikeway and pedway connections.
  • TRANSPORTATION AND LAND USE 10-
  • This is just a simplified diagram of Hong Kong station’s development package. This package is basically made from different land use components such as office, shopping mall and hotels. These designs and construction were done by MTRC and benefits and costs are shared among stakeholders. MTRC did not disappear and remain as a part of the property owner and manager so that they can watch the whole integrated system and keep the annual revenue stream from the assets. Again, this is just one of the package example. There are diverse 25 R+P cases, we supposed that the different types of development packages would have different degrees of land impacts. So as our next step, we make some…
  • TRANSPORTATION AND LAND USE 10-
  • TRANSPORTATION AND LAND USE 10-
  • TRANSPORTATION AND LAND USE 10- To achieve the two main projects, several supporting systems were also developed. first, exclusive median bus lanes were expanded. currently there are 7.6 km of exclusive median bus lanes. In 2004, the exclusive median bus lanes were expanded by an additional 74.6 km. In 2005 and thereafter, an additional 87.8 km will be created, for a total of 162.4 km. These median bus lanes have shown an increase of 60 % in average bus speed.

Transcript

  • 1. Infrastructure, Urban Growth, & Global Competitiveness Robert Cervero, UC Berkeley
    • Economic Benefits
        • Early Work : Aschauer (1989) – >35% RoI
        • Methodological dilemmas : does infrastructure induce growth or do we build infrastructure where growth is occurring? Lead or Lag?
        • Reassessments : similar to private-sector rates of return (6%-8%)
    UITP Global Cities Database (N=52)
  • 2.
        • Factor input : to economic production; companies avoid congested areas with deadweight losses/perceived poor quality of life.
        • Traffic congestion : bottleneck to economic growth, lowering GDP by 2.5% to 8% < delays, uncertainties, eroding quality of life, energy waste>
        • Crowd-in or crowd-out private investment? In growing areas with hot real estate markets, it attracts private capital.
        • Insufficient : Incapable, by itself, of turning around lagging areas.
    Infrastructure & Urbanization Growth Impacts
  • 3. Infrastructure & Land Use Location Impacts
    • Literature : more redistributive than growth-inducing.
      • CA study (Boarnet): offsetting effects
    • Sprawl-Inducing? Transport investments generally a force toward decentralization – adds a layer of accessibility
      • New commuter rail lines & growth: exurban counties (e.g., Loudon VA; Placer CA) are growing faster than urban/suburban ones.
  • 4. Paradox?
    • Urban transport investments enlarge labor markets and trade-sheds -- e.g., better access to specialized skills
    • Enlargement = sprawl?
    • Key : how densities are organized …. Urban management & role for planning
    Los Angeles: Dysfunctional Densities? Suburban Stockholm’s Rail New Towns
  • 5. Density & Design -.606 Density’s VMT-Reducing Impacts Moderated by Road Design ~ 1/3 370 U.S. Urbanized Areas, 2003 The Los Angeles Effect
  • 6. Recapturing Benefits Rail Transit & Land Value Premiums Pleasant Hill California BART TOD Portland Oregon’s Pearl Distric t
  • 7. TOD as Place-making BART’s Oakland Civic Center Station
    • Place-making : comfortable, memorable places; hubs; aesthetics; amenities; legibility; natural surveillance
    • Soften perceptions of Density
    • Station as “Gateway”
    Mission Station BART Stockholm’s Tunnelbana Silver Spring Metrorail
  • 8. “ R+P” (Rail + Property): Value Capture Projects in Hong Kong MTRC’s property developments along rail line
  • 9. Hong Kong’s Model: “R+P” (Rail + Property) Railway (Fares) Property Development Property Investment & Management *2001-2005 Average Non-fare Revenue Sources Office Mall Station PTI Hotel & SA POS Parking Office
  • 10. Trends in MTRC’s Profits and Losses from Property Development and Recurring Businesses, 1980-2005
  • 11. Integrated Entrances Footbridge Network Shopping Mall above Station Long Footbridge
  • 12. Hang Hau Station: Price Premium R=400m N R+P Commercial Commercial Residential Public etc Others Green Space R+P Residential Station R=200m 35% Price Premium for R+P in TOD format
  • 13. Deconstructing Freeway Infrastructure Urban Regeneration with Less Mobility Portland’s Harbor Freeway Before Before After After San Francisco’s Embarcadero Freeway Milwaukee San Francisco’s Central freeway to Octavia Boulevard 1964 2006 Boston’s Big Dig
  • 14. Redesign of Seoul Plaza “ Calmed” Traffic: Pedestrian Oval Seoul, Korea: Urban Reclamation Cheong Gye Cheon Freeway Removal/ Stream Restoration Before: 2003 After: 2005
  • 15. Exclusive median bus lanes: 7 lines/ 84 km Curbside bus lanes: 293.6 km Targeted Vertical Retail-Office-Condo development along BRT corridors Multi-modal Transport: Offsetting Road Capacity Losses with Bus Priority Lanes & TOD Before: 2004 After: 2005
  • 16.
    • Greening of Central Seoul
    Temperature down by Average lowering 2%~5% Thermal Intensity in CBD
  • 17. Marginal Effects of CGC on Non Residential Land Price
  • 18. Marginal Effects of CGC on Residential Land Price
  • 19. Close
    • Infrastructure is still vital to economic expansion…not automatic; community design is essential to managing growth-inducing impacts
    • Global City Challenge: Strike the “Right” Balance of Infrastructure as a service and urban amenities/livability
    • Value added in bundling the two well – can co-finance infrastructure investments & seed expansion