Browsing by Subject "Real estate impact"

Now showing 1 - 1 of 1
  • Thumbnail Image
    Item
    From rail to trail : quantifying the impact of New York City's High Line
    (2019-05-08) Bendeck Sierra, Anahi; Oden, Michael
    The development of New York City’s High Line is known as one of the most iconic urban redevelopment projects in the United States. These large scale redevelopment projects are known for catalyzing economic development in areas through the addition of community amenities such as open spaces and park space, while also attracting new residential and commercial development in surrounding neighborhoods and increasing the value of surrounding properties. However, these projects are also known for negatively impacting the preexisting socioeconomic fabric of its surrounding areas. This report explores the impact of the High Line on its surrounding neighborhoods in order to understand if the positive community benefits associated with these large redevelopment projects outweigh the negative impacts they may have. Three main research questions shaped this report: 1. To what extent did the High Line development impact the property values of the neighborhoods surrounding the site? a. What was the overall percent change in the market and assessed property values from pre-High Line to post-project completion? b. How does the impact on the area’s real estate values compare to value changes in the market in surrounding neighborhoods and the overall property value changes Manhattan? 2. How many new developments came about as a result of the High Line development and the West Chelsea rezoning? 3. What were the socioeconomic impacts that resulted from the High Line redevelopment? Data was collected from multiple sources to address these questions, and to help better understand how these large redevelopment projects can impact neighborhoods and therefore determine what cities can do to ensure that the negative impacts do not outweigh the positive aspects of these projects. If done successfully, these projects can result in successful, equitable, and inclusive economic development.