Land Use Impacts of Bus Rapid Transit: Phase II\u2014Effects of BRT Station Proximity on Property Values along the Boston Silver Line Washington Street Corridor

https://doi.org/10.21949/15035602012PDFTech ReportFTA Report No. 0022FL-26-7109Bus rapid transitBus transitReal estate developmentLand use planningLand useProperty valuesImpactsCase studiesResearch reportsPlanningPolicyBRTHedonic regressionUnited StatesUnited States. Federal Transit AdministrationPerk, Victoria A.Catala, MartinReader, StevenNational Bus Rapid Transit InstituteUnited States. Department of Transportation. Federal Transit AdministrationFederal Transit AdministrationThe development of Bus Rapid Transit (BRT) systems is relatively recent in the U.S.; however, several systems are operating and many more are being planned. A comprehensive understanding of the relationship between land uses and BRT systems is needed, particularly in comparison to other fixed-guideway modes such as rail. This report describes an effort to quantify the impacts of access to BRT stations on the sale prices of surrounding condominiums located along Boston\u2019s Washington Street where Phase I of the Silver Line BRT began in 2002. To test the hypothesis that the BRT stations have an impact on market value that is commensurate with rail transit projects (considering the level and permanence of services and facilities), a hedonic regression methodology was used to estimate the impact of access to BRT station on sale prices of condo units. A key result is that for condo sales that occurred in 2007 or 2009, the BRT premium was approximately 7.6 percent. For condo sales in 2000 and 2001, prior to the opening of the Silver Line, no sales premium existed for proximity to the corridor. Further, changes in land uses along the corridor were examined over the period from 2003 to 2009. As more BRT systems continue operating in the U.S., this methodology should be applied to other cities as well as to other types of properties. These studies can help policymakers and those in the transit industry gain a better understanding of the overall impacts of proximity to BRT stations on property values, land uses, and economic development.85