05 Mar '12, 1pm

Running freeways through cities has often been a costly mistake. So, what now?

Running freeways through cities has often been a costly mistake. So, what now?

Patrick Kennedy — Mar 5 2012 09:48 AM I've only listed our most conservative estimates of 9 separate models, which is what Kaid is citing here. Our most aggressive (in terms of FAR and land value) raises property tax revenue to nearly $100 million per year (from $3.5M) by year +15 assuming a 95% buildout by then. This new yearly tax revenue would come on the back of $6 billion in new investment (up from the 750M in the conservative model). A few points of note, the conservative model is EXTREMELY conservative. We're talking one-story buildings and relatively static land values ($60/sf which is fairly typical in the area). The increased investment is almost entirely from dumpin 60 new acres of land onto the market and repositioning 120 of currently underdeveloped land (vacant/surface parking). The most aggressive scenario sees property values rising to the level of some par...

Full article: http://switchboard.nrdc.org/blogs/kbenfield/running_freew...

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