How Sustainable Planning Increases Real Estate Property Value The 3V Framework
Urban sustainability strategies – increasing transit connectivity across geographical scales,enhancing jobs accessibility,density,mixed-use,creating high urban quality – create density and accessibility dividends that increase land and property values.It is of interest for developers and long-term investors to adopt sustainable urban development strategies.Building on the 3Values Framework developed by the World Bank,on Value Capture Finance mechanisms,on case studies such as Kings Cross in London,and Hudson Yards in New York,the paper presents sustainable planning and design principles,and innovative finance mechanisms.Property value is created by connectivity and urban quality.Their dynamic interplay has been conceptualized in the World Bank 3V Framework for TOD based on Node,Place and Market Values.Node value is created by public investment in connectivity/accessibility: 3.6 billion US$ public investment have been spent in Kings Cross in London,the first European interchange for international high speed,national,and local travel,and 2.87 billion US$ to enhance connectivity in New Yorks Hudson Yards.Place value is created by sustainable planning with dense street patterns and small blocks,and by design qualities – such as place making,enclosure,human scale,layering of space,complexity,coherence,legibility,and linkage: three major New York parks converge in Hudson Yards with a total public investment of 660 US$ million.Community socio-economic qualities-quality and proximity of education,health,culture,parks and other social amenities,and jobs opportunities-also contribute to place value.Once node and place values are created by public investment,private sector investment realizes market value.Private and public sector may then capture value and recycle part of it in further connectivity and place improvement,thus initiating a positive feedback loop of Value Capture Finance increasing both real estate property values and sustainability.
planning transit-oriented development real estate value
Serge SALAT Fran(c)oise LABB(E)
Urban Morphology and Complex Systems Institute,France
国际会议
2017世界可持续建筑环境大会(the World Sustainable Built Environment Conference)
香港
英文
1571-1578
2017-06-05（万方平台首次上网日期，不代表论文的发表时间）