Impacts of CTfastrak on Real Estate and Urban Economic Development : Phase 1

Details

• Creators:
  Cohen, Jeffry P. ; Danko III, Joseph P.
• Corporate Creators:
  University of Connecticut. Connecticut Transportation Institute
• Corporate Contributors:
  United States. Federal Highway Administration
• Subject/TRT Terms:
  Bus Rapid Transit Costs Economic Benefits Economic Development Property Values Real Estate Development Transit Oriented Development Urban Development
• Resource Type:
  Tech Report
• Geographical Coverage:
  Connecticut
• Corporate Publisher:
  Connecticut. Dept. of Transportation
• NTL Classification:
  NTL-ECONOMICS AND FINANCE-ECONOMICS AND FINANCE ; NTL-PUBLIC TRANSPORTATION-Transit Planning and Policy
• Abstract:
  CTfastrak, a bus rapid transit service connecting four municipalities (Hartford, West Hartford, Newington, and New Britain) in Central Connecticut (CT), received final funding approval in 2011 and opened for service in March 2015. This new service may be encouraging transit-oriented development (TOD) along the busway, including new retail stores, restaurants, office space and housing. These potential impacts of CTfastrak are expected to affect property values. But, a priori, the magnitude of the impact is unknown. The overall aim of this study is to measure the impact of CTfastrak on real estate and urban economic development in these four municipalities. The change in property values and economic development will be analyzed before and after two crucial dates: the announcement of the funding commitment for the project in 2011 and the commencement of service in 2015. The first phase of this project – the focus of this report – involves collecting the necessary data for the second phase, which could encompass a data analysis study on the potential impacts on residential property values, businesses, residents, and towns in the areas surrounding CTfastrak stations over approximately the next five years.
• Format:
  PDF
• Collection(s):
  US Transportation Collection
• Main Document Checksum:
  urn:sha-512:a99d4d9992bd84675bf1c4ed25ff2acfb916d0bdf7979596152e53f1f3015bfe5490913dc5b249b21794d2daaa7ca6fa43bd8505b30a941a42d7d37ac495a472
• Download URL:
  https://rosap.ntl.bts.gov/view/dot/34984/dot_34984_DS1.pdf
• File Type:
  [PDF - 17.99 MB ]