United States Department of Transportation
i
Impacts of CTfastrak on Real Estate and Urban Economic Development: Phase 2
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2022-06-30
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[PDF-3.41 MB]
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Edition:Final Report March 1, 2020 - June 30, 2022
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Abstract:CTfastrak, a bus rapid transit service connecting four municipalities (Hartford, West Hartford, Newington, and New Britain) in Central Connecticut (CT), opened for service in March 2015. This new service may be encouraging transit-oriented development (TOD) along the busway and these potential impacts of CTfastrak are expected to affect property values; however, the impacts are unknown. Phase 1 of this study set the baseline of conditions leading up to the start of service. This report considers Phase 2 for the first 5 years of service (March 2015-March 2020). This Phase 2 analysis includes considering descriptive statistics for many variables across various ranges of distance from the stations in 2015 and 2020, as well as a comprehensive set of over 500 before/after maps superimposed on aerial photography (including property sales values; assessed values; property tax revenues; vacancies; vacant/undeveloped parcels; number of units of rentals, residential single family, and commercial; locations of environmental remediation; number of “assisted units”; travel costs; and planned/proposed development). A visualization tool was developed to ease the presentation of comparing each of the two sets of maps for Phase 1 and Phase 2. Finally, a statistical analysis is conducted to assess the correlation between distance to the nearest station and sales price, covering the period of 2015-2020. The statistical analysis finds that after controlling for other covariates, proximity to the nearest station is significantly correlated with sales price for each of the 3 classes studied, residential, condominiums, and commercial properties. A recommendation is to consider updating the analysis in a Phase 3, which would cover the period of post-March 2020 (i.e., the timeframe covering the Covid-19 pandemic).
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