An Evaluation of Property Values in New Jersey Transit Villages
Robert Noland, Ph.D., Michael Lahr, Ph.D., and Stephanie Dipetrillo, 101 pages. February 2011.
This report provides an analysis of whether the New Jersey Transit Village Initiative has led to increases in property values in municipalities that have joined the program. Our results suggest that for residential property values there is likely an association between higher property values and being designated a Transit Village; however, we cannot show that this is a cause and effect relationship. That is, we are unable to ascertain whether the Transit Village designation itself eventually leads to higher residential property values, as opposed to other factors. We also analyzed commercial rental rates, for industrial, office, and retail uses, but weren't unable to draw confident conclusions due to data limitations.
Eliminating Barriers to Transit-Oriented Development
Daniel Chatman, Ph.D., and Stephanie DiPetrillo, 81 pages. March 2010.
This report looked at three conditions that could be barriers to transit-oriented development: impacts on schools; impacts to local auto traffic; and, impacts on local parking. Ten transit stations in distinct communities were investigated, comparing households living near rail stations as well as farther away in both old and new housing.
VTC has completed its second report, "Land Development at Selected Hudson-Bergen Light Rail Stations," examining real estate development near the Hudson-Bergen Light Rail line, focusing on new residential construction at five stations in Bayonne, Jersey City, Hoboken, Weehawken and Union City. Conducted by VTC Senior Policy Fellow Martin Robins and Dr. Jan Wells, the study documented 10,139 housing units either built or under construction at the five locations resulting in a total estimated sales value in excess of $5.3 billion. The study lists a series of development, transportation and community benefits resulting from the TOD development.
Somerset County TOD Plan wins NJAPA award
The plan “TOD
Opportunities in Somerset County, New Jersey” was awarded the New Jersey chapter of the American Planning
Association (NJAPA) Outstanding Planning Implementation Award.
This plan, profiled in Volume
1, Number 1 of Transit-Friendly
Development, was a collaborative effort
led by Wallace Roberts & Todd, LLC with assistance from
Nelson/Nygaard Consulting Associates and the Alan M. Voorhees
Transportation Center (VTC) at Rutgers University. The document
presented an analysis of opportunities for transit-oriented
development in Somerset County. In direct consultation with
county residents, the team produced station-area plans and
implementation strategies for three locations along NJ TRANSIT's
Raritan Valley Line. These conceptual visions for sites located
in Bound Brook, Branchburg and Somerville provide a guide
for municipalities to effectively implement TOD planning at
the local level, focusing particularly on design, regulatory
policy and financial strategies.