Urban Policy Sustainability through a Value-Added Densification Tool: The Case of the South Boston Area

Rubina Canesi
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Rubina Canesi: Department of Civil Environmental and Architectural Engineering (DICEA), University of Padua, Via Venezia 1, 30151 Padova, Italy

Sustainability, 2022, vol. 14, issue 14, 1-12

Abstract: Over the past decade, urban density has been growing faster than ever, forcing high-density expansion. The aim of this study is to verify whether urban density is accepted as a sustainable value-added quality, internalized in the willingness to pay on a buildable per square feet basis. To explore the relationship between land prices and densification processes, this study focused on a low-density area, which recently went through a densification policy process with the approval of a new zoning tool. The study analyzes land price trends on a 144-Acre of area, located in the South Boston Submarket, identified as the Dorchester Ave Area. I analyzed land transactions in this area between 2012 and 2021. I also examined land price variations before and after the approval of a densification plan in correlation with the overall trend of the real estate market in that area. The results suggest that density is a value-added feature that affects land prices. Indeed, a higher density leads to higher values per buildable square feet. Densification policies have a strong positive impact on land transaction prices. Community and developers valued density with a greater willingness to pay, internalizing the economic, social, and environmental sustainability benefits. This phenomenon should be taken into consideration by local public authorities implementing their zoning tools.

Keywords: urban regeneration process; land price; Floor Area Ratio (FAR); urban density; land use regulation policy (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (3)

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