From Elevated Freeway to Linear Park: Land Price Impacts of Seoul, Korea's CGC Project

Chang Deok Kang and Robert Cervero

Institute of Transportation Studies, Research Reports, Working Papers, Proceedings from Institute of Transportation Studies, UC Berkeley

Abstract: Freeways and other high-performance roadway investments have long been considered vital to the economic well-being of metropolitan areas. Empirical research shows that limited-access, grade-separated freeway systems increase a region’s economic productivity by lowering transportation costs, a factor input to economic production (Aschauer, 1990; Boarnet, 1997). Past studies also reveal that urban land markets capitalize the benefit of proximity to freeway interchanges, especially for non-residential uses and in areas experiencing worsening traffic conditions (Gillen, 1996; Boarnet, 1997; Bhatta and Drennan, 2003). Increasingly, city leaders are turning to a different kind of public asset to grow local economies, notably public amenities, urban parks, and other civic functions that enhance quality of central-city living. In an increasingly competitive, knowledge-based global marketplace, improved civic spaces and expansion of the arts and cultural-entertainment offerings, proponents contend, will appeal to highly sought professional-class workers, Richard Florida’s (2002) so-called “creative class”.

Keywords: Engineering (search for similar items in EconPapers)
Date: 2008-08-01
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Citations: View citations in EconPapers (1)

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