00148923

Component

http://onlinepubs.trb.org...dstudies/vol2/937-1021.pdf

This report presents a historical summary of the present state of air rights valuation methodology, a brief review of legal considerations, and a discussion of valuation procedures as applied in recent developments. A comprehensive framework is recommended for the valuation of air rights above and below existing highways, with additional consideration given to the feasibility of development and public policies. The valuation of airspace above highways requires an extensive investigation of special costs resulting from foundation and structural requirements, safety precautions, access and utility problems, etc. Valuation involving the income capitalization and residual approach is recommended. The use of a ratio of value of the air space to value of the fee, as a rule of thumb for appraising airspace, is not acceptable. Most states are found to permit utilization of highway airspace by provate parties under interpretation of existing legislation, whereas a few states specifically prohibit conveyance to private parties. A wide variety of public and private uses of airspace below viaduct highways is highly feasible. The most significant benefit resulting from airspace development is the higher degree of compatibility between the highway and surrounding community. The adoption of state legislation authorizing the highway agency to sell or lease airspace to private parties is recommended as a minimum with regard to existing highways. Further findings relating to airspace utilization experience, the feasibility of public and private uses, public benefits and public policies are presented.

The project that is the subject of this report was part of the National Cooperative Highway Research Program conducted by the Transportation Research Board with the approval of the Governing Board of the National Research Council. This article appears in Selected Studies in Highway Law, Volumes One and Two. This report was preraed by Daniel, Mann, Johnson and Mendenhall of Los Angeles, California. Distribution, posting, or copying of this PDF is strictly prohibited without written permission of the Transportation Research Board of the National Academy of Sciences. Unless otherwise indicated, all materials in this PDF are copyrighted by the National Academy of Sciences. Copyright © National Academy of Sciences. All rights reserved

p. 937-1021

1976

Selected Studies in Highway Law

Appendices (2) ; Figures (14) ; References (93) ; Tables (5)

Governments; Highways; Laws; Present value; Private enterprise; Public policy; Utilization; Viaducts

Air rights; Value

Highways; Law; Policy; Research

TRIS, TRB

Mar 30 1977 12:00AM

• ADVANCE ACQUISITION OF HIGHWAY RIGHTS-OF-WAY
• JOINT DEVELOPMENT UNDER THE MODEL AIRSPACE ACT
• LIABILITY FOR HIGHWAY DRAINAGE DAMAGES
• SUPPLEMENTAL CONDEMNATION: A DISCUSSION OF THE PRINCIPLES OF EXCESS AND SUBSTITUTE CONDEMNATION
• THEORY AND PRACTICE IN INVERSE CONDEMNATION FOR FIVE REPRESENTATIVE STATES
• VALUATION AND CONDEMNATION OF ADVERTISING SIGNS AND RELATED PROPERTY INTERESTS UNDER THE HIGHWAY BEAUTIFICATION ACT
• VALUATION AND CONDEMNATION PROBLEMS INVOLVING TRADE FIXTURES
• VALUATION CHANGES RESULTING FROM INFLUENCE OF PUBLIC IMPROVEMENTS
• VALUATION IN EMINENT DOMAIN AS AFFECTED BY RECOGNITION OF BENEFITS TO REMAINDER PROPERTY
• VALUATION IN EMINENT DOMAIN AS AFFECTED BY ZONING