01337719

Component

In the global economy, polycentric mega-city regions call for mega-transit investments and land-use deregulations to sustain urban densities, facilitate face-to-face interactions, and amplify knowledge spillovers among innovative firms and creative professionals. This paper examines the capitalization effects of a variety of rail transit technologies and urban regeneration programs in the Tokyo Megalopolis Region. Multi-level models for estimating Tokyo's residential, commercial, mixed-use, and industrial land values in 2000 and 2007 reveal: (i) the agglomeration benefits of high speed rail terminal, metro rail transit extension, and office property redevelopment projects in central Tokyo; (ii) the high potential of value capture practices to recover the capital costs of mega-transit projects from the agglomeration benefits; and (iii) the redistributive effects of mixed-use property redevelopment and pedestrian space improvement projects on residential land values with proximity to rail transit stations. These empirical findings suggest the possibility of the new transit-oriented mega-city region model to produce and consume higher-quality services in a more compact manner.

01329018

11-1566

English

23p

2011

Transportation Research Board 90th Annual Meeting

DVD

Figures; Maps; References (35) ; Tables (3)

Deregulation; High speed rail; Land use planning; Mixed use development; Property values; Public transit; Rail transit; Sustainable development; Transit oriented development; Urban renewal

Agglomeration

Tokyo (Japan)

Economics; Planning and Forecasting; Public Transportation; Railroads; I72: Traffic and Transport Planning

Transportation Research Board Annual Meeting 2011 Paper #11-1566

TRIS, TRB

Feb 17 2011 5:51PM