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Build Parks, See Investment

New York Times

Hudson River Park, NY Times

There’s more evidence of parks positive affect on property values from New York City. A new report issued today by the Friends of Hudson River Park found that the $75 million the public invested in a section of the park in Greenwich Village sprouted into an additional $200 million in property values in a two-block area from 2002 to 2005 According to he New York Times City Room:

The study found that about a fifth of the value of properties within two blocks of the Greenwich Village section of the park can be attributed to the park, and that real estate prices near the park began to rise only when its construction began in 1997. And the park had a significant effect on nearby condo sales, as their prices increased by 80 percent once the Greenwich Village section of the park was completed in 2003.

The study was conducted by the Regional Plan Association. The findings offer more real numbers that park development is economic development.

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2 Responses

  1. Dear Ben,

    It seems we regularly see these kinds of findings for downtown parks and waterfronts but a little searching and we can find just as good data for neighborhood parks. In fact, if one were optimistic, one could say that community development corporations have discovered the value of parks and greenspaces. I noted recently that the Urban Institute in a report way back in 2002 surveyed 23 cities and their community development activity. At that point 29% said they were involved in some kind of “open space activity,” including gardens, park management, and greenways. And CDCs in Cleveland and Philadelphia, after hearing from residents as to the importance of greenspace, have made greening one of their program priorities. Nice to see the economic benefits of greening trickling outward from the downtowns.

  2. Kathy – Great point – it is the neighborhood parks that are the closest to where most people live. These are the parks that are visited most, but the value of them isn’t always the focus. Thanks for the great statistic on CDCs involved in this work. If anyone is interested in the report, I tracked it down and here’s the link:

    http://www.urban.org/UploadedPDF/310638_ChangingSupportSystems.pdf

    Might have to relate back to that report in a later post.

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