About the Event
This presentation will discuss a University of Minnesota analysis of the property value impacts of the Hiawatha Light Rail Transit (LRT) Line in Minneapolis, in terms of the accessibility effect of proximity to LRT station and the nuisance effect of proximity to LRT track. In this analysis, researchers utilized a hedonic pricing model to estimate the effect of proximity to the nearest light rail station on sales prices for single-family and multifamily housing, using data from 1997 to 2007 that encompass periods before and after construction of the line. Because a four-lane highway and adjacent industrial corridor runs parallel to the Hiawatha Line to the east, the researchers expected different impacts from light rail construction on properties east and west of the line.
The research findings will be discussed in this presentation. Findings confirmed that a significant accessibility effect occurs west of the line as does a significant nuisance effect as hypothesized. The findings for properties east of line show a decline in value both for proximity to station and to track. Pre- to post-completion comparisons indicate that for single family homes, the basic accessibility and nuisance effects were in place prior to completion of the LRT line, and completion of the line enhanced the effects. For multifamily homes west of the line, the LRT created an accessibility effect where one had not previously existed.