We all value and love parks, especially iconic ones like New York’s Central Park or Atlanta’s Piedmont Park, but what are they really worth?
Using a rather straight-forward, but potentially overly simple calculation, data gatherers determined the real estate value of 10 of America’s most iconic urban parks. While not yet complete, one can imagine that Cincinnati’s Smale Riverfront Park would rival some of these parks in terms of real estate value once fully built out. More from Urbanful:
The existential value of public parks to city dwellers has fueled their expansion and sheltered these urban oases from encroaching neighborhoods. No developer will ever be able to purchase Central Park because it is priceless to New Yorkers; however that doesn’t mean it’s not an interesting hypothetical.
Suppose Central Park was developable. This would change the entire fabric of the city, making specific property values inaccurate because these values are predicated on the existence of the park in the first place. Working forward from this assumption, apply broad averages for the development pattern and a rough estimate for total value can be established.
Using this example, Central Park has an area of 843 acres, or 36,721,080 sq ft. According to Trulia, New York has an average property value of $1,396 per sq ft, assuming mixed use development. This means, as a single story development, Central Park would be worth over $51 billion. The calculation is not quite finished yet. Using an estimate of 10 stories for average building height, the park would really be worth a staggering $510 billion based on this estimate.
A few weeks ago I journeyed seven-plus hours by car from Cincinnati to Atlanta for the American Planning Association’s (APA) national conference. The five-day conference was held in the Georgia World Congress Center in the core of Atlanta between downtown and Vine City.
This was my first trip to Atlanta since passing through the city in the early 1990’s.
For an urbanist, the city of Atlanta at first glance is a conundrum. Subway stations that seem to feed park and rides, buildings that barely front the street and streets with no crosswalks where pedestrians play a dangerous game of Frogger just to cross to the other side are all typical occurrences in the city.
However the city is all of these things and more. Atlanta boasts beautiful and funky neighborhoods such as Poncey Highlands, Little Five Points and Castleberry Hill. Beautiful parks such as Inman Park and the Frederick Law Olmsted-designed Piedmont Park.
The BeltLine, a multi-modal transportation corridor we reported on last week, has sparked development along its route and spurred pedestrian and bicycle connectivity between many of Atlanta’s intown neighborhoods.
During the conference I also had a chance to view the Atlanta Streetcar, which could begin operating later this year. Planners in Atlanta have tucked the streetcar’s maintenance facility under a highway viaduct. This is where the streetcars that have already arrived are now being stored.
As you might expect, social divisions by income were evident. I had a chance to explore some of Vine City, which is located just west of where the conference was held and was also home to Martin Luther King Jr. This neighborhood has given way to abandonment and decay. Empty lots, run down houses and discarded vehicles littered the streets.
At the conference, one particular session focused on the redevelopment of Vine City and the adjacent English Avenue. During that session, neighborhood leaders and proponents of the redevelopment plan were questioned vigorously by a representative from a community group that is active in those neighborhoods. The challenges reminded me of the not-so-distant past for Over-the-Rhine and other Cincinnati neighborhoods, such as the West End or Avondale, that are still struggling to rebuild what they have lost over the years.
On the last day of the conference, the APA announced that they had completed a survey which found that both Millennials and Baby Boomers prefer to live in urban settings where there are plenty of transportation options and walkable neighborhoods.
“If there is a single message from this poll, it’s that place matters,” stated APA’s executive director, Paul Farmer, in a prepared release. “Community characteristics like affordability, transportation choices, safe streets, high-speed internet and housing that can accommodate others or enable you to live there as you grow older matter as much as job opportunities.”
It seemed odd that the APA would choose to release this information while hosting a conference in an infamously automobile reliant city; but, while Atlanta is a city that is still overrun by the automobile it is showing signs that communities, residents and activists are coming together to push for neighborhood connectivity and pedestrian improvements.
Even though my initial impression was that the city serves as a dystopian future for urbanism where pedestrians are marginalized in urbanized places, after learning more about the city at the conference, it is encouraging to see that old mentality is changing.