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Mixed Uses and the Redevelopment Option

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  • Paul D. Childs
  • Timothy J. Riddiough
  • Alexander J. Triantis

Abstract

This paper considers how the potential for mixing uses and redevelopment impact property value. Operating flexibility of this type is found to significantly increase property value when the correlation between payouts from different property types is low or when redevelopment costs are low. The ability to mix uses and redevelop over time is also shown to affect the timing of initial land development. The shape of the development boundary is shown to differ considerably depending on whether marginal revenue is constant or decreasing to scale. Both policy and empirical implications concerning the effects of multiple‐use zoning are discussed.

Suggested Citation

  • Paul D. Childs & Timothy J. Riddiough & Alexander J. Triantis, 1996. "Mixed Uses and the Redevelopment Option," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(3), pages 317-339, September.
  • Handle: RePEc:bla:reesec:v:24:y:1996:i:3:p:317-339
    DOI: 10.1111/1540-6229.00693
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