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Joint development as a value capture strategy in transportation finance

Author

Listed:
  • Zhao, Zhirong Jerry

    () (University of Minnesota)

  • Das, Kirti Vardhan

    () (University of Minnesota)

  • Larson, Kerstin

    () (University of Minnesota)

Abstract

This article examines joint development as a value capture strategy for funding public transportation. We start from the concept of joint development, its rationale, a brief history, and the extent of its use. Joint development projects in Hong Kong, Taiwan, Tokyo, and Thailand are profiled, as well as domestic examples in Washington, DC, New York, NY, and Portland, OR, etc. Then we provide a framework to classify joint development models by ownerships (public or private) and by types of transaction (real property or development rights). Next, joint development is evaluated along four revenue criteria including efficiency, equity, sustainability and feasibility. Finally, we summarize the advantages and disadvantages of joint development as a transportation finance strategy, and provide recommendations for policy consideration or implementation.

Suggested Citation

  • Zhao, Zhirong Jerry & Das, Kirti Vardhan & Larson, Kerstin, 2012. "Joint development as a value capture strategy in transportation finance," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 5(1), pages 5-17.
    • Handle: RePEc:ris:jtralu:0073
    as

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    References listed on IDEAS

    as
    1. Cervero, Robert, 1992. "Land Market Impacts of Urban Rail Transit and Joint Development: An Empirical Study of Rail Transit in Washington, D.C. and Atlanta," University of California Transportation Center, Working Papers qt5890b3xz, University of California Transportation Center.
    2. Cervero, Robert & Landis, John, 1997. "Twenty years of the Bay Area Rapid Transit system: Land use and development impacts," Transportation Research Part A: Policy and Practice, Elsevier, vol. 31(4), pages 309-333, July.
    3. J Landis & R Cervero & P Hall, 1991. "Transit Joint Development in the USA: An Inventory and Policy Assessment," Environment and Planning C, , vol. 9(4), pages 431-452, December.
    4. J Landis & R Cervero & P Hall, 1991. "Transit joint development in the USA: an inventory and policy assessment," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 9(4), pages 431-452, August.
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    Citations

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    Cited by:

    1. Levinson, David & Zhao, Zhirong Jerry, 2012. "Introduction to the special issue on value capture for transportation finance," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 5(1), pages 1-3.
    2. repec:eee:trapol:v:57:y:2017:i:c:p:59-67 is not listed on IDEAS
    3. Guthrie, Andrew & Fan, Yingling, 2016. "Developers' perspectives on transit-oriented development," Transport Policy, Elsevier, vol. 51(C), pages 103-114.

    More about this item

    Keywords

    Value capture; Transportation finance; Joint development;

    JEL classification:

    • R40 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - General

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