Development decisions for real estate projects near Washington Metro stations.

摘要

Washington's urban rail transit system ("Metro") has been an important influence on local real estate markets. Real estate developers have built projects at or near a number of Metro stations, including those in downtown Washington, Ballston, and Bethesda. Interviews with local planners in the jurisdictions served by Metro and with selected developers yielded insights into what influenced development decisions for 29 projects near 15 Metro stations.;Developers usually considered both Metro and zoning to be important in their decisions to go forward with specific projects. Metro was more likely to be important for office projects than for residential projects. The developers of projects in downtown Washington were concerned about locational prestige. Most developers regarded improved regional accessibility and the ease of access to a station as important station attributes, but did not think that there was prestige associated with being near Metro stations. Developers usually rated proximity to highways, the prestige of being in downtown Washington or a suburban area, and proximity to retail shops and restaurants as being important. Project size depended mainly on zoning, whereas Metro had an indirect effect in that some communities zoned locations near Metro stations for higher densities.;These findings agree with earlier research showing that intensified development does not automatically follow the construction of transit stations. Appropriate zoning and strong real estate markets must also be present. Local agencies must actively attract development to station areas with strong markets. They can create high-density, mixed-use districts around transit stations, pursue joint development with the private sector, and plan new transit lines to enhance their development potential.