EPA Study of Smart Growth Strategies

I found it interesting that the EPA did a study on Smart Growth Strategies.
Here is the Table of content section & Executive summary. It is linked to the entire study. It is a good read.
Jeremy Shaffer, Highland County Commissioner

　
SMART GROWTH AND ECONOMIC SUCCESS: BENEFITS FOR REAL ESTATE DEVELOPERS, INVESTORS, BUSINESSES, AND LOCAL GOVERNMENTS


Acknowledgments This report was prepared by the EPA’s Office of Sustainable Communities with the assistance of Renaissance Planning Group under contract number EP-W-11-009/010/11.
Principal Staff Contacts: Melissa Kramer and Lee Sobel
Mention of trade names, products, or services does not convey official EPA approval, endorsement, or recommendation.
Cover photos (left to right, top to bottom): Barracks Row in Washington, D.C., courtesy of Lee Sobel; TRAX light rail in Sandy, Utah, courtesy of Melissa Kramer; Mission Creek Senior Community in San Francisco, California, courtesy of Alan Karchmer and Mercy Housing Inc. Table of Contents Executive Summary ........................................................................................................................................ i I. Economic Advantages of Smart Growth Strategies .............................................................................. 1
II. Economic Advantages of Compact Development ................................................................................. 4
A. Higher Revenue Generation per Acre of Land .................................................................................. 4
B. Infrastructure and Service Delivery Cost Savings ............................................................................. 4
C. Redevelopment and Reuse Opportunities ........................................................................................ 7
D. Economic Productivity and Job Creation ........................................................................................ 10
III. Economic Advantages of Walkability .............................................................................................. 11
A. Price Premium ................................................................................................................................. 11
B. Economic Revitalization .................................................................................................................. 13
IV. Economic Advantages of a Diverse Range of Choices .................................................................... 15
A. Meeting Market Demand................................................................................................................ 15
B. Responding to Changing Demographics ......................................................................................... 16
C. Reducing Housing and Transportation Costs .................................................................................. 21
V. Conclusion ........................................................................................................................................... 24 i Executive Summary Smart growth development is compact and walkable and provides a diverse range of choices in land uses, building types, transportation, homes, workplace locations, and stores. Such development projects are attractive to private-sector interests because they can find a ready market and compete financially. They appeal to local governments because they can be the building blocks of a growing economy and high-quality, economically sustainable neighborhoods and communities while also helping to create a cleaner, healthier environment. Some of the advantages for developers, communities, and local governments associated with smart growth include:
• Compact development: Using land and resources more efficiently and redeveloping old or neglected areas while retaining existing infrastructure can create economic advantages for real estate developers and investors, businesses, and local governments. Compact development can generate more revenue per acre because it uses land more efficiently. It can reduce the costs of land and infrastructure for individual projects and the costs of providing fire and police protection, utilities, schools, and other public amenities. By locating companies closer together, compact development can create a density of employment that increases economic productivity and attracts additional investment. • Walkability: Walkable neighborhoods have well-connected streets and a mix of land uses near each other, making not only walking but also bicycling and transit more convenient and appealing. Projects in walkable neighborhoods command a price premium, earning real estate developers and investors a higher return on investment. Improvements to streets and sidewalks to make them more appealing to pedestrians can benefit local businesses by attracting more customers. In turn, local governments benefit through additional property and sales tax revenue. •
Range of choices: People and businesses value places that bring together a variety of activities to create vibrant environments. The demand for such places exceeds the supply. Many people in the two largest demographic cohorts, baby boomers and their children, are particularly interested in lively neighborhoods with their daily needs close by. Communities with access to transit also help people reduce their transportation costs, enabling them to save money or spend more on their homes, entertainment, or other things they value. Changing demographics will likely further increase the demand for smart growth development over the coming decades; developers, investors, businesses, and local governments who respond to these market preferences could reap economic advantages.

The following table summarizes the strategies outlined in this report that can play a key role in creating profitable real estate development, productive economic development, and economically resilient communities. ii Strategy

Potential Benefits to Real Estate Developers and Investors Potential Benefits to Businesses Potential Benefits to Local Governments Develop compactly, redeveloping land with existing infrastructure when possible Reduced costs for land and infrastructure Increased economic productivity that attracts additional investment Reduced costs of providing fire and police protection, utilities, schools, and other public amenities Create walkable places Increased sales and increased sale prices Increased economic activity Higher property and sales tax revenue Provide a diverse range of choices in land uses, building types, transportation modes, housing, workplace locations, and stores Increased sales and increased investment value Increased ability to attract employees and customers Increased tax base from higher property values and new residents