Analyzing Parking’s Effect on Property Value along Bloomfield Avenue
Presentation Type
Poster
Faculty Advisor
Gregory Pope
Access Type
Event
Start Date
26-4-2024 2:15 PM
End Date
26-4-2024 3:15 PM
Description
Since the boom of the automobile use after World War 2, parking has become a primary concern for city planners and developers. Before the car, trains and streetcars were the transit that dictated a lot of city planning/development. The historic Bloomfield Avenue, built in the early 1800s, radiates out from Newark, then cuts across the dense hearts of 5 towns in Essex County, New Jersey, ending at the relatively less dense West Caldwell. While today the road’s diet consists of 4 lanes of vehicle traffic with sidewalks, for the time of this area’s major development and population growth during the first half of the 20th century, it was host to an electric streetcar. While this public transit route still exists today as a bus route, the road is now automobile oriented. This drastic change in this transit artery’s characteristic has produced areas along the route of dense walkability and other areas with parking fronting the stores that do not encourage walkability. This history makes the route a real-world test subject for assessing parking’s effect on a property value. While there are some residential properties along the route, the vast majority of it is commercial. This research aims to analyze the economic efficiency of properties along Bloomfield Avenue using tax data and satellite imagery to efficiently categorize the properties’ parking use. The assessed value for properties in New Jersey is separated into land value and improvement value. The main goal of this research is to convert these value metrics into the more comparable metrics of land value per square foot of land, and improvement value per square foot of floorspace, using this to then determine parking’s effect on the land and Improvement value.
Analyzing Parking’s Effect on Property Value along Bloomfield Avenue
Since the boom of the automobile use after World War 2, parking has become a primary concern for city planners and developers. Before the car, trains and streetcars were the transit that dictated a lot of city planning/development. The historic Bloomfield Avenue, built in the early 1800s, radiates out from Newark, then cuts across the dense hearts of 5 towns in Essex County, New Jersey, ending at the relatively less dense West Caldwell. While today the road’s diet consists of 4 lanes of vehicle traffic with sidewalks, for the time of this area’s major development and population growth during the first half of the 20th century, it was host to an electric streetcar. While this public transit route still exists today as a bus route, the road is now automobile oriented. This drastic change in this transit artery’s characteristic has produced areas along the route of dense walkability and other areas with parking fronting the stores that do not encourage walkability. This history makes the route a real-world test subject for assessing parking’s effect on a property value. While there are some residential properties along the route, the vast majority of it is commercial. This research aims to analyze the economic efficiency of properties along Bloomfield Avenue using tax data and satellite imagery to efficiently categorize the properties’ parking use. The assessed value for properties in New Jersey is separated into land value and improvement value. The main goal of this research is to convert these value metrics into the more comparable metrics of land value per square foot of land, and improvement value per square foot of floorspace, using this to then determine parking’s effect on the land and Improvement value.