Athens, GA (January 1, 2010)- GA Tech did a study on converting underperforming commercial property inside Atlanta into parks, and its projected impact on property values. The general concept is this: many cities overbuilt commercial property, which are now at an all time low. These underperforming commercial properties are a drag on general property values and present future problems as physical deterioration and blight set in. It would be better for everyone in the long term to invest in buying up these properties, destroying them, and turning them into park land which will ultimately add value to the remaining properties. Done strategically, this could mean greater gains in property value in the long term for the business community and banks.
Parks symbolize community, life, relaxation and health. It’s no wonder that “many people are willing to pay a larger amount for a property located close to parks and open space areas than for a home that does not offer this amenity,” writes John L. Crompton, a professor at Texas A&M University who has published extensive research on parks and recreation.
Our research indicates that turning Red Fields to Green Fields increases the property value by 200 to 400%. The economic benefits of parks are apparent. If people choose to spend the extra money to live near parks to improve the quality of life, economic revitalization of the area is a natural consequence. Parks and walkable spaces catering to an emerging flood of tourists would give a new identity and stimulus to the City of Atlanta: it could be less a place and more an experience.
Red Fields to Green Fields Report
Neighborhood Stabilization and Revitalization
SmartGrowth and Urban Forestry- Part II: City Planning
Greening as a Catalyst for Neighborhood Stabilization
Red Fields to Green Fields
City Parks Alliance