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Urban Policy Sustainability through a Value-Added Densification Tool: The Case of the South Boston Area

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  • Rubina Canesi

    (Department of Civil Environmental and Architectural Engineering (DICEA), University of Padua, Via Venezia 1, 30151 Padova, Italy)

Abstract

Over the past decade, urban density has been growing faster than ever, forcing high-density expansion. The aim of this study is to verify whether urban density is accepted as a sustainable value-added quality, internalized in the willingness to pay on a buildable per square feet basis. To explore the relationship between land prices and densification processes, this study focused on a low-density area, which recently went through a densification policy process with the approval of a new zoning tool. The study analyzes land price trends on a 144-Acre of area, located in the South Boston Submarket, identified as the Dorchester Ave Area. I analyzed land transactions in this area between 2012 and 2021. I also examined land price variations before and after the approval of a densification plan in correlation with the overall trend of the real estate market in that area. The results suggest that density is a value-added feature that affects land prices. Indeed, a higher density leads to higher values per buildable square feet. Densification policies have a strong positive impact on land transaction prices. Community and developers valued density with a greater willingness to pay, internalizing the economic, social, and environmental sustainability benefits. This phenomenon should be taken into consideration by local public authorities implementing their zoning tools.

Suggested Citation

  • Rubina Canesi, 2022. "Urban Policy Sustainability through a Value-Added Densification Tool: The Case of the South Boston Area," Sustainability, MDPI, vol. 14(14), pages 1-12, July.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:14:p:8762-:d:865268
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