Chapter 1: Assessing the Impacts of SunRail Stations on Property Values and Development December 3, 2018 Report prepared for: Florida Department of Transportation, Freight Logistics and Passenger Operations, Transit Office Assessing the Impacts of SunRail Stations on Property Values and Development Deliverable 1.4: Final Phase 1 Update White Paper BDV30 TWO 943-34 December 4, 2018 FDOT Project Manager: Prepared by: Gabrielle Matthews, Dr. Michael Duncan Transit Planning Administrator Dr. Mark Horner Florida Department of Transportation Dennis Smith 605 Suwannee Street, MS 26 Dr. Tim Chapin Tallahassee, FL 32399 Jeremy Crute (850) 414-4803 Jacob Pierce
[email protected] Nusrat Sharmin Kaleb McClellan i Executive Summary In 2015, a team of faculty and students from Florida State University (the FSU Research Team) conducted a study to benchmark and quantify the property value changes and development-related tax revenues associated with the new SunRail commuter rail system in the Orlando Metropolitan Area.1 The FSU Research Team used a paired case study approach to analyze property value and tax revenue changes at the parcel level for 1) areas around the twelve Phase 1 SunRail stations and 2) control areas with similar characteristics near the station areas but with no rail stations. The quantification of these development-related revenue streams can be a useful input into fiscal analyses of transit investments and may demonstrate that these systems offer a greater return on investment than traditional cost recovery measures might suggest. The 2015 study found that SunRail investments have catalyzed new development around stations and yielded measurable economic benefits in the form of property tax increases from new transit-oriented developments (TOD).