From Elevated Freeway to Linear Park: Land Price Impacts of Seoul, Korea's CGC Project

Freeways  and  other  high-performance  roadway  investments  have  long  been  considered vital  to  the  economic well-being  of metropolitan  areas.    Empirical research shows that limited-access, grade-separated freeway systems increase  a region’s economic  productivity by lowering transportation costs, a factor input to economic production (Aschauer, 1990; Boarnet, 1997). Past studies also reveal that  urban  land  markets  capitalize  the  benefit  of proximity  to  freeway   interchanges,  especially  for  non-residential  uses  and  in  areas experiencing  worsening  traffic  conditions  (Gillen,  1996; Boarnet,   1997;  Bhatta  and Drennan, 2003). Increasingly,  city  leaders are turning  to  a  different  kind  of  public  asset  to  grow  local economies,  notably  public amenities, urban parks, and other civic functions that enhance quality  of central-city  living. In  an increasingly  competitive,  knowledge-based  global marketplace,  improved  civic  spaces  and  expansion  of the  arts  and  cultural-entertainment offerings,  proponents contend,   will  appeal  to  highly  sought  professional-class  workers, Richard Florida’s (2002) so-called “creative class”.