Land Value Impacts of Bus Rapid Transit: The Case of Bogotá’s TransMilenio

During the last decade, bus rapid transit (BRT) has revolutionized regional transportation planning in much of the developing and developed world. BRT went from being a fringe transportation option used in a handful of Brazilian and Australian cities to becoming a prominent mass transportation alternative for local and national governments. BRT is not a single concept; rather, it encompasses a variety of applications designed to improve the level of service of bus-based mass transportation to deliver comfortable, cost-effective mobility emulating rail transit (Wright and Hook 2007, 11). It relies on coordinated improvements in technology, infrastructure, and equipment to achieve quality service (U.S. General Accounting Office 2001). Operationally, BRT applications can include buses running on exclusive rights-of-way with dedicated stations and preboarding fare payments, or buses operating in mixed traffic lanes on city arterials.