This thesis was originated by the debate over the effect of urban growth boundary on the value of vacant land. The case of Virginia Beach was studied. In 1979 a green line policy was enacted in this city. This study was dedicated to assess the effect of this policy on the value of the vacant land. A hedonic price model was used to isolate the importance of various characteristics of land in price determination and a simulation equation model was performed to obtain the total change in land value after the green line policy was introduced. / Master of Science