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Impacts of Transportation Investment on Real Property Values: An Analysis with Spatial Hedonic Price ModelsJanuary 2016 (has links)
abstract: Transportation infrastructure in urban areas has significant impacts on socio-economic activities, land use, and real property values. This dissertation proposes a more comprehensive theory of the positive and negative relationships between property values and transportation investments that distinguishes different effects by mode (rail vs. road), by network component (nodes vs. links), and by distance from them. It hypothesizes that transportation investment generates improvement in accessibility that accrue only to the nodes such as highway exits and light rail stations. Simultaneously, it tests the hypothesis that both transport nodes and links emanate short-distance negative nuisance effects due to disamenities such as traffic and noise. It also tests the hypothesis that nodes of both modes generate a net effect combining accessibility and disamenities. For highways, the configuration at grade or above/below ground is also tested. In addition, this dissertation hypothesizes that the condition of road pavement may have an impact on residential property values adjacent to the road segments. As pavement condition improves, value of properties adjacent to a road are hypothesized to increase as well. A multiple-distance-bands approach is used to capture distance decay of amenities and disamenities from nodes and links; and pavement condition index (PCI) is used to test the relationship between road condition and residential property values. The hypotheses are tested using spatial hedonic models that are specific to each of residential and commercial property market. Results confirm that proximity to transport nodes are associated positively with both residential and commercial property values. As a function of distance from highway exits and light rail transit (LRT) stations, the distance-band coefficients form a conventional distance decay curve. However, contrary to our hypotheses, no net effect is evident. The accessibility effect for highway exits extends farther than for LRT stations in residential model as expected. The highway configuration effect on residential home values confirms that below-grade highways have relatively positive impacts on nearby houses compared to those at ground level or above. Lastly, results for the relationship between pavement condition and residential home values show that there is no significant effect between them.
Some differences in the effect of infrastructure on property values emerge between residential and commercial markets. In the commercial models, the accessibility effect for highway exits extends less than for LRT stations. Though coefficients for short distances (within 300m) from highways and LRT links were expected to be negative in both residential and commercial models, only commercial models show a significant negative relationship. Different effects by mode, network component, and distance on commercial submarkets (i.e., industrial, office, retail and service properties) are tested as well and the results vary based on types of submarket.
Consequently, findings of three individual paper confirm that transportation investments mostly have significant impacts on real-estate properties either in a positive or negative direction in accordance with the transport mode, network component, and distance, though effects for some conditions (e.g., proximity to links of highway and light rail, and pavement quality) do not significantly change home values. Results can be used for city authorities and planners for funding mechanisms of transport infrastructure or validity of investments as well as private developers for maximizing development profits or for locating developments. / Dissertation/Thesis / Doctoral Dissertation Geography 2016
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A Study on Investment and Financing Model of Urban Rail ——With Case Study on Metro Rail Transit in city A, ChinaJanuary 2018 (has links)
abstract: As an alternative to the traditional public transportation system, (urban) rail transit has many advantages such as large capacity, fast speed, tight schedule, safety and comfort, and punctuality, , and has gradually become a top choice of many cities in countering environmental pollution and optimizing traffic quality. At the same time, we must also see that huge amounts of capital are required for the construction of rail transit. The traditional reliance on government investment clearly has its own limitations. The investment not only has a long cost-recovery cycle and a low rate of return, but also hardly attracts investments from the private sector. Therefore, when the government vigorously promotes the construction of a rail transit system, it is generally faced with problems such as a large funding gap and an overall financial loss. Therefore, how to establish a reasonable and efficient mode of investment and financing and further broaden the financing channels for rail transit projects is of great practical significance for improving the profitability of rail transit enterprises and realizing the sustainable development of rail transit. This thesis attempts to study the issue, in general, and further exmines a detailed case study of metro rail transit in a Chinsese city (city A), in particular.
The thesis first studies the concept and attributes of urban rail transit, and analyzes four modes and corresponding cases of urban rail transit investment and financing., It then discusses the characteristics of investment and financing of urban rail transit projects and the concept of investment and financing. Moreover, this thesis focuses on the current situation, characteristics and challenges of city A’s rail transit construction,. More specifically, it takes an in-depth look at the financial planning, investment and financing planning and the investment and financing channels products. The study innovatively puts forward three models, namely, PPP, TOD, ABS of rail transit investment and financing products. Based on the AHP decision-making method, the study shows PPP as the optimal integrated choice for city A. Finally, based on the core issues of the domestic urban rail transit project investment and financing, this thesis analyzes the rationality of the PPP model thoroughly and comes up with some managerial and policy suggestions on how to further optimize the investment and financing of the urban rail transit construction from the perspectives of the government management and the rail transit enterprises / Dissertation/Thesis / Doctoral Dissertation Business Administration 2018
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Accessibility of Bay Area Rail Transit Stations: An Evaluation of Opportunities for Transit Oriented DevelopmentFang, Kevin M 01 September 2009 (has links)
Many groups have been pushing for a shift from automotive oriented transportation and land use, to transit-oriented transportation and land use. These groups have many valid reasons. However, just as it is fair to point out issues about auto travel, so too is it fair to see how transit performs at meeting certain goals. This paper examines the important characteristic of accessibility afforded to travelers. This is quantified through the calculation of accessibility indexes for stations, for the specific case of two existing rail systems and four proposed rail extensions in the San Francisco Bay Area.
As a whole, the four extensions investigated increase regionwide rail accessibility by 18.5 percent, not an insignificant increase. However, the new stations are on average less accessible than their existing counterparts. Two of the four extensions perform well on accessibility measures, either their stations have high accessibility, or jobs around them contribute to high accessibility for nearby stations. The other two extensions however perform poorly on accessibility measures. In a time of limited resources, the accessibility results clearly indicate how the four extensions should be prioritized. The more successful extensions have good access to activity centers. Extensions having good connectivity with other lines can also enhance accessibility if providing significant travel time savings.
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Oh, the Places You'll Move: Urban Mass Transit's Effects on Nearby Housing MarketsYue Ke (9192656) 31 July 2020 (has links)
The last couple of decades have seen a renewed interest among urban transportation planners in light rail transit (LRT) systems in large cities across the United States (US) as a possible means of addressing negative transportation externalities such as congestion and greenhouse gas emissions while encouraging the use of public transit [1]. LRT infrastructure investments have also gained traction as a means of revitalizing decayed urban centres because transportation infrastructure developments are highly correlated with economic growth in surrounding areas [2]. <div>The primary objective of this dissertation is to examine the externalities associated with LRTs during its the construction and operations phases. In particular, three areas of concern are addressed: (1) The effect that proximity to LRT stations </div><div>have on nearby single family residences (SFRs) throughout the LRT life-cycle; (2) the
effect that directional heterogeneity between LRT stations, the central business district (CBD), and the SFR; and (3) the longer term effects on nearby populations due to LRT operations. To answer the first two research objectives, quasi-experimental spatial econometric models are used; to address the last objective, a-spatial fixed effects panel models are developed. The analyses primarily relies on SFR sales data
from 2001-2019, publicly available geographical information systems data, as well as demographic data from eight 5-year American Communities Surveys (ACS). Charlotte, NC, a medium-sized US city, is chosen as the site of analysis, both due to the relative novelty factor of its LRT in the region and data availability.</div><div>The results show that SFR values are positively associated with proximity to LRT
stations in the announcement and construction phases but negatively associated with proximity to stations once the LRT is operational. Additionally, potential homeowners with prior experience with LRT do not behave any differently than potential homeowners with no prior experience with LRT in terms of willingness to pay to live a certain distance from LRT stations. Further, directional heterogeneity is shown to be a statistically significant source factor in deciding the extent to which house-buyers are willing to pay to be near LRT stations. Lastly, distance from LRT stations are
found to have no statistically significant effect on changes in the racial composition of nearby areas but have significant positive effects on educational attainment and average median incomes of residents living in nearby areas over time. </div><div>The contributions of this research are twofold. First, in addition to highlighting
the need to use spatial econometric methods when analyzing the effect that LRTs have on surrounding real estate markets, this research provides a framework by which directional heterogeneity can be incorporated into these analyses. Second, this research adds to the existing pool of knowledge on land use externalities of LRT through incorporating the life-cycle of LRT from announcement to operations. Furthermore, this research examines the effects that LRT have on surrounding populations in transit
adjacent areas to provide a look at the broader effects of LRT over time. </div><div>A major challenge in the analyses conducted in this dissertation is its reliance
on SFR sales data. Urban areas near LRT may contain additional land uses. In
order to fully determine LRT’s effects on its surrounding area, one should examine the proximity effects on all land use types. Furthermore, LRT stations and rail lines are assumed exogenous, which may not be the case as public hearings and town halls
during the planning phase may influence stations’ locations. Future research should seek to understand how the circumstances surrounding the planning process could
indirectly affect the socio-demographic characteristics in transit adjacent areas over time. Finally, additional research is needed to better understand the extent to which
LRT affects urban intra- and inter-migration. Knowing the population repulsion and attraction of LRT can help planners design facilities to better serve the public.</div>
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Rail transits effect on population growth. : A comparison between different rail transit typesTiväng, Mikael January 2023 (has links)
The study examines the relationship between accessibility to public rail transit stations and population growth. Accessibility is measured in time, as in how long it takes to walk to a rail station. The study uses service areas created in a GIS based on how far a person can walk in 10 minutes, comparing the average population growth within these service areas to the average population growth outside of them. Different types of rail transit modes are compared to each other to see if they have differing effects on population growth as well as if multimodal stations affect population growth differently. The results show that accessibility to public rail transit has a positive effect on population growth and that different types of rail transit affect population growth differently. Multimodal stops also have a positive effect on population growth with more transit options resulting in a higher population growth.
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Passenger Influence on Dwell Time : A Case Study on the Light Rail Transit Line Tvärbanan in Stockholm / Passagerares påverkan på uppehållstid : En fallstudie på Tvärbanan i StockholmMir, Felix, Rahm, Fredrik January 2020 (has links)
This thesis conducts research on the light rail transit (LRT)-line Tvärbanan in Stockholm regarding punctuality of dwell time (DT), focusing on the influence passengers have on the mean and the variance of DT. The eight major stops during rush-hours are analyzed through a combination of quantitative and qualitative analysis. DT is proved to be affected by many factors in a complex setting, with vast differences between stops and between train types, proving that the infrastructure, the platform design, and the train design is important factors. The overall core problem is the non-uniformity of passengers, which is caused mainly by (1) the platform layout, especially the locations of entrances/exits, (2) placement of the train doors in relation to platform obstacles, (3) connections to other means of public transportation, and (4) the overall placement of the entrances/exits at other stops in the same direction. Stop-specific measures and suggestions of overall improvements are proposed in order to reduce the mean and the variation of DT. / Detta examensarbete undersöker hur uppehållstid påverkas av passagerare på light rail-linjen Tvärbanan i Stockholm, vilket har haft en historia av höga och oförutsägbara uppehållstider. De åtta största hållplatserna under rusningstid är analyserade genom en kombination av kvalitativa och kvantitativa studier. Uppehållstiden beror på många faktorer i en complex miljö, där stora skillnader finns mellan de olika hållplatserna och de olika tågtyperna, vilket är ett bevis att infrastrukturen, plattformsdesignen och tågdesignen är viktiga faktorer. Grundproblemet är att passagerare är ojämnt fördelade på plattformarna, vilket är orsakat av (1) plattformsdesignen, speciellt vart ingångar/utgångar är placerade, (2) vart tågdörrarna stannar i relation till objekt på plattformen, (3) förbindelser till annan kollektivtrafik och (4) hur ingångar/utgångar är placerade över hela linjen i samma riktning. Övergripande och hållplatsspecifika åtgärder för att minimera uppehållstiden presenteras i rapporten.
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Rail Transit and Its Influence on Land Use: A Dallas Case StudyFarrow, Melissa A. 08 1900 (has links)
Mass transit investments continue to be utilized in many cities as means of dealing with various transportation issues. In Dallas Texas, light rail transit was developed with the hopes of encouraging compact and orderly growth. This research uses the DART system as a case study in examining transportation/land use relationships in Dallas. As such, this thesis reviews past research that examined transit systems impacts on urban areas, analyzes historical changes in land use pattern development around the existing twenty stations of the DART light rail starter system, and summarizes the progression of land use trends in the transit corridor as they relate to DART impacts. Results of this study suggest that DART's light rail system has been an effective tool used in achieving the transportation and land use goals for the region. Finally, recommendations are presented with respect to what can be expected for future light rail development in Dallas.
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All Roads Lead to the Fair: How a 2022 Los Angeles World's Fair Would Accelerate the Implementation of Sustainable and Innovative Forms of TransportationLevin, Isabella 01 January 2017 (has links)
This thesis explores the potential impact of a World’s Fair on urban mobility in Los Angeles County by 2022. A brief historical account of World’s Fairs, and their impact on technological innovations in transportation will be given in conjunction with the development of transportation in Los Angeles. These accounts will help to contextualize an analysis of current plans to provide Los Angeles with transportation solutions, in light of the oversaturated automobile landscape in place today. Specifically, my research has revealed that the further development of light-speed rail systems paired alongside a mass adoption of autonomous vehicles would both alleviate contemporary transportation issues across Los Angeles County and accommodate the audience of international spectators that future mega-events may attract. Particular attention is paid to the Los Angeles World’s Fair for its ability to galvanize the resources and support that these transportation innovations require. I therefore conclude that the Los Angeles World Fair should direct its focus principally in support of these aforementioned technologies, as opposed to other less feasible transportations solutions such as the Hyperloop.
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An Analysis Of Rail Transit Investments In Turkey: Are The Expectations Met?Ozgur, Ozge 01 November 2009 (has links) (PDF)
Rail transit investments require highest amount of investment costs of all modes and
considering the high cost involved, it is particularly important that their performance justifies
this high cost and that expectations from these investments are met. Therefore, in the world,
it has become an important field of research to study the performances of rail systems in
order to assess whether these expectations are met.
In Turkey, there is a growing interest in constructing rail transit systems in the cities.
However, there has been limited number of studies on the performance of these investments.
There are researches on individual systems / yet, there has not been a comprehensive,
systematic and comparative evaluation of the rail transit experience of Turkish cities. It is not
clear with what expectations these systems are built or whether these expectations are met.
There seems to be an urgent need to study these rail investments, with a particular focus on
their planning, investment objectives and outcomes.
This thesis analyzes the expectations from the rail transit systems in Turkey and answers the
question whether these expectations are met. In order to understand the objectives under the
planning and decision making processes in the implementation of Turkish rapid rail transport
investments, a sample group was selected among the cities currently operating rail transit
systems: & / #272 / stanbul, Ankara, & / #272 / zmir and Bursa. The study sets the objectives in planning and
implementing rail transit systems drawn by the answers in the semi-structured interviews. It
compares the expectations with the actual outcomes. As the primary indicators of
performance, cost and ridership forecast and outcome data are also collected and considered
in the comparison.
It is found that the main success in all case study cities was the increase in public transport
usage after the opening of the rail transit systems. On the other hand, systems performed
rather poor in terms of other expectations, such as attaining ridership forecasts, being built
within budget, creating an integrated public transport system, traffic reduction, air pollution
reduction, improvement of city image, etc. Hence there is a gap between expectations and
outcomes.
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The impact of Light Rail Transit on residential value : empirical analysis of DART Green Line in Dallas / Empirical analysis of DART Green Line in DallasChae, Yumi 08 August 2012 (has links)
Light Rail Transit (LRT) has been getting more attention in U.S. cities due to its socio-economic benefits, such as reducing pollution and congestion, as well as promoting regional economic development. However, huge capital costs remain an obstacle to the construction of a new light rail system. For this reason, cities in the planning phases of LRT want to use value capture tools to finance transit construction and operation. In theory, any improvement in a transportation structure that increases accessibility and reduces transportation cost can be capitalized into property values in an area. In turn, governments levy taxes on a portion of the additional value of adjacent properties.
This study, however, aims to empirically examine whether value capture is possible in the recession when property and land values continue to decrease. The study uses the case of the DART Green Line, which started to run in 2009 just after a financial crisis in the U.S. The 5745 residential parcels are analyzed with using a hedonic price model in order to detect the Green Line’s influence on residential values before and after the recession. To enhance the proficiency of the regression, this study includes several structure and neighborhood characteristics. The statistical results found the Green Line’s benefits on residential values both in the pre-Green Line period (before the recession) and the post-Green Line period (during the recession). It is noteworthy there are still positive influences of transit accessibility on residential values even in the unstable housing market, although the magnitude of the variable has diminished compared to the pre-Green Line period. / text
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