Mixed uses and the redevelopment option

Paul D. Childs, Timothy J. Riddiough, Alexander J. Triantis

Research output: Contribution to journalArticlepeer-review

72 Scopus citations

Abstract

This paper considers how the potential for mixing uses and redevelopment impact property value. Operating flexibility of this type is found to significantly increase property value when the correlation between payouts from different property types is low or when redevelopment costs are low. The ability to mix uses and redevelop over time is also shown to affect the timing of initial land development. The shape of the development boundary is shown to differ considerably depending on whether marginal revenue is constant or decreasing to scale. Both policy and empirical implications concerning the effects of multiple-use zoning are discussed.

Original languageEnglish
Pages (from-to)317-339
Number of pages23
JournalReal Estate Economics
Volume24
Issue number3
DOIs
StatePublished - 1996

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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