Analyzing form-based zoning’s potential to stimulate mixed-use development in different economic environments

Form-based zoning ordinances can provide real estate developers with the ability to alter the mix of residential and commercial space included in their projects so long as they comply with design requirements governing the exterior of buildings. The real option model presented in this paper quantifi...

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Bibliographic Details
Published in:Land use policy 2017-02, Vol.61, p.1-11
Main Authors: Hughen, W. Keener, Read, Dustin C.
Format: Article
Language:English
Subjects:
Buildings
Commercial buildings
Developers
Economic development
Form-based zoning
Land use
Legislation
Markets
Mixed-use development
Ordinances
Profits
Real estate
Real options
Real options analysis
Residential development
Urban revitalization
Zoning
Zoning ordinances
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Summary:Form-based zoning ordinances can provide real estate developers with the ability to alter the mix of residential and commercial space included in their projects so long as they comply with design requirements governing the exterior of buildings. The real option model presented in this paper quantifies the value of this flexibility to assess the potential impact on development decisions and developer profits across market settings. The results suggest form-based zoning may stimulate development in weak markets with volatile demand. However, it may not consistently encourage a greater mixing of real estate product types in comparison to other land use regulations.
ISSN:0264-8377
1873-5754
DOI:10.1016/j.landusepol.2016.11.010