According to a recent study by Real Estate Capital Analytics, walkable communities show a greater increase in value than car-dependent locations. The study concluded that the relationship between walkability and property values cut across both urban and suburban communities, large and small markets and each of the office, retail and apartment sectors.
This trend is evident in South Florida as builders and cities are finding new ways to create more walkable neighborhoods. In some urban markets builders are building bigger apartment units to accommodate larger households in walkable urban settings. In others, they are building new apartment projects near or even in office parks to meet the growing demand by office workers to walk or ride their bikes to work In both cases the projects have shown to get higher rents and lease-up faster than normal.
Linear Parks in Florida
Trends also reflect that linear parks are becoming popular as well. Given the relationship between walkable areas and property values builders and cities are responding by planning linear parks.
In a recent article in the Wall Street Journal, it was noted that most linear parks are situated along roads, railroad rights of way or rivers and tend to work better than square park areas.
The Riverwalk Linear Park
The City of Fort Lauderdale has spent 25 years and over $15 million dollars on The Riverwalk linear park which runs along the New River banks in downtown Fort Lauderdale. The Riverwalk has spurred a lot of new residential development in downtown Fort Lauderdale and is a fantastic draw for tourists and residents alike.
Further south in Miami plans have just been announced plans to build River Landing Shops and Residences, a $300 million mixed use project that will feature an 850-foot linear park. The 50-foot- wide linear park will provide easy access to the Miami River for residents and visitors alike. The builder feels that the linear park will result in higher rents.
Linear parks are not just for big cities. In 2010, in the small coastal city of Dania Beach, Florida committed nearly $850,000 to build a linear park along the edge of a residential area that borders mangrove swamps and the results have been positive. The park is now improved with exercise stations and walking paths and has become a gather place for walking and exercise clubs. Further north in Oakland Park the city has committed millions of dollars to enhance the areas along a railroad track. The improvements have resulted in an increase of retail stores.
Walter Duke + Partner provides market studies to clients who seek to identify and act on trends in real estate that can enhance the viability of real estate projects in the Florida market.