The return on investment of parks and open space
Maland, Myles McDonough
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Conventional valuation of parks and open space is typically limited to the social, cultural, and aesthetic values associated with these amenities. Perhaps because the primary motivations for building a park or preserving open space have not historically been financial, these spaces are often not evaluated in economic terms. This thesis uses a qualitative meta-analysis to examine and interpret the existing empirical evidence on the impact of parks and open space on residential property values. Specifically, data relating to park attributes, neighborhood characteristics, and surrounding demographics are gleaned and interpreted from hedonic pricing studies to offer designers and planners a comprehensive set of design and development considerations when attempting to maximize the return of investment of parks and open space.