Joint Development as a Value Capture Strategy in Transportation Finance

Authors

  • Zhirong Jerry Zhao University of Minnesota
  • Kirti Vardhan Das University of Minnesota
  • Kerstin Larson University of Minnesota

DOI:

https://doi.org/10.5198/jtlu.v5i1.142

Keywords:

Transportation finance, value capture

Abstract

This article examines joint development as a value capture strategy for funding public transportation. We start from the concept of joint development, its rationale, a brief history, and the extent of its use. Joint development projects in Hong Kong, Taiwan, Tokyo, and Thailand are profiled, as well as domestic examples in Washington, DC, New York, NY, and Portland, OR, etc. Then we provide a framework to classify joint development models by ownerships (public or private) and by types of transaction (real property or development rights). Next, joint development is evaluated along four revenue criteria including efficiency, equity, sustainability and feasibility. Finally, we summarize the advantages and disadvantages of joint development as a transportation finance strategy, and provide recommendations for policy consideration or implementation.

Author Biographies

Zhirong Jerry Zhao, University of Minnesota

Assistant Professor, Humphrey Institute of Public Affairs

Kirti Vardhan Das, University of Minnesota

Research Assistant, Humphrey Institute of Public Affairs

Kerstin Larson, University of Minnesota

Research Assistant, Humphrey Institute of Public Affairs

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Published

2012-04-16

How to Cite

Zhao, Z. J., Das, K. V., & Larson, K. (2012). Joint Development as a Value Capture Strategy in Transportation Finance. Journal of Transport and Land Use, 5(1), 5–17. https://doi.org/10.5198/jtlu.v5i1.142

Issue

Section

Articles