commercial properties will age, which could reduce the value of the existing use and make <br />redevelopment of commercial more attractive, subject to market conditions. <br />Promote an Approach that Balances Increased Property Value and Minimizes Gentrification <br />The available literature generally finds that proximity to bus rapid transit (BRT) as <br />planned in the MovingAhead project, is associated with higher rents/prices and land <br />values, particularly for residential and office uses, but not for retail uses outside of city <br />centers (the corridor is outside the Eugene city center). Though the transit service itself may <br />be a contributing factor to increased property values and economic development, the <br />associated public investments, policies, and programs are also important contributors to <br />the influence of transit on development outcomes. BRT improvements on River Road that <br />improve service quality and enhance the public realm could lead to an increase in <br />achievable rents and property values for at least some adjacent land uses. The modest <br />increases would increase tax revenue potential while minimizing the risk of displacing <br />lower income households. <br />The following impacts to property values and rents may be expected, when compared to <br />properties one or more miles away from the proposed station locations. <br />Table 4: Proiected Economic Imaact of BRT <br />Metric <br />'/a mile from station <br />'/a to 1/2 mile from station <br />Single-family residential <br />property value sales price <br />$3,200 greater <br />$2,100 greater <br />Multi -family rents <br />2% greater <br />1 % greater <br />Retail rents <br />No change <br />No change <br />Office rents <br />2% greater <br />1 % greater <br />Source: ECONorthwest <br />Promote Development Types that are Feasible <br />The Preferred Concept offers slightly higher market -feasible housing capacity than either <br />Concept 1 or 2 as a result of strategically applying the C -RES zone in more locations that <br />are desirable for multi -family development as well as setting a 30 unit per acre minimum <br />density standard for the C -MU zone. The Preferred Concept alone could add <br />approximately 1 00 new residential units to the study area. If MUPTE were to be <br />implemented as a financial incentive, the Preferred Concept could add an additional <br />1,000 to 1,200 units for a total of about 2,100 to 2,300 new residential units. As noted <br />above, significant commercial development is not expected with the Preferred Concept, <br />but targeted financial incentives could be considered to improve feasibility. In addition, <br />allowing for higher density residential development in the Preferred Concept will support <br />the potential for commercial development as businesses will become moderately more <br />viable with increased residential population nearby. <br />MULTIMODAL TRANSPORTATION <br />Increase Potential Transit Riders through Placement of Housing & Jobs near Transit <br />As described above, the Preferred Concept is not expected to generate a significant <br />increase in jobs in the near term; however, could result in up to 2,300 new housing units to <br />RIVER ROAD CORRIDOR STUDY <br />IMM <br />