riders are more likely to be willing and able to pay a premium for convenience and the <br />amenity value of an enhanced public realm. Bus service also does not offer developers a <br />sense of permanence that encourages investment. <br />While the available literature is not directly transferrable to the River Road context and <br />likely captures the impacts of multiple contributing factors, the evidence is strong <br />enough to conclude that BRT improvements on River Road that improve service quality <br />and enhance the public realm could lead to an increase in achievable rents and property <br />values for at least some uses adjacent to the corridor. For modeling purposes for the <br />Corridor Study, we assume that rent and sales price impacts will be stronger within a <br />quarter mile of the corridor than between a quarter- and a half -mile from the corridor, 44 <br />and that rent impacts will be more modest than those in studies that did not differentiate <br />downtowns from suburban locations. Recommended assumptions are summarized in <br />Exhibit 7. <br />Exhibit 7: Summary of relevant impacts to rents and sales prices from BRT investment and <br />recommended assumations for modelinE, purposes <br />Metric Estimated Range of Impacts Within Estimated Range of Impacts between 1/4 and <br />1/4 Mile (relative to sites 1 mile away) % mile (relative to sites 1 mile away) <br />Single family property $3,200-$8,600 <br />values/ sales prices Recommended assumption: $3,200 <br />Multifamily rents <br />Retail rents <br />Office rents <br />Up to 3.7% <br />Recommended assumption: 2% <br />0-10% <br />Recommended assumption: 0% <br />1.3-30% <br />Recommended assumption: 2% <br />Source: ECONorthwest analysis of literature cited above <br />$2,100-$5,700 <br />Recommended assumption: $2,100 <br />Up to 3.7% <br />Recommended assumption: 1% <br />0-10% <br />Recommended assumption: 0% <br />1.3-30% <br />Recommended assumption: 1% <br />Currie, Graham. 2006. 'Bus Transit Oriented Development- Strengths and Challenges Relative to Rail." Journal of <br />Public Transportation 9(4). <br />Currie, Graham. 2005. "The Demand Performance of Bus Rapid Transit." Journal of Public Transportation 8(1): 41-55. <br />44 Distances are measured from the corridor rather than from stop locations for the River Road corridor because stop <br />locations have not yet been finalized and depend on the transit service alternative selected. <br />ECONorthwest <br />44 <br />217 <br />