Streetcar Permits Map
A Preliminary Assessment of Permit Valuation in Downtown Regarding the Cincinnati Streetcar
June 16, 2020
Over $1 Billion Invested Along Cincinnati Streetcar Line Since 2012
More than a billion dollars were invested within 1,000 feet of the Cincinnati Streetcar line since groundbreaking in 2012. Specifically $1,120,373,353.34 according to Urban Fast Forward, a real estate and planning firm located in Over-the-Rhine. The firm decided to undertake a preliminary analysis of development along the Cincinnati Streetcar line in reaction to the continuing debate over the system.
“Our research team began looking into this after years of debate over the continuing development along the system,” stated Principal Kathleen Norris. “We developed our analysis using the city’s permit and property data.” That analysis utilized property improvement valuations based on numbers provided to the city via building permits.
“Whether a contractor installed a new HVAC or a developer built a new 13-story building, the estimated cost of that construction is listed on the permit,” Senior Project Executive John Yung said. The research team parsed through thousands of permit records to develop a database of combined improvement values in the 45202 zip code area from February 2012 to July 2019.
Using mapping software, Yung and his team then were able to plot investment inside and outside the streetcar route. “We now have values down to the stop and its surrounding areas.”
The research highlights that investment is 4.85 times greater within 1,000 foot of a streetcar stop than outside of the streetcar zone within the 45202 area code. However, the research team offers some caveats: “We are confident this is the raw value of development within the streetcar area but recognize that a variety of factors have played into those investments. Thus, particular investments may or may not be enhanced by the streetcar project.” Yung said, “It’s a development and mobility tool. We know the system has had an impact but the exact degree is hard to measure.”
Urban Fast Forward intends a second research phase where data is further evaluated and, ideally, case comparisons can be developed. The research team hopes to have the final report for the public by December 2020.
Urban Fast Forward is a commercial real estate and planning firm which works with local government, developers, communities and others to create and recreate vibrant neighborhoods and city centers in Cincinnati and throughout the Midwest.