From Elevated Freeway to Urban Greenway: Land Value Impacts of the CGC Project in Seoul, Korea

Abstract

In 2003—04, the Cheong Gye Cheon elevated freeway in Seoul, Korea, was torn down and replaced by an urban stream and linear park. This bold initiative aimed to enhance the quality of central-city living by replacing a mobility asset that was also a nuisance with an attractive urban amenity. This research analyses the impacts of the freeway-to-greenway conversion on commercial and residential property values using multilevel hedonic price models. Specifically, for non-residential uses, it was found that there were land value premiums for parcels within 500 metres of the corridor for both the former freeway and the present-day urban greenway. However, premiums were notably higher for parcels within the 500-metre walkshed of the urban greenway entrance points than the freeway on-ramps. It is concluded that Seoul’s unique freeway disinvestment/greenway investment conferred net benefits to both residential and non-residential land markets.