RESEARCH REVIEWS
of the center resulted in a $1.12 million to $1.17 million increase in property-tax revenues collected in 2004. Results from this study provide clear evidence to
shopping-center owners that accessibility matters but value enhancement is not uniform. The drive time with the most impact is the 3-to-10 minute range, followed by 10 to 20 minutes. In addition, the impact of a new shopping center was found to impact property prices but again, not uniformly. These increased values can also be translated to increased property-tax revenues. The authors suggest that these increased revenues should be reinvested into the infrastructure surrounding the property in order to maintain the valuable locational attributes partially created by the shopping-center development.
Another recommendation from the research is to
consider a reinvestment program to revitalize old, run- down centers as an economic development play or a public-private partnership that will result in increased property values and in turn greater property-tax revenues. It is clear that housing prices increase within a 3-to-30-minute minute distance. Therefore, renovating the shopping center and bringing in national tenants will help the neighborhood along with the municipalities, in the form of increased tax revenues. Offering tax abatements for tenants and/or developers who assume the risk of redeveloping the center could encourage the re-gentrification of an entire area by focusing that investment on a critical part of the community fabric, the shopping center. —Reviewed by: Temma Weissman and Elaine Worzala
Temma Weissman is a member of the graduating Class of 2013 at the College of Charleston, majoring in
business administration with a concentration in marketing and a minor in sociology. Previously, she studied international business and marketing in Copenhagen, Denmark for a semester. She also served as an international trade research intern. She has been a student member of ICSC as well as a member of the Real Estate Club at the College of Charleston. She can be reached at:
tjweissm@g.cofc.edu.
Elaine Worzala is Professor of Real Estate and Director of the Carter Real Estate Center at the College of
Charleston. Dr. Worzala holds a doctorate in real estate and urban land economics (1992) and a master of science degree in real estate appraisal and investment analysis (1984) from the University of Wisconsin-Madison. An active member of several academic associations, Dr. Worzala has served as the President of both the American Real Estate Society and the International Real Estate Society and is currently serving as a board member for both organizations. She also is the co-chair of ICSC’s Academic Research Committee. Her articles have appeared in many of the mainstream real-estate academic journals as well as industry-based publications and other media. She can be reached at:
worzalaem@cofc.edu.
INTERNATIONAL COUNCIL OF SHOPPING CENTERS
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RETAIL PROPERTY INSIGHTS VOL. 20, NO. 1, 2013
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