The Changing Face of Madison and Property Value Trends
CONTACT PERSON(S)
Cathy Yanger
(cyanger@wisc.edu)
David Templar
(dbtemplar@wisc.edu)
Guy Gryphan
(ggryphan@hotmail.com)
Sean Gutknecht
(sjgutknecht@wisc.edu)
OBJECTIVE
To determine if there is a relationship between changes in assessed property values and proximity to key new developments along the downtown Madison isthmus.
DESCRIPTION
Background
Over the past seven years, new commercial, civic, and residential development has exploded within the downtown Madison isthmus area. The size and upscale nature of many of these developments has concerned many policymakers, public interest gropus, and neighborhood residents. Several high-rises, offering condominiums for a quarter-million dollars or greater have already been built or are nearing construction. The Overture Center expansion of the Madison Civic Center was designed in large part to attract more prestigious artists to Madison. The fear is that an uncontrolled drive toward downtown gentrification will not only reduce the supply of lower cost units, but also drive up the price of existing housing stock, forcing lower income earning residents and small business owners out of the isthmus area.
Study Area
The study area is located on the downtown Isthmus of Madison. It extends from Blair Street, west to Bassett Street, and north to Lake Street. It contains the entire isthmus from the shore of Lake Mendota, south to the shore of Lake Monona, and contains all parcels assessed by the City. The four chosen study sites are: Metropolitan Place, The Embassy, the Overture Center, and Butler Plaza.
Proposed Tasks
To determine if there is a relationship between property values, defined as parcels, and their proximity to key new developments within the study area, we will use assessment data gathered by the City of Madison Revenue Department from 1998 through 2002. We will use parcel shape file data to determine the location and changes, if any, of parcels on the downtown Madison Isthmus. We will use Madison Street shape file data to display the location of streets on the Downtown Madison Isthmus, create our base map, and define our study area. From the assessment data, we will use parcel numbers, land use information, and total value of the parcel. The relationship between proximity and property value will be expressed through regression analysis.