DALLAS, Jan. 25, 2017 /PRNewswire/ -- In 1958, when New York's most famous Central Park was was first launched, the surrounding terrain was set to deliver some of the highest real estate values in the entire world. Last June, with a listing price of $250 million, a property at 220 Central Park South became Manhattan's most expensive condo to date. Present-day analysts estimate that land near a park is worth up to 20 percent more than a comparable property on a typical city block. Texas developer Marcus Hiles discusses the impact of one of the newest open urban spaces that follows the Central Park design trend, Uptown Dallas' Klyde Warren Park.
From Atlanta's BeltLine to Philadelphia's Rail Park and Chicago's Bloomingdale Trail, unused railways and abandoned infrastructure are being revitalized in the form of converted trails, parks, and promenades, as part of the landscape urbanism. "Capping," or building green spaces over freeways, has become one of its hallmark innovations, transforming expansive expressways into vital links among communities. In 2012, Klyde Warren Park capped the Woodall Rodgers Freeway in Dallas, connecting the Uptown and Downtown neighborhoods and allowing pedestrians to walk across the majority of the city, a previously impossible feat. The area surrounding the deck park, recalls Marcus Hiles, began changing dramatically. Since late 2012, lease rates on adjacent streets have more than doubled, and several new high-rises that will overlook the open space aim to drive prices even higher.