Joint development as a value capture strategy for public transit finance

Abstract

Synthesizing relevant experiences in US and some Asian countries, this article reviews joint development as a value capture strategy for funding public transit. The review starts from the concept of joint development in transportation, its rationale, and the extent of use. We then provide a classification of joint development models with respect to ownerships and transaction methods. These models are illustrated with case examples from multiple countries. After that, we assess the efficacy of joint development with a set of criteria for transportation finance evaluation, including economic efficiency, social equity, revenue adequacy & sustainability, and political & administrative feasibility. Finally, we conclude and provide recommendations for policy consideration.