A few well-known factors that influence real estate values include proximity to well-ranked schools, access to parks and public transportation and local amenities. But here’s one you may not be as familiar with.
According to a study by Urban Land Institute (ULI), access to healthy food, a culture of local sourcing and innovative cuisine options positively impact real estate values.
“Cultivating Development” takes a closer look at the relationship between sustainable food and real estate prices from three perspectives: its impact on people, its benefit to the environment and its benefit to surrounding real estate values.
“The synergy between food and real estate is becoming increasingly evident. Just as food plays a key role in social interaction and creating a sense of community, real estate plays a significant role in shaping how people access and experience food. An emphasis on access to healthy food is spurring innovative developments that are enhancing the overall prosperity, sustainability and livability of our communities.”
-Rachel MacCleery, ULI Senior Vice President
The report observed that a growing interest in local food is leading to an increase in neighborhood farmer’s markets, farm-to-table restaurants and community gardens which in turn cultivate the communities and economies around them and bring innovation and positive growth.
Investing in food related enterprises within the context of larger development projects can support your bottom line and speaks to a larger goal of ensuring a healthy environment for the surrounding communities.
For examples, if you buy a large parcel of land, section off a piece for a community garden (insert: locally-sourced restaurant, farmer’s market, farm, etc). This creates a sense of community around the development and gives back to the neighborhood.
To be successful, food-centric development relies on partnerships with established local institutions. Work with existing neighborhood groups, nonprofits, anchor businesses and small food suppliers. By doing so you’ll create authentic relevant projects that speak to local priorities.
Community food-growing areas can add value to residential and mixed-use developments at little cost. The development community has a vital role in carving out places where food can be grown, produced and distributed to adapt to the mounting challenges of climate change, absurdly high levels of food waste and dire fossil fuel dependency. Take on that challenge – be the positive change.
Read the full report here.