Article for Castles Unlimited
We know that proximity to good schools, access to parks and public transportation and local amenities are factors that influence real estate values. 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 food options positively impact real estate values. The report dives into 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 led to an increase in farmer’s markets, farm-to-table restaurants and community gardens which in turn cultivated the communities around them, bringing with them innovation and economic growth.
Boston Farmer’s Market
As such, 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. Community gardens can add value to residential and mixed-use developments at little cost, all while giving back to the surrounding community.
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. That way, you’ll create authentic and relevant projects that address local priorities.
Read the full report here.
