Mixed-use means more money for munipicalities

So I found a very interesting blog post on Switchboard about an article in the The Charlotte Observer on mixed-use developments and tax revenue. Not surprising, mixed-use development outperforms big box and malls on a revenue-per-acre basis in Sarasota, Florida.

“[But] big box stores such as Walmart and Sam’s Club, when analyzed for county property tax revenue per acre, produce barely more than a single family house; maybe $150 to $200 more a year, [Sarasota Smart Growth Director Peter] Katz said. (Think of all those acres of parking lots.) Among retail properties, the biggest per-acre property tax revenue in his county, almost $22,000 per acre, comes from Southgate Mall, the county’s highest-end commercial property with Macy’s, Dillards and Saks Fifth Avenue department stores. That’s not so surprising.

“But here’s the shocker: On a horizontal bar chart Katz showed, you see that zooming to the far right side, outpacing all the retail offerings, even the regional shopping mall, is the revenue from a high-rise mixed-use project in downtown Sarasota. It sits on less than an acre and contributes a hefty $800,000 in tax per acre. (Add in city property taxes and it’s $1.2 million.)”

I blogged last year, during the height of the recession, how in Denver housing pricing dropped everywhere expect the transit friendly urban core which was a slight increase in price.

Mixed-use, smart growth development is good for the environment, good for people's health, and good for city coffers. It a shocking that mixed-use isn't building itself!