Miami-Dade Expressway Authority (MDX) Strategic Plan Real Estate & Land Use Economics
Lambert provided consulting services to determine the relative impact of several new interchange and intermodal facilities on surrounding real estate values.
The Miami-Dade Expressway Authority (MDX) is widely considered one of the most innovative toll road operators in the nation. With minimal staff, the agency manages more than 245 miles of roadways and was one of the nation’s first adopter off system open road tolling. MDX continues to look forward as to how its system will need to adapt to the needs and promote expanded transit and autonomous vehicles.
As part of its strategic plan, MDX sought to better understand to what extent incremental growth in real estate tax revenue resulting from the development of the interchanges or multimodal facilities might be captured/leveraged to deliver the contemplated transportation improvements. Additionally, MDX owns several parcels where there is an opportunity to realize joint development for real estate use and value creation. In these cases, MDX sought to understand the potential development program for these joint development parcels and maximize value to the agency.
Based upon the development program identified, Lambert estimated the relative marginal impact on the value of existing properties surrounding the new interchange or multimodal facility following the development of the interchange or facility. We translated the marginal value identified into additional tax revenues and outlined how this value could be recaptured under existing Florida Law or through the enactment of new legislation based upon other states’ models.