Economic impact of large-scale park renewals—Case study of Minami Ikebukuro Park, Toshima-ward, Tokyo

Abstract

In recent years, many urban parks in Japan have undergone full-scale redesign to increase comfort and liveliness in space. This has the potential to enhance urban amenities and influence urban environment. On the other hand, major renewal is costly, and while verification of the outcome is indispensable. As there are a few studies on these effects, this study examines the effects of the renovation of Minami Ikebukuro Park in Toshima-Ward, Tokyo, using Difference-in-Differences. We found a 7–10% positive effect on land prices within 400 m of the park, with the potential increase in tax revenues likely to exceed the infrastructure costs.