Centennial Renewal of New York Grand Central Station Area from the Perspective of Air Rights Development and Spatial Economy
Abstract：
The advantage of high accessibility in rail transit station area has
resulted in the high demand in land market, and the three-dimensional highdensity development of station area has also promoted the development of
“spatial economics” in terms of land use, at the same time, the planning
control tool of Air Rights has become a regulator under this development
demand. This paper focuses on stock renewal and station-city collaboration
development, taking Grand Central Station Area redevelopment project in
New York City as case study to illustrate its long-term renewal process over
one hundred of year, and explain how air rights zoning regulations of threedimensional Air Rights Development, Landmark Transfer, Special District
Transfer and Transit Improvement Bonus are applied and changed over the
years, and concludes that the change of air rights policies is the process to
increase and release the spatial value of terminal area, hoping this will provide
a reference for the spatial value oriented long-term “station-city collaboration”
development mechanism in railway station area in urban centers in China.