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RECREATIONAL PROPERTY DEVELOPMENT

Format: MS WORD  |  Chapter: 1-5  |  Pages: 71  |  2972 Users found this project useful  |  Price NGN5,000

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RECREATIONAL PROPERTY DEVELOPMENT

 

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Transportation and property are important in physical and economic development of towns and cities all over the world. Property and land values tend to increase in areas with expanding transportation networks, and increase less rapidly in areas without such improvements. Rapid and continued rise in housing and land prices are expected in cities with transportation improvements and rapid economic and population growth (Goldberg, 1970). Man, nations, regions and the world would be severely limited in development without transportation, which is a key factor for physical and economic growth (Oyesiku, 2002). Transportation systems and land use are interdependent. Indeed findings of earlier studies indicate compelling and consistent connections amongst them (Ewing and Cervero, 2001; Polzin, 2004). According to Bailey, Mokhtarian, and Littlel (2008), transportation route is part of distinct development pattern or road network and mostly described by regular street patterns as an indispensable factor of human existence, development and civilization. The route network coupled with increased transport investment result in changed levels of accessibility reflected through Cost Benefit Analysis, savings in travel time, and other benefits. These benefits are noticeable in increased catchment areas for services and facilities like shops, schools, offices, banks, and leisure activities. Road networks are observed in terms of its components of accessibility, connectivity, traffic density, level of service, compactness, and density of particular roads. Level of service is a measure by which the quality of service on transportation devices or infrastructure is determined, and it is a holistic approach considering several factors regarded as measures of traffic density and congestion rather than overall speed of the journey (Mannering, Walter, and Scott, 2004). Access to major roads provides relative advantages consequent upon which commercial users locate to enjoy the advantages. Modern businesses, industries, trades and general activities depend on transport and transport infrastructure, with movement of goods and services from place to place becoming vital and inseparable aspects of global and urban economic survival. Developments of various transportation modes have become pivotal to physical and economic developments. Such modes include human porterage, railways, ropeways and cableways, pipelines, inland waterways, sea, air, and roads (Said and Shah, 2008). According to Oyesiku (2002), urbanization in Nigeria has a long history in its growth and development. Extensive development being a feature of the 19th and 20th centuries, with concentration of economic and administrative decision-making in Lagos, Ibadan, Kaduna, Jos, and Enugu, and high degree of specialization and larger population associated with greater specialization of goods and services. Wyatt (1997) states that urban areas have tendency to develop at nodal points in transport network and places with good road network will possess relative advantage over locations having poor network. Urban locations with such relative advantage are found where different transport routes converge with high degree of compactness, connectivity, density, length and accessibility exhibited within the intra- and inter- urban road networks. Ikeja is a typical example in the history of growth and development of cities in Nigeria. The city became capital of Lagos State in 1976 with improved road networks developed to cater for increase in concentration of pedestrian and vehicular movements. Similarly, commercial activities like banking, retail/wholesale businesses, and professional services congregated to take advantage of nearness to seat of governance. Concentration of activities attracted consumers and ancillary service providers. This partly caused increase in demand for commercial space and its concomitant effects on commercial property values along arterial roads in the metropolis. The present position concerning commercial properties in Ikeja is that majority are located along arterial roads that deliver much of the vehicular and pedestrian movements. There have

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