COLOMBIA: Feasibility Study to Develop Tradable Air Rights Instruments to Mobilize Private Financing for Bogota's Carrera 7 Bus Rapid Transit Corridor

Analyzing the feasibility of developing and implementing a tradable air rights instrument to increase functional densities in zones adjacent to Bogota's Carrera 7 Green Corridor, and mobilize private sources of financing to the project. The specific objectives of this technical assistance are: (i) to carry out a market study to explore the developers market interest, potential demand and willingness to pay for additional building rights in the context of Bogota's Carrera 7 Green Corridor project; (ii) to establish a clear methodology for setting the face value (initial auctioning price) of additional building rights taking into account current commercial property values; and (iii) to assess the legal framework to understand what is needed to take to market such an instrument.