Effect of a new park in the middl of an underserved community

[Troy Stange]

Anyone have any experience on residential property values when a park is put in? There's a neighborhood in my area that just got the ok for a new (and quite large) park where there was a rundown block of old buildings, a parking lot, etc. I'm assuming that over some period of time, the houses in the area will be worth more in a matter of months after the park is finished.

Or maybe it will happen sooner? Any insight?