Final answer:
The Parking Lot Land's value has increased due to the planned development to solve the campus's increased need for parking, its suitable location, and the enhanced functionality it will provide to the college community.
Step-by-step explanation:
The value of the parking lot land has increased due to several factors. The main reason the Parking Lot Land is more valuable now is that there is a clear plan to address the increased need for parking on campus. The college's purchase of the corner lot two years ago was with the intent to create more parking spaces to solve the parking issues. Since the college will begin construction in June and complete it by August, the land has become more valuable because it will soon serve a vital function for the school community.
Moreover, land value is often influenced by its potential uses. This lot could have been developed for different purposes such as residential housing, commercial entities, or green spaces, each with its own set of values. Since the land is now being utilized to solve a practical problem and improve campus infrastructure, its economic and functional value has enhanced. While this lot might not have been suitable for agriculture due to soil quality, its location and suitability for parking lot development has ensured its value increase. Ultimately, the prospect of this development improves campus experience by potentially reducing the number of late arrivals to class, enhancing the aesthetics of an otherwise undeveloped space, and meeting the campus community's needs.