It is very common that urban transportation infrastructure developments be accompanied by additional peripheral developments.Therefore, it is important to be able to assess the contribution share of each development component when the benefit of the project is measured. In addition, joint effects are expected in the project, some of them caused by economies of scale and others by economies of scope. The present study aims at developing an operational measurement tool to unravel these effects by improving the Hedonic Price Approach. New explanatory variables are introduced in conventional land price function to represent joint effects. The new measurement tool is applied to a subway development project in Sendai City, Japan, and the new variables are found to be significant. The joint effect of subway and shopping center estimated in this case is about 5% of the total benefit.