Gentrification is the process through which an influx of new investment and new residents with higher incomes and educational attainment flow into a neighborhood over time. This dissertation expands scholarly understanding of gentrification’s meaning, measurement, and consequences through three essays. The first essay reviews, inventories, and critiques the numerous methods scholars have used to identify gentrification. The second essay critiques the normative foundations of the smart growth movement and improves empirical understanding of how that urban policy agenda and gentrification are linked. The final essay identifies gentrification in Maryland’s Purple Line Corridor and with quantitative methods illustrates how gentrification impacts the local business economy. The findings of this dissertation show that gentrification is often not properly identified, smart growth and gentrification can be linked, and that businesses in gentrifying neighborhoods are more likely to close.