A growing body of recent research is challenging the assumptions underlying the half-mile-circle in planning for development around transit stations. In this article we review this literature and extend it to include retail land uses. We estimate the rent premium conferred on retail properties in metropolitan Dallas and metropolitan Denver, both of which have extensive light rail transit systems. We find that consistent with half-mile-circle assumptions, retail rent premiums extend only to about 0.30 mile from transit stations with half the premium dissipating after a few hundred feet and three quarters within the first 0.10 mile. We offer implications for planners and public officials.