Various eco-friendly transportation projects are being planned in line with the 2050 carbon neutrality policy. These projects are mainly for pedestrians. It is difficult to evaluate these projects because the method for calculating transportation benefits mainly considers the travel time-saving effect of vehicles. The purpose of this study involves evaluating eco-friendly projects by reflecting on the pedestrians-friendly effect. Specifically, transportation benefits are evaluated by the contingent valuation method (CVM). It is based on willingness to pay (WTP) reflecting landscape effects. The target of this analysis is “The Generalization Project of the Gyeong-in Expressway”. This project involves a plan to build an underground road with the same scale as that of the existing road and change the existing road to a pedestrian-friendly park. This project is ineffective in terms of timesaving. When reflecting CVM, Benefit-Cost (B/C) is 0.96 and when not reflecting CVM, B/C is -0.21, negative benefits are calculated. Benefits are generated due to a decrease in capacity. If the landscape effect is added, then the willingness to pay for constructing a park is 19,210 KRW/y, which corresponds to a benefit of 8,277 billion KRW/y. This method, which reflects the landscape and walking connectivity effects for pedestrians, can calculate the characteristics of pedestrians for evaluating transportation projects. It can contribute to expanding eco-friendly transportation projects.