Though space consuming, it also adds a nice touch the centre of a leafy neighborhood. Surface water increases land value dramatically.Without water maximum densities cannot be reached and land values also suffer.
Make sure there are enough schools around the area, same as hospitals. Take advantage and build ball parks where there is space. The area beside Ball Parks seem to be very popular residential areas. Be prepared to sacrifice some very expensive land to build an extra police station or a metro station. After all, dense zoning brings in twice the number of sims and twice the problems. Before converting your zoning from medium to dense commercial take into the increased pollution, traffic and crime this would bring. Others, such as the Stock Exchange, bring in financial business and indirectly brings in higher ended residents as well. The most direct one is the country club, which gives a place for the rich gentry to hobnob and sip liqueurs by the lake. Certain rewards attract higher end residents to your city. Move the unwanted, polluting industries and power plants as far away as possible, perhaps even across the city borders if you can afford it. Some pollution can be eliminated by smart zoning. Most rich cities simply build a maze of subways and the roads become deserted, especially when public transport is subsidized. Most of the pollution comes from traffic so traffic has to be eliminated. Big cities will always have some pollution, it is a fact, but eliminating most of it is not impossible though a painstaking process. Pollution hurts land values badly though not as directly as crime. If there are no criminal cases versus the thousands of civil cases you are on track. Check whether this is so by clicking on the county courthouse. 
Make sure there is next to no crime - by the time your city is bringing in cash comfortably (so about 60% of your revenue is spent and 40% goes to the city's treasury) you should start aiming for about 3 on crime levels. The only difficult thing is that you have to be prepared to spend money on it and have far reaching planning decisiveness. Increasing land value in SimCity 3000 is not that difficult. It is always a proud sight for the mayor to see where there were once slums and empty lots now lie apartments with astronomical values vying with the skyscrapers for their place in the sun. There is always the aesthetic value for high land values.
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