Evaluating mega urban regeneration projects: developing a new model

Reyhaneh Rahimzad, Ali Parsa and Simon Huston

ERES from European Real Estate Society (ERES)

Abstract: In 21st century, with the rapid global urbanization, cities are undergoing dramatic expansion and regeneration. Urban migration, driven by jobs and other opportunities for wealth generation and economic development, has created the phenomenon of ’megacities’. Mega Urban Regeneration Projects (MURP) and emblematic projects were once urban policy solution. However in practice, MURPs, due to their complexity, scale and risk, were often over-budget or late (Flyvbjerg et al, 2003: Altshule and Luberoff 2003).Issue: Besides the risk of waste and high opportunity costs, the other criticism levelled against MURP is their proclivity to concentrate spatially on privileged enclaves or capital cities. Arguably, London has had too many construction projects whilst regional UK is neglected but is this a sustainable development model?This paper draws upon case studies in the UK. It first develops a MURP screening framework and then uses it to critically evaluate London’s large urban regeneration developments. This study will contribute to academic discourse and produce practical implications for the policy makers, planners, investors, developers and other key stake holders who are involved with Mega Urban Regeneration developments, to reinforce positive trends and enable policies to avoid mistakes. The methodology involves an extensive literature review, secondary data analysis and profiling a series of case studies and interviews with key players involved with mega urban regeneration projects.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2015-07-01
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