INDUSTRY FOCUS
INDUSTRY FOCUS
One of Urban MGT ’ s greatest success stories to date is probably the phenomenal change that has taken place in uMhlanga Rocks . With its spectacular ocean views , luxurious apartment blocks and a smorgasbord of fine-
a new vision for
URBAN RENEWAL
“ Urban renewal ” is a hot topic in property development , and one that cannot be ignored by residents , business owners or , indeed , property developers .
What makes an area attractive to residential and business investors ? Good security , aesthetic appeal or convenient access to amenities ? For most of us experiential beings , it ’ s the perfect combination of all three . But employment and budget constraints sometimes prevent us from achieving the picturesque suburban ideal that so many seek . So what if there was a formula that could improve on what ’ s already been established ?
“ Urban renewal ” is a hot topic in property development , and one that cannot be ignored by residents , business owners or , indeed , property developers .
Consider this scenario : a property developer identifies a potential space and sets about making a significant investment in developing it . But what about the investor ’ s point of view ? Does that property offer true value ? Does the investor see potential for growth and development of the wider area ? The truth is that if the area around the development is rife with crime , urban sprawl and urban decay , the developer can forget about any significant return on the investment .
Brian Wright , who heads up Urban MGT , a company catalysing urban renewal , says that the magic formula for sustainable urban renewal lies in revolutionising the experience that users have with their public open spaces and dramatically improving the lives of people living in those nodes . This in turn inspires consumer confidence and stimulates investment , which ultimately perpetuates the cycle . The formula that he is referring to is embodied in the civic structures known as Urban Improvement Precincts ( UIPs ) or City Improvement Districts ( CIDs ). In essence , it is no longer the location alone that determines property values ; it is also how the broader location is managed . And it is within the broader location management that Urban MGT plays a vital role .
“ Urban decay is a reality for almost any city in any part of the world . What Urban MGT does is to set up public space management structures , or UIPs , that shift perceptions and actions to focus on growth and urban renewal ,” says Wright . “ The nature of a UIP structure is to partner with local municipalities in order to improve the quality of an area ’ s public space However , a UIP cannot succeed without complete buy-in from the members of the community .”