The number of Urban Renewal projects coming to market in Australia has accelerated drastically in the last decade and shows no signs of slowing. With an estimated $71 billion of projects coming to market in the next three years, Urban Renewal will be one of the main drivers of pipeline for the property industry.
Urban Renewal projects are large, complex real estate developments. They involve the transformation of under-utilised brownfield sites, typically located in inner city locations and owned by government. Developments are typically mixed-use and have a long gestation period from acquisition to construction commencement.
Delivering successful Urban Renewal is a complex task and needs to be planned through an appropriate framework that considers a range of different elements. This Quarterly Research is the first of three issues that examine key aspects of an Urban Renewal framework for developers. In this issue, we will examine in detail the importance of Urban Renewal Strategy and Project Identification.