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Article
Publication date: 1 May 2002

Isaac Ng

One of the major impediments to urban renewal in Hong Kong is the acquisition of land from different owners in order to form adequate parcels for development. Compulsory…

Abstract

One of the major impediments to urban renewal in Hong Kong is the acquisition of land from different owners in order to form adequate parcels for development. Compulsory purchase powers are not available to the private sector as only public authorities can properly exercise powers over individuals in the public interest. In the case of urban renewal, when the Land Development Corporation (LDC) exercises compulsory purchase powers, it has to go through long and rigorous procedures to demonstrate that there is no undue detriment to the interests of landowners. In this paper the practice of the LDC in this respect is examined in detail and the problems and issues of land assembly in the urban renewal process highlighted. Finally, new policies for land assembly are suggested as means of dealing with the difficulties identified.

Details

Property Management, vol. 20 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 December 2015

Yin Pan and Tiejun Zhou

Due to the rapid urbanization in China, the living environment in urban areas improves considerably, while that in rural settlements does not improve remarkably, or even…

Abstract

Due to the rapid urbanization in China, the living environment in urban areas improves considerably, while that in rural settlements does not improve remarkably, or even worsens. The purpose of the research is to propose an organizational approach to the improvement of the living environment in the poverty-stricken rural settlements and an architectural design pattern under a variety of requirements in the context of China’s rapid urbanization and socio-economic development in the redevelopment of rural settlements in Yongsheng Village, Lizhuang Town, Yibin City of Sichuan Province in Southwest China. In this redevelopment project, the architects, as the important third party, are not just architects in the traditional sense in that they are involved in the organizational process and architectural design throughout the whole project. The redevelopment project has been completed, and is aimed at providing a scientific redevelopment model and a design method for other rural residents by guiding them in the improvement of their living environment under a variety of restrictions.

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Open House International, vol. 40 no. 4
Type: Research Article
ISSN: 0168-2601

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Article
Publication date: 2 August 2011

Thomas A. Musil

The purpose of this paper is to focus on the real estate development and community interaction aspects of US shopping malls. The existing research on shopping mall…

Abstract

Purpose

The purpose of this paper is to focus on the real estate development and community interaction aspects of US shopping malls. The existing research on shopping mall development and redevelopment can more comprehensively address the importance of malls to the communities in which they are located. Existing shopping mall research focuses on lease valuation, tenant location, retail agglomeration economies, retail demand externalities and intangible asset value. Largely, neglected areas of research are the community and economic contributions of shopping malls. These are critical issues given the age of shopping malls worldwide, the need for adjacent area redevelopment and requirement of large public subsidies for infrastructure construction.

Design/methodology/approach

This paper investigates the critical role of shopping malls as town centres and catalysts for area development and redevelopment. A review of the existing research on shopping malls and retail economic contributions to communities is addressed along with how mall redevelopment can be a catalyst for the revitalization of urban core and suburban areas. Methodology on the measurement of shopping centre economic and employment impacts using input/output (IO) modelling is reviewed and analysed.

Findings

IO modelling is an effective tool to evaluate publically supported infrastructure to accompany shopping mall and retail redevelopment. As an example of an IO analysis of construction and mall operations economic impacts, the paper presents a case study of the proposed $2 billion Mall of America (Bloomington, Minnesota) expansion employing IO modelling.

Originality/value

The paper demonstrates the community benefits and economic justification for public support for mall revitalization and provides a reliable analytical tool for quantifying the benefits of mall redevelopment to the community.

Details

Journal of Financial Management of Property and Construction, vol. 16 no. 2
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 19 October 2010

Francis K.W. Wong, Eddie C.M. Hui, Joe T.Y. Wong and Janice K.M. Wan

This paper seeks to examine the contributions of rehabilitation and redevelopment projects to the labour force of the construction industry in Hong Kong. Major projects…

Abstract

Purpose

This paper seeks to examine the contributions of rehabilitation and redevelopment projects to the labour force of the construction industry in Hong Kong. Major projects from the private and public sectors were critically examined and the manpower requirements and the tangible benefits in terms of wages arising from urban renewal were forecast.

Design/methodology/approach

The forecast of the expected persons to be engaged in the construction industry is based on trend regression model. Time series data of construction sites, both private and public, and persons engaged in the past ten years were forecasted for linear trend process for the next three years. From this, a reasonable estimate of man‐days to be engaged and wages to be incurred in the construction industry in the future can be obtained.

Findings

The results provide evidence that the impacts are positive. About 19.4 million man‐days and an income of HK$16.4 billion (3.8 per cent of the nominal GDP of Hong Kong in 2008) are anticipated in the short run. To meet urban regeneration needs, the Government should develop various vocational skills and enhance motivation and job search.

Research limitations/implications

There are potential risks of error arising from the use of assumptions, limited sample size and data from the secondary resources.

Practical implications

Urban renewal works can generate more jobs. The ratio of development projects to rehabilitation works in terms of producing job opportunity by the same amount of budget is about 1 to 4.7. To meet urban regeneration needs, the Government should develop various vocational skills and enhance motivation and job search for renewal works.

Social implications

Urban renewal attracts and stimulates investment, creates employment opportunities and improves the built environment of cities. Also, public rehabilitation works can play a moderate role in stabilizing the economy and the labour market.

Originality/value

The major contributions of this paper are: the estimated labour and financial resources to undertake such renewal works; and the more significant impact of rehabilitation work identified.

Details

Facilities, vol. 28 no. 13/14
Type: Research Article
ISSN: 0263-2772

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Case study
Publication date: 20 January 2017

Denise Akason and William M. Bennett

The case puts students in the shoes of Todd Davis, founder and CEO of a boutique brownfield redevelopment firm, Hemisphere Development, in 2010. Davis is wrestling with…

Abstract

The case puts students in the shoes of Todd Davis, founder and CEO of a boutique brownfield redevelopment firm, Hemisphere Development, in 2010. Davis is wrestling with decisions and processes surrounding the potential acquisition and redevelopment of the former Delphi Automotive plant in Columbus, Ohio. When making the investment decision, Davis (and students) must consider various factors: What is Hemisphere's implicit investment strategy, and what are the firm's core competencies? How should the firm finance this transaction to achieve an acceptable return?

  • Practice creatively structuring and financing unique transactions

  • Describe the importance of baseline analysis in dealing with contaminated or potentially contaminated properties, and understand that the timing of baseline analysis can be crucial in determining the viability of a transaction

  • State the importance of each type of constituent in public-private transactions

  • Recognize the benefits of specialized/niche expertise in deal-makin

Practice creatively structuring and financing unique transactions

Describe the importance of baseline analysis in dealing with contaminated or potentially contaminated properties, and understand that the timing of baseline analysis can be crucial in determining the viability of a transaction

State the importance of each type of constituent in public-private transactions

Recognize the benefits of specialized/niche expertise in deal-makin

Details

Kellogg School of Management Cases, vol. no.
Type: Case Study
ISSN: 2474-6568
Published by: Kellogg School of Management

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Article
Publication date: 6 July 2015

Christopher Hannum

– The purpose of this paper is to demonstrate the value of computable general equilibrium (CGE) modeling for impact analysis of real estate developments and redevelopments.

Abstract

Purpose

The purpose of this paper is to demonstrate the value of computable general equilibrium (CGE) modeling for impact analysis of real estate developments and redevelopments.

Design/methodology/approach

Uses a model constructed for Colorado to compare estimates of economic impact of a hypothetical mixed-use development from a CGE model with an input-output (IO) model similar to those commonly used in applied economic impact analysis.

Findings

Economic impact estimates of construction activity are demonstrated to be lower when using a CGE approach as compared to an IO approach while impact estimates of continuing operations of a property are demonstrated to be more accurate and potentially higher using a CGE approach.

Practical implications

A CGE approach as opposed to an IO approach will be particularly useful for practitioners in particular cases where IO models are ill suited to provide meaningful estimates concerning impact of continuing operations. This is especially likely where commercial tenants are unknown or when the development includes a residential component.

Social implications

More complete and accurate assessments of economic impact may positively affect views on property development and redevelopment by the public and government.

Originality/value

This paper adds to the existing literature concerning economic impact analysis of real estate and is the first paper in the field, to the authors’ knowledge; to compare estimates from the standard IO approach to those derived using more sophisticated modeling techniques.

Details

Journal of Property Investment & Finance, vol. 33 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 24 May 2013

Ling Hin Li and Lang Gan

The purpose of this paper is to examine the feasibility of adopting a market‐based land use model, Transfer of Development Rights (TDR), which is very popular in America…

Abstract

Purpose

The purpose of this paper is to examine the feasibility of adopting a market‐based land use model, Transfer of Development Rights (TDR), which is very popular in America and other countries as a positive land use control mechanism for conservation, in an evolving socialist land economy, namely China.

Design/methodology/approach

This paper utilizes a case study approach, supplemented by a cost‐benefit model, to estimate the feasibility of establishing a TDR model in Chongqing, China.

Findings

From the analysis, it is found that a market‐based land use mechanism can serve to maximize the benefits of all parties and can balance the interests between development pressures and conservation needs. However, this is based on a number of conditions, including: that a well‐developed legal framework should be set up, to clearly delineate property rights; that a good and enforceable planning system should be in place; and that a mature land market mechanism should be developed that allows open market prices to be realized in the trading of development rights.

Research limitations/implications

This case study is based on a hypothetical situation of one case. More data are needed to support the argument in the future.

Practical implications

Conservation is a major concern for the local governments in China, given the recent high speed economic growth. A model that can balance development pressure, while allowing the market to compensate fully for the infringement of property rights in the process of urban regeneration, is worthy of the authority's attention in future policy formulation.

Social implications

This paper shows that the society as a whole can strike a balance between the need for economic development and conservation of historic sites, provided some conditions can be met.

Originality/value

This paper fulfills an identified need to study the establishment of a market‐based land use model in the conservation policy of land in China.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. 3 no. 1
Type: Research Article
ISSN: 2044-1266

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Book part
Publication date: 4 April 2013

Stefanie Chambers and Will Schreiber-Stainthorp

Purpose – This chapter examines the electoral coalition and leadership style of Columbus’ Mayor Michael Coleman.Design/methodology/approach – An analysis of State of the…

Abstract

Purpose – This chapter examines the electoral coalition and leadership style of Columbus’ Mayor Michael Coleman.Design/methodology/approach – An analysis of State of the City addresses, in-depth interviews, and an analysis of scholarly publications and news stories was conducted.Findings – The first Black mayor of Columbus, Ohio, Michael Coleman was elected by forging an electoral coalition between the city’s majority White and minority Black community. Once in office, Coleman was faced with the challenge of creating a governing coalition that addressed the downtown development interests of his White constituency and the community redevelopment needs of Black residents. While he has favored economic development, Coleman has delivered some noteworthy benefits to the Black community, especially in terms of neighborhood revitalization and community redevelopment. Given the challenge of balancing such divergent interests, Coleman’s accomplishments are noteworthy. Nevertheless, he has been unable to facilitate significant upward mobility of the Black community, and Blacks continue to remain underrepresented in government. This chapter explores the role of racial politics in Coleman’s elections and his policy focus once elected. Attention is also paid to the Coleman administration’s efforts to improve the socioeconomic situation of Blacks. We argue that Coleman’s leadership fits within the “universalized interest approach,” taking advantage of compromises between seemingly polarized parties to produce mutual, if qualified, benefits. In this way, Coleman has placated those with power, ensuring a long tenure as mayor and an extended window of opportunity with which to create change in Columbus.Practical implications – This chapter sheds light on how a minority mayor can come to power in a majority White city today.Originality/value – This is the first analysis of Michael Coleman’s leadership and provides a valuable example of the possibilities and limitations faced by a Black mayor in a majority White city.

Details

21st Century Urban Race Politics: Representing Minorities as Universal Interests
Type: Book
ISBN: 978-1-78190-184-7

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Article
Publication date: 1 January 2006

Björn‐Martin Kurzrock and Michael Roth

Only a small amount of research is available as yet on the performance of property developments. This article seeks to analyse the performance of property developments in…

Abstract

Purpose

Only a small amount of research is available as yet on the performance of property developments. This article seeks to analyse the performance of property developments in institutional property investors' portfolios over four European countries – France, Germany, Sweden, and the UK – based on property level data submitted to the IPD property databank. The study also aims to consider total returns of standing investments as a benchmark for property developments.

Design/methodology/approach

Performance data over the period 1998 to 2002 are analysed by means of a multi‐factor analysis of variance where the factors are the country, property use type, year of completion, duration and capital value groups of property developments. As property developments usually carry higher risks, one would expect total returns of developments to be higher than for standing investments. By comparing weighted total returns of property developments with those of standing investments, support was found for this assumption in most cases.

Findings

Only in Germany did property developments perform even worse than the standing investments. Country and capital value were found to be the key performance drivers for property developments in the four countries. Interestingly, property use type does not yield a significant impact on performance.

Originality/value

As a first contribution, the findings of the study are supposed to be valuable for European institutional property investors in their asset allocation decision processes.

Details

Journal of Property Investment & Finance, vol. 24 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 21 August 2007

Peter Fisher, Simon Robson and Suzanne Todd

The purpose of this research is to investigate development competitions in England in order to uncover any shortcomings and point to improvements. A “development

Abstract

Purpose

The purpose of this research is to investigate development competitions in England in order to uncover any shortcomings and point to improvements. A “development competition” is a sale by tender of publicly‐owned land with development potential where bidders also submit designs.

Design/methodology/approach

First, an interview survey of local authorities in north‐east England; second an interview survey with developers in north‐east England; third a questionnaire survey of local authority estates officers and fourth an interview survey with London based property consultants.

Findings

Despite their theoretical attractions, some competitions have problems. Conflict exists between professions and agencies. Development competitions encounter difficulties between developer appointment and construction which may lead to delay or the developer pulling out.

Research limitations/implications

The data collected are biased in favour of the financial/property perspective. Further research is therefore still required.

Practical implications

Despite its practical significance, no literature exists on this specific topic. The results reveal delays, disputes and sub‐optimal use of resources. Further research is needed leading to new official guidance covering all aspects of this process.

Originality/value

Large numbers of competitions are held in the UK each year. The disposal of sites in this way has become more significant due to the concentration of activity on brown‐field land. In future, the need to assemble urban land using compulsory purchase powers is likely to make competitions more frequent. These results, which highlight best practice, will be of interest to all professional people involved.

Details

Property Management, vol. 25 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

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