List of illustrations xiii
Preface xxi
Acknowledgements xxiii
PART 1
The development context 1
1 Introduction 3
Places matter 3
Themes of the book 6
2 Successful places 9
Introduction 9
Places. design and place-making 11
Places meant for people 15
Well -connected and permeable places 17
Places of mixed use and varied density 22
Distinctive places 24
Sustainable, resilient and robust places 29
The value of urban design 30
Conclusions 36
3 Real estate markets 39
Introduction 39
Property rights 40
The structure of real estate markets 44
The operation of real estate markets 50
Conclusions 60
4 Real estate values and the state 61
Introduction 61
The creation of real estate value 62
The market impact of planning actions 65
Conclusions 72
5 The real estate development process 74
Introduction 74
Models of the development process 75
Development pressure and prospects 76
Development feasibility 79
Implementation 89
Urban land vacancy 92
Actors and market relations 94
Power relations in development 97
Conclusions 102
6 The governance of place 104
Introduction 1 04
Government and governance 106
Governance capacity 121
Policy instruments 130
Conclusions 136
PART 2
Market roles and actors 139
7 Real estate developers 141
Introduction 141
Understanding developers 142
The structure of the development industry 146
Developers and design quality 155
Place and non-place entrepreneurs 160
Conclusions 163
8 Landowners 165
Introduction 165
Understanding landowners 166
Ownership behaviour in the development process 170
Landowners and design quality 175
Conclusions 180
9 Funders and investors 182
Introduction 182
62 Development funding 183
65 Development funders 186
Implications for place quality 190
Conclusions 196
PART 3
Policy instruments 199
10 Shaping markets- making plans and reforming institutions 201
Introduction 201
Challenging default urbanism 202
Making effective plans 208
Reforming the institutional environment 215
Conclusions 221
11 Shaping markets by strategic transformation 222
Introduction 222
Strategic place promotion 226
Strategic place preparation 231
Strategic implementation242
Conclusions 247
12 Regulating markets 249
Introduction 249
Regulation by statute or contract 251
Preventative and directive regulation 252
Regulation of activities or actors 253
Sequential and integrated regulation254
Managerial and absolute regulation 255
Elective and mandatory enforcement 256
Discretionary and pre-defined regulation 257
Planning gain 258
Design codes 261
Regulatory impacts 264
Conclusions 266
13 Market stimulus 268
Introduction 268
Direct state actions 270
Price-adjusting actions 276
Risk-reducing actions 279
Capitol-raising actions 283
Conclusions 285
14 Capacity building 286
Introduction 286
Market-shaping cultures, mindsets and ideas 287
Market-rich information and knowledge 288
Market-rooted networks 289
Market-relevant skills and capabilities 292
Conclusions 295
15 Conclusions 296
The challenge of institutional reform 296
Outcomes matter 297
Reforming processes 298
Reconstructing markets 298
Restocking the tool-box 299
Investing in place 300
Some final questions 300
Notes 302
References 308
Index 328