Page 66 - #181 May 2023

SPECIAL FEATURE - URBAN REGENERATION

Transformations for the

Next Generation

At its most basic level, Urban Regeneration involves the investment of public money or private finance
into areas in need of lasting improvement to proceed with a program of land redevelopment often used to
address urban decay in cities. Over the coming pages RLI spends some time looking at a selection of global
schemes that best highlight the transformation of run-down areas into thriving economic hubs.

rban Regeneration brings back underutilised assets and public transportation networks, electric vehicle charging stations and the
redistributes opportunities, increasing urban prosperity restoration of a section of the beloved local Sprout Brook.
Uand quality of life. Every city has pockets of underused and A game-changing retailtainment destination, 11 SKIES will be Hong
underutilised land or distressed and decaying urban areas. These pockets of Kong’s largest hub for retail, dining and entertainment and the first to
underused land weaken the city’s image, liveability and productivity. They are combine wealth management and wellness services in one complete
usually the result of changes in the urban growth and productivity patterns. ecosystem. Opening in phases from 2022 to 2025 by New World
What Urban Regeneration seeks to do is create new opportunities both Development, it is set to bring brand new experiences for consumption,
for the local community and individuals and businesses looking to invest entertainment and wellness services to everyone. 11 SKIES will bring
in the area by repurposing underused or redundant land and buildings in together 3.8 million square feet gross floor area; 2.6 million square feet
a wholesale transformation intervention. At its heart it has an ambition to of retail space, encompassing over 800 shops and more than 120 dining
increase prosperity and in turn improve people’s quality of life by reducing concepts; 570,000sq ft of experience-based entertainment facilities
social inequalities in these areas. including immersive, fun and interactive role-play learning experiences at
KidZania and Grade-A office towers. Strategically located right next to the
Examples of Urban Regeneration Around the World Hong Kong International Airport, Hong Kong-Zhuhai-Macao Bridge and
Unibail-Rodamco-Westfield (URW) has announced Mill Creek Tuen Mun-Chek Lap Kok Link, 11 SKIES will benefit from a high volume
Residential (MCR) as co-developer for the first phase of the landmark of passengers who travel through Hong Kong International Airport, which
transformation of Westfield Garden State Plaza in Bergen County, recorded 71.5 million in 2019 and will become a centrepiece within the
New Jersey. Anticipated to break ground in 2024 and slated to open GBA ‘one-hour living circle’ and a gateway to the rest of the world.
to residents in 2026, the first phase will include the construction of 550 Global real estate company Hines has revealed plans to build and
luxury apartment homes that will be integrated with the shopping centre operate a 74-storey mixed-use tower in Busan, South Korea’s second-
via a one-acre ‘green town’ for residents, visitors and shoppers to enjoy, largest city. Called the Global Quantum Complex, the $1bn project
as well as introduce a ‘main street’ outdoor district featuring restaurants will house the nation’s first quantum computing R&D hub, as well as
and everyday conveniences and services. The development will also next-generation offices and space for education, retail and residential
include significant community and sustainability features such as new parks offerings. The development in Busan’s Haeun-dae district will span more
and greenspaces, green building construction, upgraded connectivity to than 180,000sq m and will be one of South Korea’s five tallest towers