Section 9
Creating better places: investment in stewardship and sustainability over time
Rather than the short-term approach of speculative developers, delivering better places takes time and demands long-term commitment and investment to place quality. This requires greater commitment at the early stage to ensure efficient performance in the long run. Really good places cannot be created simply by real estate development but require careful management and maintenance to ensure growing reputation and attractiveness.
In a commercial sense, this is much like any property management role intended to grow investment value, since it will seek to ensure vibrant activity and full occupancy, backed up by the necessary promotion and maintenance. At an early stage in the development process consideration should be given to creating the right operational structures to retain and grow the place's asset value.
At Upton, for example, English Partnerships has set aside funds to establish the Upton Management Company, which thereafter will charge every unit a management fee to cover the cost of maintaining the area, including the SUDS, landscaped areas and even the community buildings. At Newhall, a similar role is played by the Harlow Residents Association, which charges a standard fee to maintain green spaces and street trees, while also providing residents with broadband and cable TV. Stockholm City Council takes direct responsibility for after-case at Hammarby, but in Castlefield, there has been increasing concern about the local council's decreasing commitment to maintenance, reflecting the tight financial position of most UK local authorities.
This highlights the need, at least in the UK, for independent management organisations to be established to secure the pro-active care and continued sustainability of newly developed places. Well before any development is completed, careful thought thus needs to be given to how continued place quality and rising investment value will be achieved over the long term.