It would seem to be comparing apples—in this case, the Big Apple—with oranges.
But the fruits of placemaking are being savoured by developers whether it’s in and around Brisbane’s Fish Lane and Melbourne’s emerging Northbank or New York’s Bryant Park and five-building Brookfield Place.
The bottom line of place-led development is the creation or repositioning of spaces into vibrant places where people want to live, work and play.
And the more desirable the places become, the more property values, rental rates and revenues increase and, correspondingly, vacancy rates decrease.
The above is an exert from The Urban Developer, published 20 July 2023, where Urbis Managing Partner, James Tuma, was sought for his expert opinion on placemaking. Read on for James’ comments.