4 Aug 2023

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. 

Placemaking strategies are already a crucial foundation on which many projects are built.

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Urbis managing partner James Tuma says placemaking strategies are already a crucial foundation on which many projects are built.

“Developers are much more conscious of defining that clarity of purpose before they start really getting into anything else… they’re asking some really deep questions about what’s the purpose of this particular development or precinct or place.

“That’s partially because they want to make sure that they’re doing a good job and they’re creating a relevant place,” he says.

“But it’s also about having a strategy that brings an edge and competitive advantage in the marketplace. I think, increasingly, with all the economic constraints and a bunch of other things going on, that matters.

“And so the stories about places you’re creating and the performance and experience in those places can be significant differentiators of how successful the development might be.”

Read the original The Urban Developer article.

James Tuma View Profile