Urban regeneration or urban renewal is where public money or private finance is invested into locations that need lasting improvement. Some examples of urban regeneration in London include the creation of the 2021 Olympic Park and the construction of the Millennium Dome.
The purpose of urban renewal is to enhance the quality of life for residents that live in an underdeveloped area.
This includes making areas more attractive so there is a higher likelihood of investors putting money towards property development as well as increasing the number of opportunities there are for employment and education in deprived communities.
Besides, revealing potential from individuals within poorer areas. It doesn’t matter whether a person is academically talented or gifted in sport, urban regeneration aims to provide more opportunities for them to reach their goals.
Types Of Urban Regeneration
This form of urban regeneration is focused on land renewal where derelict land is recovered and used for other purposes. For example, the redevelopment of brownfield sites can be converted into useful properties for a community or made into a green space through urban landscaping and dedicated to environmentally friendly activities such as cycling, walking and recycling.
Social regeneration relates to projects that improve personal aspects of a community like health and wellbeing, family, childcare and culture.
This type of urban regeneration is dedicated to improving social habits and allowing individuals from underprivileged backgrounds to take part in the community. It can also help decrease the crime rate and give all members of an area a sense of belonging.
Economic regeneration focuses on communities’ economical value with regards to earnings, employment, skill development and opportunities for business start-ups.
Urban regeneration in this scenario is about creating a location where individuals can prosper long-term and not have to think about moving to areas with greater options.
When economic regeneration is done correctly, there will be vast environmental, social and cultural improvements. Not to mention, neighbourhood renewal where people from all walks of life have the chance to succeed.
Funding for transport, infrastructure, brownfield sites and new building projects are all examples of effective economic regeneration.