15 March 2005
Regeneration of public housing and communities can deliver substantial social and economic benefits for communities.
Following receipt of three recent National Awards for Excellence, made by the Urban Development Institute of Australia (UDIA), Australia's leading urban developer, Urban Pacific Ltd, today emphasised wider benefits to be gained by communities from public housing regeneration.
Urban Pacific Chief Executive Officer Steven Papadopoulos said, "Urban renewal and regeneration need to be placed at the top of the agenda. We have demonstrated and industry recognition has endorsed, that significant social and economic benefits can be achieved from redevelopment projects such as Westwood in Adelaide's north-western suburbs."
For example, Westwood, in Adelaide's north-west, the largest urban renewal project in Australia, is a $600 million joint development between the South Australian Housing Trust, Urban Pacific Limited and the City of Port Adelaide Enfield.
"When the project began, the area had challenging social and economic issues. Six years into the 15 year project and 1,000 homes have been developed, crime rates have dropped to the lowest ever recorded in the suburb, private home ownership has risen, 190 local jobs have been generated and real estate values have increased by more than 250 per cent since the first lots were sold in November 1999," said Mr Papadopoulos. "This is more than 140 per cent above increases in the western region over the same period."
"For urban renewal to be successful, value needs to be added for all participants - residents, governments, private partners, community stakeholders. Superior outcomes for the community, environment, economy and government/joint venture partnerships - have to be achieved."
In making the national award to the Westwood project in Adelaide, the UDIA judges said, "The Joint Venture's commitment to the establishment of a number of genuine social initiatives including community work, local employment programs and economic development through the business coaching of the local community is revitalising this local community."
"Creating partnerships is core to the success of Urban Pacific's projects and to have independent judges recognise that is very gratifying," said Mr Papadopoulos.
The National Awards for Excellence, made during the past week by the Urban Development Institute of Australia (UDIA) and awarded to Urban Pacific projects were:
Nationally, Urban Pacific's portfolio under development management is more than 8,600 lots valued at more than $2.8 billion. Urban Pacific is a wholly owned subsidiary of Macquarie Bank Ltd.
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