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Viability of Mixed-Use Developments
Viability of Mixed-Use Developments
(1) The Counselors of Real Estate, Spring 2009, Real Estate Issues Vol.34, No. 1: “Mixed-Use Development and Financial Feasibility: Part I –
Economic and Financial Factors”
1
Viability of Mixed-Use Developments (Reclamation Project)
• Blank canvas: unique opportunity to product differentiate as a reclamation project
Selected reclamation projects Key takeaways
1. Songdo International • As the business district was built from scratch, developers took
Business District (600 has) it as an opportunity to invest heavily in technologies that had
Incheon, South Korea yet to debut in conventional cities (ex. a pneumatic waste
disposal system that uses pipes to suck trash from individual
homes into processing centers that automatically sort the
material and recycle it)(1)
2. Dubai Marina (600 has) • Due to lack of context as a place with few historical references
Dubai, UAE and no traditional real estate market, there was unprecedented
freedom to define the development(2)
• Intended to be built out over a long period of time, framework
used for the masterplan was creating a sense of variety.
Market conditions will change over time, as will community
needs and priorities(2)
3. Pluit City (450 has) • With the reclamation of several islands and a sea wall located
Jakarta, Indonesia in deep water and cost recovery a major challenge, only a new
iconic waterfront city with high quality development would
attract major investors. The Great Garuda (a mythical bird and
the national symbol of Indonesia) protects the National Capital
of Indonesia against the sea. It is also the first image of
Indonesia which foreigners and Indonesian expats will see
when landing over the Bay of Jakarta(3)