LONDON-The potential of public property to leverage economic development is too often squandered due to lack of a strategy by cities which are seeking to raise their rate of investment, says a new report from the Urban Land Institute Europe.

“Public land is potentially an underutilized resource, especially when public finances are tight,” says the report, based on conclusions of a workshop sponsored earlier this year by ULI Europe’s Urban Investment Network. "ULI’s reports play a key role in promoting the understanding of European city development dynamics, both for cities and for investors," said ULI Europe Chairman Alexander Otto. "Public land in cities can be a great asset for urban investment, but it could also be a deterrent to investment if it is not used optimally.”

The report provides case studies illustrating creative leveraging of public land. These include Hamburg's HafenCity, Europe’s largest urban development; Barcelona's 22@ District, formerly derelict industrial land now being built as a compact city; Prospect Edinburgh, regenerating four key development regions; integrated province planning in Istanbul, to promote balanced development; Amsterdam's ground lease system, a century-plus-old system being revisited for development; Paris and Ile De France which seeks to factor environmental concerns into development and reorganize public transportation; and the Olympic Park Legacy in London, which seeks to maximize use of the publicly-owned land.

Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.

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Public Property Squandered by Cities - ULI

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