The role of the private sector in shaping the built environment is historically evident and seemingly increasing in contemporary urban development practice. Traditionally real estate developers and investors play a crucial role in realising and financing urban development and real estate projects. In addition, other private sector actors like owners, entrepreneurs, local citizens and all sorts of corporations increasingly influence city-making, as redeveloping real estate and regenerating urban areas are becoming more common. At the same time public organisations such as local planning authorities increasingly focus on facilitating such private development initiatives. Especially in developed (Anglo-Saxon) countries, a new phenomenon called private sector-led urban development is occurring, in which private actors perform a leading role in managing the delivery of urban areas and real estate. Nevertheless, this broad contemporary practice is not fully explored and understood in real estate and planning literature. Therefore, this chapter elaborates on private sector-led urban development by discussing various characteristics, typologies and practices. In particular, it discusses the contemporary and potential future role of private actors as driving force behind developing urban areas and real estate. Thereby, it aims to contribute new concepts and empirical insights about the management and organisation of urban and real estate development.
Heurkens, E. (2018) Private sector-led urban development: Characteristics, typologies and practices. In: Squires, G., Heurkens, E. & Peiser, R. (eds.) Routledge Companion to Real Estate Development. London, Routledge, pp. 107-122.