IDEAS home Printed from https://ideas.repec.org/a/sae/envirc/v39y2021i3p646-663.html
   My bibliography  Save this article

Plans and situated actions in urban renewal projects: The role of governance devices in realizing projects

Author

Listed:
  • Sara Brorström
  • Alexander Styhre

Abstract

Municipalities and city administrations have the jurisdiction to determine the use of land and real estate, but must collaborate with various actors, including real estate developers, construction companies, and financial institutions, to realize stated goals. When implementing initiatives such as urban renewal projects, plans and situated actions may be loosely coupled during the early stages, when visions of the future are being articulated; over time, however, the information needed to calculate whether illiquid assets are attractive investment objects must be introduced. As such information is generated, the gap between plans and situated actions closes, having material effects under favourable conditions. This article presents an empirical study of an urban renewal project in a metropolitan area that initially gained external recognition via a prize awarded for visionary planning work. The project eventually encountered considerable difficulties, as a shortage of accurate information hampered production activities. The study underlines the importance of robust governance practices and accompanying governance devices in effectively transforming illiquid assets into, for example, housing.

Suggested Citation

  • Sara Brorström & Alexander Styhre, 2021. "Plans and situated actions in urban renewal projects: The role of governance devices in realizing projects," Environment and Planning C, , vol. 39(3), pages 646-663, May.
  • Handle: RePEc:sae:envirc:v:39:y:2021:i:3:p:646-663
    DOI: 10.1177/2399654420941856
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/2399654420941856
    Download Restriction: no

    File URL: https://libkey.io/10.1177/2399654420941856?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Joe Beswick & Joe Penny, 2018. "Demolishing the Present to Sell off the Future? The Emergence of ‘Financialized Municipal Entrepreneurialism’ in London," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 42(4), pages 612-632, July.
    2. Megan Nethercote, 2019. "Melbourne’s vertical expansion and the political economies of high-rise residential development," Urban Studies, Urban Studies Journal Limited, vol. 56(16), pages 3394-3414, December.
    3. Liliana Doganova & Marie Eyquem-Renault, 2009. "What do business models do? Narratives, calculation and market exploration," Post-Print halshs-00347615, HAL.
    4. Weiss, Marc A., 1989. "Real Estate History: An Overview and Research Agenda," Business History Review, Cambridge University Press, vol. 63(2), pages 241-282, July.
    5. Doganova, Liliana & Eyquem-Renault, Marie, 2009. "What do business models do?: Innovation devices in technology entrepreneurship," Research Policy, Elsevier, vol. 38(10), pages 1559-1570, December.
    6. Rachel Weber, 2010. "Selling City Futures: The Financialization of Urban Redevelopment Policy," Economic Geography, Clark University, vol. 86(3), pages 251-274, July.
    7. David Kirsch & Brent Goldfarb & Azi Gera, 2009. "Form or substance: the role of business plans in venture capital decision making," Strategic Management Journal, Wiley Blackwell, vol. 30(5), pages 487-515, May.
    8. Christof Brandtner & Markus A. Höllerer & Renate E. Meyer & Martin Kornberger, 2017. "Enacting governance through strategy : A comparative study of governance configurations in Sydney and Vienna," Post-Print hal-02312001, HAL.
    9. Rachel Weber, 2010. "Selling City Futures: The Financialization of Urban Redevelopment Policy," Economic Geography, Taylor & Francis Journals, vol. 86(3), pages 251-274, July.
    10. Tony J. Watson, 2011. "Ethnography, Reality, and Truth: The Vital Need for Studies of ‘How Things Work’ in Organizations and Management," Journal of Management Studies, Wiley Blackwell, vol. 48(1), pages 202-217, January.
    11. Eugene McCann & Kevin Ward, 2015. "Thinking Through Dualisms in Urban Policy Mobilities," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 39(4), pages 828-830, July.
    12. Thierry Theurillat & Olivier Crevoisier, 2013. "The Sustainability of a Financialized Urban Megaproject: The Case of Sihlcity in Zurich," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 37(6), pages 2052-2073, November.
    13. Pankaj C. Patel & Danielle Cooper, 2014. "The harder they fall, the faster they rise: Approach and avoidance focus in narcissistic CEOs," Strategic Management Journal, Wiley Blackwell, vol. 35(10), pages 1528-1540, October.
    14. A. Guironnet & K. Attuyer & L. Halbert, 2016. "Building cities on financial assets: The financialisation of property markets and its implications for city governments in the Paris city-region," Post-Print halshs-01258810, HAL.
    15. Guro Huby & John Harries & Suzanne Grant, 2011. "Contributions Of Ethnography To The Study Of Public Services Management," Public Management Review, Taylor & Francis Journals, vol. 13(2), pages 209-225, February.
    16. Ida Andersson & Ian R Cook, 2019. "Conferences, award ceremonies and the showcasing of ‘best practice’: A case study of the annual European Week of Regions and Cities in Brussels," Environment and Planning C, , vol. 37(8), pages 1361-1379, December.
    17. Christof Brandtner & Markus A Höllerer & Renate E Meyer & Martin Kornberger, 2017. "Enacting governance through strategy: A comparative study of governance configurations in Sydney and Vienna," Urban Studies, Urban Studies Journal Limited, vol. 54(5), pages 1075-1091, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Antoine Guironnet, 2019. "Cities on the global real estate marketplace: urban development policy and the circulation of financial standards in two French localities," Post-Print halshs-02297204, HAL.
    2. Rachel Weber, 2021. "Embedding futurity in urban governance: Redevelopment schemes and the time value of money," Environment and Planning A, , vol. 53(3), pages 503-524, May.
    3. Ludovic Halbert & Katia Attuyer, 2016. "Introduction: The financialisation of urban production: Conditions, mediations and transformations," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1347-1361, May.
    4. Julie Pollard, 2023. "The political conditions of the rise of real-estate developers in French housing policies," Environment and Planning C, , vol. 41(2), pages 274-291, March.
    5. Nicole Cook & Kristian Ruming, 2021. "The financialisation of housing and the rise of the investor-activist," Urban Studies, Urban Studies Journal Limited, vol. 58(10), pages 2023-2039, August.
    6. Kevin Ward & Andrew Wood, 2021. "“We just need the developer to develop†: Entrepreneurialism, financialization and urban redevelopment in Lexington, Kentucky," Environment and Planning C, , vol. 39(7), pages 1471-1491, November.
    7. Luan, Xiaofan & Li, Zhigang, 2022. "Financialization in the making of the new Wuhan," Land Use Policy, Elsevier, vol. 112(C).
    8. Hanna Hilbrandt & Monika Grubbauer, 2020. "Standards and SSOs in the contested widening and deepening of financial markets: The arrival of Green Municipal Bonds in Mexico City," Environment and Planning A, , vol. 52(7), pages 1415-1433, October.
    9. Kate Gasparro & Ashby Monk, 2020. "Demystifying “localness†of infrastructure assets: Crowdfunders as local intermediaries for global investors," Environment and Planning A, , vol. 52(5), pages 878-897, August.
    10. Laura Deruytter & David Bassens, 2021. "The Extended Local State under Financialized Capitalism: Institutional Bricolage and the Use of Intermunicipal Companies to Manage Financial Pressure," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 232-248, March.
    11. Frances Brill, 2020. "Complexity and coordination in London’s Silvertown Quays: How real estate developers (re)centred themselves in the planning process," Environment and Planning A, , vol. 52(2), pages 362-382, March.
    12. Kevin Fox Gotham, 2016. "Re-anchoring capital in disaster-devastated spaces: Financialisation and the Gulf Opportunity (GO) Zone programme," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1362-1383, May.
    13. Emanuele Belotti & Sonia Arbaci, 2021. "From right to good, and to asset: The state-led financialisation of the social rented housing in Italy," Environment and Planning C, , vol. 39(2), pages 414-433, March.
    14. Frances Brill & Veronica Conte, 2020. "Understanding project mobility: The movement of King’s Cross to Brussels and Johannesburg," Environment and Planning C, , vol. 38(1), pages 79-96, February.
    15. Matthias Bernt & Laura Colini & Daniel Förste, 2017. "Privatization, Financialization and State Restructuring in Eastern Germany: The case of Am südpark," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(4), pages 555-571, July.
    16. Frances Brill, 2022. "Governing investors and developers: Analysing the role of risk allocation in urban development," Urban Studies, Urban Studies Journal Limited, vol. 59(7), pages 1499-1517, May.
    17. John R Bryson & Rachel Ann Mulhall & Meng Song & Richard Kenny, 2017. "Urban assets and the financialisation fix: land tenure, renewal and path dependency in the city of Birmingham," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 10(3), pages 455-469.
    18. Klink, Jeroen & Stroher, Laisa Eleonora Maróstica, 2017. "The making of urban financialization? An exploration of brazilian urban partnership operations with building certificates," Land Use Policy, Elsevier, vol. 69(C), pages 519-528.
    19. Shatkin, Gavin, 2022. "Financial sector actors, the state, and the rescaling of Jakarta’s extended urban region," Land Use Policy, Elsevier, vol. 112(C).
    20. Shen, Jie, 2022. "Universities as financing vehicles of (sub)urbanisation: the development of university towns in Shanghai," Land Use Policy, Elsevier, vol. 112(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:envirc:v:39:y:2021:i:3:p:646-663. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.