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Measuring the effects of public policy on the finances of commercial development in redevelopment areas: gap funding, extra costs and hidden subsidies

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  • Barrie Needham
  • Alastair Adair
  • Peter van Geffen
  • Marco Sotthewes

Abstract

It is often public policy that buildings for commercial uses, such as offices, retail and mixed uses should be built in urban redevelopment areas. However, in these areas property developers are often reluctant to build as the risks are perceived to be too large, or a loss is foreseen, or it is difficult to predict the returns and risks from different possible development schemes. Moreover, some aspects of public policy for redevelopment can decrease the profitability even more. In such situations, a public body will consider giving financial aid, directly or indirectly. Then it is desirable to make explicit, and to measure, the financial effects of that policy. In this paper a method is presented for evaluating projects in that respect. It is tested by application to cases in the Netherlands and Northern Ireland and the results for six cases are compared and analysed.

Suggested Citation

  • Barrie Needham & Alastair Adair & Peter van Geffen & Marco Sotthewes, 2003. "Measuring the effects of public policy on the finances of commercial development in redevelopment areas: gap funding, extra costs and hidden subsidies," Journal of Property Research, Taylor & Francis Journals, vol. 20(4), pages 319-342, December.
    • Handle: RePEc:taf:jpropr:v:20:y:2003:i:4:p:319-342
    DOI: 10.1080/0959991042000202242
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    Cited by:

    1. Lesley Hemphill & Stanley McGreal & Jim Berry & Siobhan Watson, 2006. "Leadership, Power and Multisector Urban Regeneration Partnerships," Urban Studies, Urban Studies Journal Limited, vol. 43(1), pages 59-80, January.
    2. Amnon Frenkel & Eran Leck, 2006. "Investments in Higher Education and the Economic Performance of OECD Member Countries," ERSA conference papers ersa06p153, European Regional Science Association.

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