The Property Development Process: A Scottish Case

"An existing model of the commercial property development process was applied to a mixed-use site. The case studied was the redevelopment of 7.7 hectares of previously developed land in central Edinburgh, containing nine listed buildings. 158,000 square metres of accommodation are planned, 65% of which will be residential and 25% offices. The site was marketed in 2000-01, construction began in 2005 with approximately 40% complete by spring 2009. Documents and plans were inspected and site visits conducted. Semi-structured in depth interviews were held with senior executives from all the organisations that were influential in decision making. The commercial model was found to represent the reality of the project environment well, with amendments to cope with mixed-use redevelopment. The overall fate of the site was determined by the interplay of market forces and state policy, yet the detailed evolution of the project was dependent upon the organisations and individuals that became involved. Particular site characteristics and design issues played important roles. ëPlace makingí was fundamental in both planning and financial terms. A genuine mixed-use environment, that is well conceived and managed, was confirmed to be very attractive to the public, residents, businesses and investors. While some listed buildings were sacrificed, involving controversy and delay, conversions of others made a significant contribution both environmentally and financially. These results contribute to the literature of detailed property development cases and refine the model used.""