Quarry Bay Investments | Benefits-of-redevelopment
Redevelopment (creating new construction on a site with a pre-existing use) can bring a host of benefits to older, well-established communities. From improved amenities, a diversity housing options and modern and sustainable design to increased economic activities and property values, re-development is often a positive for all involved.
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How Redevelopment Benefits Established Communities

Redevelopment benefits

How Redevelopment Benefits Established Communities

Redevelopment (creating new construction on a site with a pre-existing use) can bring a host of benefits to older, well-established communities. From improved amenities, a diversity housing options and modern and sustainable design to increased economic activities and property values, re-development is often a positive for all involved. Here is a look at how updating an existing property can add improvements to the greater community at large:

Design and Inclusiveness

  • New designs factor in the surrounding neighbourhood – from the “style” of surrounding homes and buildings, to how a property connects and transitions to bordering parks, pathways, roads and residential areas.
  • Redevelopment also has the opportunity to look at what will benefit the community’s actual short and long term needs. From a better variety in housing options to more tailored services and retail stores, community gathering areas and potential greenspaces, a redevelopment with community consultation can deliver the best of both worlds both for the developer and the community as a whole.

Safety

  • Redevelopment can improve safety in and around the property by adding additional lighting, wider sidewalks and better access points. It also takes into consideration how vehicle traffic, pedestrian and bike flows have changed since the property was initially built and update interfaces to reflect those changes.

Sustainability

  • Urban infill initiatives are inherently more sustainable, because they re-use land that has already been connected to infrastructure and utilities.
  • In addition, re-development also allows for the implementation of new, more efficient technologies that did not initially exist when the property was first developed. Green initiatives such as co-generation systems, green rooftops, energy efficient lighting and building systems and the use of recycled building materials can create much more sustainable and efficient properties.

Density

  • Redevelopment makes use of existing infrastructure and helps to improve use of existing facilities and amenities like public transit, local stores and services, parks and community centres. It can often bring in new demographic groups like young professionals and families.

Property values

  • Redevelopment can often bring new life to an existing neighbourhood. New facilities can add jobs, create more diverse housing options and bring fresh, modern building designs to the landscape.
  • A wider range of amenities including quality shops and services also increases the value of neighbouring properties. For example, recent studies suggest that property values increase an average of 17.5% with the addition of a popular, modern grocery store to an area. When other relevant additional retail businesses and services are added, this percentage increases even more.
  • Post-redevelopment, many neighbourhoods also see an increase in cosmetic improvements made by areas residents and businesses, as well as city infrastructure like parks, roadways and transportation options.

Redevelopment can offer established areas the ability to build on (no pun intended!) the strengths of the neighbourhood while adding additional housing, amenities and economic benefits to the community. It can bring new opportunity to aging communities and improve services available to existing residents and businesses. Redevelopment also helps keep people engaged and proud of the communities in which they work, play and live.

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