ECONOMICS UNIQUENESS

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178 ■ THE <strong>ECONOMICS</strong> OF <strong>UNIQUENESS</strong> Conclusion Th e far-reaching governance of a heritage conservation process based on the adaptive rehabilitation of historic city cores calls for striking a balance between conserving the values of the heritage and promoting the best uses of the available heritage assets. To meet such an overarching objective, agreement must be reached among the stakeholders concerning the relative weight of the diff erent values and the trade-off s between conservation, adaptation, and development rights. Th is is usually attained through transactions taking place in several spheres of social and economic interaction in which the values of heritage are assessed and established based on the rules set up by governments and sanctioned by the markets. Th ese rules have their origin in the multiple heritage preservation laws and systems of incentives embedded in the tax codes and land-use regulations. In the initial stages of the heritage preservation eff ort, the legal and regulatory structures for conservation focus on identifying and listing heritage assets and applying laws to protect them, but the bulk of responsibility for maintaining this heritage is left mostly to the private owners. Th e observed outcome is that little conservation takes place. 5 In the most advanced stages of the process, the government, in addition to placing urban heritage areas under protection, also leads the conservation process, bringing into the task a wide variety of stakeholders with their fi nancial resources and management capabilities (Dalmau 1998). A more advanced stage in heritage preservation is the adaptive rehabilitation of heritage assets for uses with sustained social or market demand. Th e lessons from several international experiences indicate that, to eff ectively implement urban heritage conservation programs using the adaptive rehabilitation approach, the institutional mechanisms to manage the process are as crucial as the fi nancial resources (Rojas 2012). Th e eff ective use of the fi nancial resources to accomplish the expected results depends on the effi cient operation of institutional mechanisms to coalesce and mobilize contributions according to stakeholders’ capacity to bear the risks and capture the returns of the conservation process. Furthermore, the process must ensure the eff ective coordination of key actors (Rojas 2004). Th e sustainability of the conservation process is enhanced when a given urban heritage area is attractive to an array of users interested in a range of values associated with the heritage. Conservation eff orts must strive to promote the economic values of the heritage as a complement and support for the conservation of the socio-cultural values that have motivated action. A fl exible approach to preservation management and conservation is needed, to allow public and
GOVERNANCE IN HISTORIC CITY CORE REGENERATION PROJECTS ■ 179 private partners to adapt heritage assets for new uses that are in line with social or market demand. However, this will align the conservation of the urban heritage with the welldocumented urban development principle that change is the essence of cities and that the cities and their neighborhoods are constantly in transformation (see box 6.6). Freezing the physical characteristics and uses of the assets of an urban heritage area does not contribute to adaptation and change, nor does it support these assets’ sustainable preservation. Trying to “freeze time” can easily change the transformation process from one having a positive impact of sustained adaptive rehabilitation and conservation of values to one having a negative impact leading to abandonment and physical decay. Th e analysis of the conservation processes in the four mentioned cities indicates that avoiding the latter always require accomplishing the former. BOX 6.6 Balancing Conservation with the Demands for Access and Mobility in a Major Metropolitan Area in China China, Xian Sustainable Urban Transport Project (Project number 092631) Total Project Cost: US$414.3 million Total Loan Amount: US$150 million Approved: June 2008 – Ongoing The key challenge for the city of Xian is balancing the conservation of the city’s traditional character with the demands of a municipality with an urban population of 5 million, high-tech industry, and world-class universities. Consequently, the city is making improvements in transport infrastructure and mobility management that will create a more livable environment within the historic city core (i.e., the Ming Walled City). Rather than widening roads to accommodate increasing traffi c in the walled city, the project aims to reduce congestion by diverting traffi c around and outside the city walls. The noise, pollution, and parking needs within the walled city are to be further reduced by developing bicycle paths that connect all the major sites and promoting bicycle touring. In addition, the project is supporting streetscape improvements, safer conditions for walking and cycling, and traffi c-calming measures. These positive changes will improve the daily lives of residents. Source: Ebbe, K., G. Licciardi, and A. Baeumler. 2011.
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Public Disclosure Authorized Public
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Th e Urban Development Series discu
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© 2012 International Bank for Reco
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vi ■ CONTENTS Project Appraisal i
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viii ■ CONTENTS Appendix II: Addi
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x ■ CONTENTS 7.4 Tourism Is Coupl
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xii ■ CONTENTS 9.1 How to Organiz
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Exegi monumentum aere perennius reg
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ACKNOWLEDGMENTS ■ xvii Cultural O
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xx ■ OVERVIEW What Are the Object
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xxii ■ OVERVIEW and captures the
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xxiv ■ OVERVIEW periphery, especi
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xxvi ■ OVERVIEW tourism—by impr
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xxviii ■ OVERVIEW 3. Institutiona
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1 Livable Historic City Cores and E
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LIVABLE HISTORIC CITY CORES AND ENA
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2 Investing in the Sense of Place:
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INVESTING IN THE SENSE OF PLACE ■
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0 45° INVESTING IN THE SENSE OF PL
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FIGURE 2.4 continued INVESTING IN T
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A Dubious Alternative: Property Rec
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46 ■ THE ECONOMICS OF UNIQUENESS
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TABLE 4.1 Overview of Hedonic Price
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FINANCIAL MECHANISMS FOR HISTORIC C
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Boxes, fi gures, maps, notes, and t
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China. See also specifi c cities ac
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public sector role, 222-26, 223b, 2
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Kraay, A., 198 Kratz, C. G., 96 L l
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Pine Ridge Reservation (U.S.), 238
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Shaoxing, China, local residents re
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urban economics appraisal approach,
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ECO-AUDIT Environmental Benefits St
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ECONOMICS UNIQUENESS

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