ECONOMICS UNIQUENESS

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294 ■ INDEX Quito, Ecuador building stock condition in, 176t decision-making process in, 161, 162–67, 163–65f, 167t fi nancing in, 168–73, 169f investments in, 174t, 177f land uses in, 175f small businesses in, 138 urban regeneration strategy in, 122, 123, 124f R Rama, Martin, 6, 8, 15 real estate. See property values reclamation, 39–40, 41 recreational use, 81 redevelopment costs, 217 redevelopment tax credits, 232 Regional Development in the Copan Valley Project (Honduras), 80b regulatory environment administrative costs of, 60 for conservation, 214 hard vs. soft regulations, 59 for heritage designations, 111–12 heritage designations and, 122, 128 heritage policy, 59–62, 59b incentives and, 60 land-use laws, 116, 176 stakeholders and, 148–49 tourism and, 282n16 for urban upgrading, 37–38 rehabilitate, lease, and transfer (RLT) contracts, 226, 227f rehabilitate, operate, and transfer (ROT) contracts, 226, 227f relocation of local residents, 134, 138 renovation of buildings decentralized profi t maximization and, 35 heritage designations and, 19, 122 policy environment for, 58 socially optimal preservation and, 29–30 rental properties, 113, 129, 132, 134, 136, 176, 255 resales of heritage-designated properties, 114 resettlement, 134, 138 resource allocation to local community, 19 opportunity cost as constraint on, 46 spatial analysis and, 266 revealed preference methods of valuation, 22, 56, 94–97, 250, 253 revolving funds, 235 Rialto Bridge (Venice), 282n16 Rio de Janeiro, Brazil, urban renewal in, 51 Th e Rise of the Creative Class (Florida), 5 risk aversion, 82 RLT (rehabilitate, lease, and transfer) contracts, 226, 227f Robinson, J., 194 Rodin, Judith, 236 Rojas, Eduardo, 7, 143 Romania, fi scal incentives for heritage protection in, 63b Rome, Italy, tourism in, 281n9 Romer, D., 193 Rosen, S., 95 ROT (rehabilitate, operate, and transfer) contracts, 226, 227f Royal Hospital (Dublin), 9 Russian Federation private sector investments in, 160b urban regeneration strategy in, 122 Rypkema, Donovan, 6, 107 S Sachs, J., 193 St. Petersburg, Russia, urban regeneration strategy in, 122 Sala-i-Martin, X., 209n12 Salvador de Bahia, Brazil building stock condition in, 176t decision-making process in, 161, 162–67, 163–65f, 167t fi nancing in, 168–73, 171t land uses in, 175f urban regeneration strategy in, 122, 123, 124f San Diego, California, heritage designations in, 114–15 San Marco Square (Venice), 282n16 São Paulo, Brazil, Sumidouro project, 229–30, 230f SAP, 12 Savannah, Georgia, heritage designations in, 117 Science Foundation Ireland, 11 scientifi c value, 56 Serageldin, I., 222 Shandong Confucius and Mencius Cultural Heritage Conservation and Development Project (China), 92b
Shaoxing, China, local residents retained in, 133b Shirvanshah Palace (Azerbaijan), 111b Siena, Italy, sustainability indicators for, 280n6 Silesia, Poland, brownfi eld redevelopment in, 235–36 Skopje Old Bazaar project (FYR Macedonia), 66–68, 69–70t small businesses, 12, 137–38 Smith, M. S., 97 Snowball, J. D., 93 social capital, 19 social cost-benefi t methods of valuation, 31, 34, 89–91, 271 social impact assessments, 40–41, 271 social interaction spheres, 149–52, 150t, 154t socially optimal preservation, 28–34, 32–33f socially responsible investments (SRIs), 236 social safeguards, 39 social value, 54–55, 145, 145f, 160 socio-cultural benefi ts, 145, 145f soft regulations, 59 SoHo, New York City, 35 Solow, Robert Merton, 2 South Dakota, U.S., brownfi eld redevelopment in, 238 Spain, urban renewal in, 51 spatial analysis, 245–83 case study, 274–79, 276b, 277m cultural tourism and, 254–62 economic landscapes, 266–70, 267m, 268f, 269m, 270f economic values, 249–70, 251t GIS for, 252, 256b, 259b, 260, 278 hedonic pricing and, 97–102 non-use values, 251t, 252–54 overview, 246–47 real estate values and, 254–58 urban spatial function enhancement and, 270–74, 271f use values, 254–66, 257m, 262–63m, 265t special assessments, 231 special purpose vehicle (SPV), 228, 228f spillover eff ects, 89 spiritual value, 54, 145, 145f SPV (special purpose vehicle), 228, 228f SRIs (socially responsible investments), 236 INDEX ■ 295 stakeholders coordination of, 147–49, 148b, 154t, 166, 178 defi ned, 144 urban spatial function enhancement role of, 270 stated preference methods of valuation, 91–94, 92b in environmental economics approach, 22, 56, 88 spatial analysis and, 250, 253 statistical bias, 197 Stipe, Robert, 109 strong sustainability, 50 Sturm, J.-E., 209n7 Sub-Saharan Africa, tourism in development strategy for, 187b. See also specifi c countries Sumidouro project (Brazil), 229–30, 230f Summers, R., 193, 198 Sundarbans, Bangladesh, environmental protection in, 192b supply-side analysis, 261 survey questionnaires, 91, 92b sustainability of brownfi eld redevelopment, 235 of development, 50, 173, 175 of heritage value, 48–51 spatial analysis and, 249, 280n6 Sydney, Australia, hedonic pricing in, 96 Symantec, 12 symbolic value, 54, 145, 145f, 160 T talent shortages, 2–3, 5–6 Taliban, 57 Tallin, Estonia, brownfi eld redevelopment in, 222 Tanzania, cultural and economic value of conservation in, 49b tax concessions, 63 taxes gentrifi cation and, 131, 132 property taxes, 113, 129, 140n7, 180n4 redevelopment tax credits, 232 tax increment fi nancing, 231 testimony eff ect, 209n4, 210n21 Th acker, S. C., 209n7 Th rosby, David, 6, 43n1, 45, 145 Tiel, Netherlands, hedonic pricing in, 96
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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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FIGURE 6.5 Quito and Oaxaca: Timeli
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TABLE 6.5 Quito Investments in the
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7 UNESCO World Heritage List, Touri
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UNESCO WORLD HERITAGE LIST, TOURISM
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TABLE 7.1 Regional and Historical D
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TABLE 7.3 Benchmark Regressions Fir
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TABLE 7.10 Robustness to Using Diff
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8 Financial Mechanisms for Historic
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FINANCIAL MECHANISMS FOR HISTORIC C
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BOX 8.2 FINANCIAL MECHANISMS FOR HI
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BOX 8.3 FINANCIAL MECHANISMS FOR HI
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TABLE 8.1 Local Financial Tools Use
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FIGURE 8.4 Brownfi eld Concession T
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