“The economic value of old buildings is irreplaceable at will. It is created by time, this economic requisite for diversity is a requisite that vital city neighbourhoods can only inherit, and then sustain over the years” (Jacobs,
1961; p.212).
Economic prosperity can apply continual revitalisation of conservation areas and then independently maintain the historic structure (DoE – PPG 15, 1994; p.2). Some historic quarters have declined economically and suffered from users’ neglect and abandonment, in particular, those that have lost a special industry or business concentration. Property values in these areas have fallen, and local unemployment has increased, to finally result in tearing the urban fabric, followed by a loss of the ‘sense of place’. Stubbs said (2004; p.209): “Evidently sustainability allows for
and even positively promotes integration between environmental concerns and economic development.” In all revitalising programmes, economic investments are the main factor driving
urban regeneration. The qualities inherent in these areas encourage preservation, aesthetic reshaping for the future, and economic benefits, through proper strategic visions.
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In order to achieve full economic prosperity some aspects should be understood and taken within the revitalising programmes:
4.3.6.2.1 Funding
Funding is the major obstacle facing any revitalising strategy at historic quarters. In developed countries funds are usually limited and particularly tight-fisted. The developing countries’ funds mostly come from the developed ones with less generosity through international and charity organisations. It is a very difficult task to undertake grand improvements in historic quarters with very limited financial resources, unless this money is invested in a way which regenerates money back to continue development and maintain quality of the place, so as to achieve true sustainability and create extra self-sufficient funding opportunities. For instance, to spend on the existing built heritage rather than spending on new environments will cost less and regenerate other unused resources. Another method of regenerating funds concerns the way funds are spent; for instance, the first external funds could be spent on business and commercial investments within the area to regenerate the ‘sense of place’ and attract more people to bring in additional investments. Eventually this will create indirect funds, which will be able to develop more historic quarters, and that will additionally reflect later on in the tourism industry.
4.3.6.2.2 Quality of life and employment
Any revitalising scheme that neglects the consideration of the social composition and ignores the user’s life quality will eventually fail. A successful scheme or programme must provide long-term investments to generate secured high quality living standards, such as to provide modern and affordable units/houses and supply the district with appropriate infrastructure and services. The stabilised economic levels attract residents and users to live and work, which will eventually create a sense of belonging and care. In other words, this will increase the benefit of recycling the built heritage into new businesses; and create an increase in the local employment rates to allow more families and businesses to move in. Successful and continuous economic prosperity is considered a magnet for investors and developers to invest in the place. Therefore, it is the role of the local authority to manage the creation of new opportunities of living and working in addition to encouraging the economic growth (Tiesdell et al, 1996). In the Egyptian context, this will be either the Supreme Council of Antiquities or NOAH.
4.3.6.2.3 Tourism and vitality revenue
Another important economic aspect is tourism, especially in the Egyptian context. Tourism is considered the best and most profitable investment in any historic quarter due to the attractive qualities visitors tend to see, enjoy, and where local residents tend to live, work and benefit from. Strange (1996, cited in Stubbs, 2004, p.287) defines the historic cities/quarters as those whose economies are largely dependent on tourism, and are noted for their historic character and visual appearances. The local authorities should explore the economic exploitation of the quarters’ built heritage through leisure and profitable businesses serving the tourists directly and the residents indirectly. The revitalising strategy of such quarters should balance the activities of tourists and the local users’ needs (Stubbs, 2004), to keeping them both vital and working efficiently together.
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The local authorities should also provide a managerial sector within the authority to facilitate and serve the tourist activities to promote and encourage more visitors to the area as well as to keep an eye on the existing monuments in order to prevent any deterioration possible.
4.3.6.2.4 Land-use planning and property markets
Revitalising historic quarters essentially creates a wide variety of uses in different spaces to generate vital places. The objective is to generate such places upon an economic growth foundation; this requires adequate distribution of uses in the urban structure mingling with the old and existing functions. The conflict starts when changing the use of built heritage into modern uses to accommodate the residents, workers, and visitors. As a result, of the increase in interest in the historic built environment by residents, visitors put them under more attention, possible danger, and pressure of change (Strike, 1994). Therefore, land-use policies are crucial in the revitalising strategy process, and proper legislation is important to control the design schemes and manage the built heritage. Consecutively, respecting the balance between old and new prevents the loss of the ‘sense of place’, and encourages more leisure and joy for the visitors. The land-use policies are related directly to the property markets. Tiesdell et al. (1996, p.209) stated: “Property
development is a necessary but not sufficient condition of revitalisation, the success or failure of revitalisation projects is closely tied to the peaks and troughs of property markets.” Then, the
developers’ visions should acknowledge the different market forces on a long-term basis to ensure revitalisation success. This is implemented by continuously generating new land uses and functions in order to keep the quarter habitable and active. In addition, the uses introduced should stabilise and encourage the originated interventions in order to increase the economic growth and prevent any interventions loss. This sustainable approach is helpful to preserve the heritage; increase the profits expected into the city and in return increases the properties’ value. Therefore, revitalising actions should focus on the economic perspective; they are beyond the controlling procedures or the physical developments done to the urban fabric, but more related to the new changes of occupations in existing buildings and spaces performing economic development and an increase in the property value.
The following statements are used for evaluation: - Safeguard the property market from decline. - Sustain the appropriate uses and markets in the area.
- Increase the land price values by more suitable businesses injected. - Provide an encouraging atmosphere for developers, with fewer obstacles.
- Create a balance between the private and public sector involvement to encourage a strong monetary flow between them, and to create a sense of double dependence on each other.
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