New Cities and Concepts of Value: Planning, Building, and Responding to New Urban Realities New Cities and Concepts of Value: Planning, Building and Responding to New Urban Realities Reflection and analysis of themes emerging from Cityquest - KAEC Forum 2015 Photo Credit © King Abdullah Economic City 1 New Cities and Concepts of Value: Planning, Building, and Responding to New Urban Realities Reflection and analysis of themes emerging from Cityquest - KAEC Forum 2015 This report was written by Adam Cutts, Researcher at the New Cities Foundation as part of the Cityquest – KAEC Forum initiative and published in March 2016. The opinions expressed and arguments employed herein are the Foundation’s. Edited by Naureen Kabir Collings, Director of Research, New Cities Foundation. Please cite this publication as: New Cities Foundation (2015), New Cities and Concepts of Value: Planning, building, and responding to new urban realities - Reflection and Analysis of themes emerging from Cityquest - KAEC Forum 2015 [online: http://bit.ly/Cityquest2015] You can copy, download, or print this report for your own use, and you can include excerpts from New Cities Foundation publications, databases, and multimedia products in your own documents, presentations blogs, websites, and teaching materials, provided that suitable acknowledgment of the New Cities Foundation as source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to [email protected]. Request for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the New Cities Foundation. Table of Contents Foreword.......................................................................................................................................................................................... 1 Executive Summary...............................................................................................................................................................T2 Introduction..................................................................................................................................................................................... 6 Building Value: Key considerations on developing physical value in new cities.......... 8 Infrastructure: A Means to Many Ends............................................................................................................................ 8 Adapting to Context.................................................................................................................................................. 8 Creating and Capturing Value............................................................................................................................ 9 Avoiding a Technology Lock-in.......................................................................................................................... 10 Understanding Social Value and the Risks of Private Infrastructure Management...... 10 Financing and Affordability...................................................................................................................................................... 11 Risk and the Cost of Capital................................................................................................................................. 11 Gaining Public Sector Support........................................................................................................................... 11 Social Policy Concerns............................................................................................................................................ 12 Maintaining Affordable Housing........................................................................................................................ 12 Building for Value: If you build it, will they come? New Cities as valuable places to do business............................................................................................................................................................................... 14 Attracting Entrepreneurs.......................................................................................................................................................... 14 Creating Value for Business................................................................................................................................. 15 Placemaking and Local Identity............................................................................................................................................. 17 Leaving Bland Office Parks Behind................................................................................................................. 17 Granularity....................................................................................................................................................................... 17 Activating Streets....................................................................................................................................................... 18 The Value of Variety................................................................................................................................................... 18 The Value that Can’t Be Built: Considering intangible values for new cities................... 19 Fostering Community and Sense of Ownership........................................................................................................ 19 Branding New Cities and Attracting Residents.......................................................................................................... 19 Conclusion........................................................................................................................................................................................ 21 Table of Contents Annex: New City Profiles.................................................................................................................................................... 23 Alamein New City, Egypt............................................................................................................................................................ 24 Cyberjaya, Malaysia...................................................................................................................................................................... 25 Economic City of Egypt (ECE), Egypt............................................................................................................................... 26 Gujarat International Finance Tec City (GIFT), India.............................................................................................. 27 Iskandar Malaysia, Malaysia.................................................................................................................................................... 28 Jazan Economic City, Saudi Arabia.................................................................................................................................... 29 Kabul New City, Afghanistan .................................................................................................................................................. 30 King Abdullah Economic City, Saudi Arabia................................................................................................................. 31 Konza Technology City (KTC), Kenya............................................................................................................................... 32 Lavasa, India....................................................................................................................................................................................... 33 Masdar City, Abu Dhabi.............................................................................................................................................................. 34 Mohammed VI Green City/ Ville-Verte Mohammed VI, Morocco.................................................................. 35 Rawabi, Palestine............................................................................................................................................................................ 36 City of Sejong, South Korea..................................................................................................................................................... 37 Songdo, South Korea................................................................................................................................................................... 38 Sri City, India...................................................................................................................................................................................... 39 Tatu City, Kenya............................................................................................................................................................................... 40 Yachay Knowledge City, Ecuador......................................................................................................................................... 41 References ...................................................................................................................................................................................... 42 New Cities and Concepts of Value: Planning, Building, and Responding