THE INSTITUTIONAL CHALLENGE FOR SUSTAINABLE URBAN REGENERATION

This paper argues that the regeneration of obsolete industrial sites t hrough property development has an important role to play in local eco nomic development, but that realizing this role requires a fine-graine d understanding of the dynamics of local conditions. The paper discuss es the relation between property development and local economic develo pment and the significance of local development capacity. It then uses examples from the North-east of England to illustrate the advantages and deficiencies of property-oriented programmes in the British contex t. It concludes by proposing key elements of an institutional capacity for effective long-term regeneration of obsolete industrial sites.