The process of regeneration can be long and complex however it can offer a wealth of possibilities that benefit local residents as well as the wider economy. Regeneration regularly takes place in areas that are suffering from a decline in industry, such as the case at Silvertown Quays, and this process has been shown to restart economies by attracting multi-million pound inward investment that supports job creation and an increase in business activity. Dublin’s dockland transformation into an international tech hub that hosts businesses such as Google and Facebook is a perfect example of such growth and competitiveness model that has harnessed private finance to stimulate economic growth and enable the city to perform on an international stage. Regeneration can also be used as a tool to respond to social issues with community-led schemes guided by the principals of the triple bottom line being able to produce tangible benefits for local residents. The availability of delivery vehicles such as Community Land Trusts enabled Coin Street’s success in London as it allowed profits to be reinvested back into the site, prompting the creation of further affordable housing units and community facilities rather than allowing wealth to seep out of the local economy and back into the hands of large corporations.

 

However, the outcomes of regeneration are largely shaped by the methods used to implement such change and private sector led schemes, which are governed by a top down approach, often place limitations on accountability and transparency. Such problems occurred with the redevelopment of Canary Wharf that saw developers prioritise profits over the needs of local people, despite an active and vocal campaign fought by residents over many years. Today, the unrestricted power given to the developers has allowed a business district to flourish which enables multi-national companies to deliver vast profits annually, whilst beyond its boundaries residents are living in an area that is still regarded as one of the most deprived boroughs in England. Building upon this point, many believe regeneration to be a contributing factor to the introduction of gentrification as large landmark schemes fail to consider the needs of local people. Whilst the regeneration of Dublin’s docklands appears to have been a success with the delivery of a thriving economy and vibrant urban district, local people find themselves unsuited for the numerous highly skilled tech jobs whilst at the same time being priced out of an ever strengthening property market. Without the appropriate regulation from the public sector and a continuing priority for profits over people, regeneration will always face great limitations.

 

Regeneration often occurring in areas with a rich industrial past and this process provides an opportunity to conserve and celebrate the valuable heritage of urban areas. Without a complete programme of restoration and enhancement, Portsmouth’s historic maritime heritage would have been lost however its reimaged docklands are now a popular visitor attraction with old customs buildings becoming hospitality venues and the waterfront playing host to historic boats and maritime museums. Nante’s plan and public sector regeneration approach also brought a wealth of opportunity where authorities were able to reincorporate acres of disused land back into the public realm. Local residents and visitors are now able to enjoy an expansive green and blue network that provides leisure, exercise and socialising opportunities that will be protected for many years to come thanks to dedicated and robust governance. Such open spaces are proving more crucial than ever given the new requirements of the post pandemic city and this highlights the true possibilities that regeneration can bring to already overcrowded cities.

 

Heritage-led regeneration often proves more complex as developers face challenges such as historically listed buildings, contamination of former industrial land and the increased costs concerned with conserving heritage structures and nowhere is this more evident than the Silvertown Quays site which has struggled to regenerate since the closure of the Royal Victoria Dock in 1981. Current estimates place the final cost of the scheme at £3.5 billion and it is this figure that has placed limitations on the extent to which the triple bottom line can be achieved, particularly in relation to the resource-intensive restoration of the Millennium Mills and Silo D heritage structures.  

 

In conclusion, regeneration itself can bring a multitude of possibilities and benefits to an area however the extent to which these are delivered depends on the development model that is chosen. Spreading power between the private and public sector ensures that financial demands are met whilst continuing to place an equal emphasis on the delivery of economic, social, and environmental benefits (including the protection of heritage) which are essential to a schemes success and viability far into the future.