Participatory Approach to Core Area Development. A Guide to Good Practice. Fact Sheet 11: Social and Commercial Viability.
Achieving viability and sustainability involves ensuring that the initial and
ongoing costs of development (both direct and indirect) are appropriate to
the available resources (including capital and access to finance) and
proposed returns. Another requirement is that the nature of the development can support the livelihoods and informal networks of the local community. There are many factors involved in the viability of developments; many of which are variable and 'external', such as the condition and level of the local - and wider - economies, and many that are fixed, such as the levels of capital and finance/credit available to the different stakeholders.
At another level, achieving viability within a development will depend upon
establishing a fine balance between the mix of use-types and amount of
accommodation of each use on the site (each of which use-type will have
different levels of inherent cost and return). Location, quality and design
of development can have an impact on the economic aspects of viability,
whilst also playing a major role in supporting the community life and
livelihoods of the resident low-income populations.
This Fact Sheet sets the current urban scene for Social and Commercial Viability and suggests ways and means towards achieving sustainable
mixed use core area development.