Based on the site-specific conditions to be considered, several real estate development management solutions should be explored:
Completion with revisions
- This would include completion with revisions that would play a role in improving the marketability, functionality and sustainability of unfinished developments.
- For example, changes to land use range and mix urban or landscape structure or form, movement and access, building typologies or design
- Units’ sizes could be changed to provide housing which is more in line with the market demand.
Consolidation with significant revisions
- Consolidation of any completed or near-completion elements of the development with significant alternations to uses and/or built form of the remaining incomplete element (e.g. switch between residential, offices, commercial)
Consolidation of an element or phase
- A phase or element of the originally planned and permitted development can be satisfactorily completed in isolation from the remainder of the scheme.
- The remaining unfinished element should be restored to an acceptable state (functionally, visually and safety-wise). It may be necessary to rectify existing problems such as sanitary, drainage, roads, lighting and the landscape/open space.
- This would also improve the image of the development and assist in restoring consumer confidence to purchase currently vacant units.
Alternative land use options
- Opportunities for significant change will be limited given the urban context and predominant residential use, which may decrease the possibilities in the management of the real estate.