earticle

영어

This study analysed the background of its birth, development strategies, financing and evaluation of a non-profit Co., New Brunswick Development Corporation (Devco) in the city of New Brunswick, New Jersey, to revive the urban center through the real estate development. Findings of this study are summarized as four points. First, the central areas of many Korean cities are suffering from declining markets and population. Second, Until 1970s the American urban renewal project was slum clearance, but it was changed to urban revitalization since then. Third, the strategies of Devco for the urban renewal are categorized as firms' working environment improvement, inducing art and school to the downtown, and inducing health-related industries. Finally, the city of New Brunswick and Devco have separate responsibilities for the urban renewal, i.e., the city has the responsibilities in the area of road management, housing renewal, in the other hand, Devco take the responsibilities for real estate development of office buildings and commercial buildings. As a result, central area development is effectively carried out through subsidy and project financing. The evaluation of this private and public partnership is mixed.