"It may seem like we are taking a step back in the commercial sense, but the people-centric design will increase the popularity of the building and boost both the economic and social value of the property and nearby area," says Michael Ma, vice-president of economics for AECOM China.
"Good renewal projects that bring benefits and raise the living quality will eventually create value for the property owner," he says, adding that as the development of downtown Shanghai becomes saturated, there will be more urban regeneration projects.
"When we make micro-renewal efforts to elevate the surrounding neighborhood environment, we will achieve a win-win for the public and business," says Ma.
Similar projects have already reaped commercial gains. For example, in one project on Yuyuan Road, a store of 9 square meters that was turned into a "public-story wall" has attracted some 2,000 people to share their stories in just two months and significantly increased footfall in the area. Another example is the 900-meter-long section between Jiangsu Road and Dingxi Road, which has been turned into a leisure space, featuring lawns and flower beds over 130 square meters that families in the area enjoy.
Xu Yinlan, the general manager of branding for CREATER, the developer behind the project, says this section used to be chaotic before 2019 as it was crammed with illegal structures, small restaurants and foot massage shops.
"The city is like a sensitive forest ecosystem-both towering trees and underground microbes play roles, but it is the small units such as retail outlets and cultural facilities that contribute to the diversity and inclusiveness," says Tong Ming, principal architect at TM Studio, a Shanghai-based architectural office.
"Good micro-urban renovation can bring vigor to a declining environment and drive the social and economic development in its neighborhood," says Tong, who is also an expert on the urban planning committee of the municipal government. "We can compare it to traditional acupuncture therapy or minimally invasive surgeries that treat many 'urban diseases' in big cities."
