THE urban renewal of Brisbane’s Fortitude Valley, New Farm, Teneriffe and Newstead is a shining example of how government infrastructure investment can bring cities to life, a new report says.
A study by Queensland University of Technology property economic lecturer Lyndall Bryant says the area has been transformed from industrial wasteland and unsavoury neighbourhoods into one of the city’s most sought-after residential, entertainment and business precincts.
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More than $86 million of federal, state and local government funds were spent in five years through the Better Cities program in the early 1990s, and that has unlocked more than $5.3 billion of private-sector investment there since.
The report was commissioned by the Property Council, whose Queensland executive director Chris Mountford said the success proved why a southeast Queensland initiative under Prime Minister Malcolm Turnbull’s “smart cities” strategy should be a priority.
The concept, based on a UK model, brings together all levels of government to partner specific infrastructure investment to boost economic growth.
“The federal election presents the perfect opportunity to get the ball rolling on an SEQ city deal,” Mr Mountford said.
“This report shows the immense value in strategically investing in infrastructure that unlocks growth and provides benefits long after the project is finished.”
The biggest single item in the “better cities investment” in the 1990s was a “very unsexy” $22 million upgrade of the main sewer line.
The urban renewal has created 11,600 new homes, with a population swelling from 12,000 to more than 27,000 while commercial and retail development has brought an extra 8400 jobs.
Fortitude Valley is now Brisbane’s biggest economic hub after the CBD, generating nearly $4 billion a year.
Dr Bryant’s report said: “Pre-1991 the area was characterised by heavy traffic, visual pollution, extensive industrial obsolescence, poor social image, inadequate public transport, limited sewerage infrastructure and inaccessible river frontages.
“These suburbs have been transformed into one of the city’s most sought-after residential, entertainment and business precincts.”
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