Reinvention in the century of the city

Reinventing our smaller citiesSmall cities like Newcastle and Wollongong have “unfair advantages” that are yet to be exploited, says global cities expert James Rosenwax. So how can these smaller cities reinvent themselves to attract investment and talent?”The world has changed rapidly in the last few years, and a new breed of cities is emerging,” says Rosenwax (pictured), AECOM’s cities specialist and headline speaker at the Hunter Outlook luncheon this Friday.”The rise of middle class, the shift of global power and wealth towards the East, and technological innovation are just three trends that are driving the ‘new world city’.”Rosenwax says new world cities are “smaller, specialised and agile” in comparison to global heavyweights like London, New York and Hong Kong.”They have good infrastructure, high quality of life and are typically knowledge and innovation hubs,” he explains. Education and tourism are often the “anchors” from which new world cities expand.Rosenwax points to Boston and Tel Aviv as examples of global cities that are capitalising on their unique strengths.”Boston attracts the second largest market for venture capital investment in the US, and has built a reputation as a worldwide leader in science and technology areas like pharmaceuticals and robotics.”Tel Aviv has the third fastest growing start-up ecosystem in the world, and Tel Aviv University and the Israeli defence forces have ensured talent is abundant.””Newcastle’s opportunity is to cement itself as an education city, and to pursue high-value global university partnerships,” Rosenwax adds.Andrew Fletcher, the Property Council’s NSW regional director, agrees. He says Newcastle has unshackled itself from its dependence on the steel industry and has diversified its economy with great success.Fletcher says the University of Newcastle’s shift into the city was a watershed movement for the region’s development. He also points to the sale of Newcastle’s historic former courthouse, which sold for $6.6 million to a Japanese university group in December, as a signal of what could come.”Within a few years there will be 8,000 more students living and learning in the CBD. There are businesses that we can’t even conceive of yet that will innovate in response to this growth.”Meanwhile, Wollongong is transitioning from a heavy manufacturing to a services-based economy, with the healthcare, education and IT sectors growing rapidly. Almost three quarters of Wollongong’s employment growth over the next 20 years is expected to be in white collar industries.Kim Rawson, the Property Council’s new regional director in the Illawarra, says Wollongong is poised to boom as “Sydneysiders realise they can afford to get into the housing market, live close to the beach and services, and have similar commute to those in Western Sydney.” Rawson says the University of Wollongong is one of the region’s great assets.In August, the University unveiled its new master plan to guide the future direction of the campus over the next two decades.”The University’s aim is to be within the global top one per cent for teaching and research, and is investing in infrastructure to meet the projected increase in enrolments,” Rawson explains.Wollongong City Council has also partnered with acclaimed Danish architect Jan Gehl on the development of a strategy which aims to celebrate the “uniqueness” of the city, improve pedestrian access and develop buildings and places on a “human scale”.”It’s definitely an exciting time to live and work in Wollongong,” Rawson says.But Rosenwax warns that a “big welcoming smile” isn’t enough for either city to create an “innovation ecosystem” able to compete in the global market, and that “deliberate leadership” must be on the agenda.”There are four key ingredients for successful innovation ecosystems: a government that makes the first move, strategic anchor tenants, integrated infrastructure plans and engagement with the local community.”Fletcher says the secret is in certainty.”After decades of political indecision and policy flip flopping, the single most important factor that has contributed to Newcastle’s resurgence has been the government delivering certainty around the future design of the city and the public transport network.”Newcastle had 40-odd plans produced over 20 years – but none of those plans were backed up by either legislated policy settings or money. “We can nearly point to the day that Minister Hazzard stood at City Hall and announced the Newcastle urban renewal strategy as the day that private investment began to flood into the city.”Certainty has brought with it a $2 billion investment pipeline.”The Property Council’s Hunter Outlook ’17 will provide an update on the critical issues facing the local property sector. Register online today for Friday 3 February. In Wollongong, the NSW Illawarra Outlook will play host to guest speaker Bernard Salt, who will share his insights on Friday 10 February.