Creating new developments in historic European cities is a struggle for developers, who often endure long waits for planning approval and strong opposition from preservationists.
"There are basically three problems that face almost anyone planning a new project in the central parts of old cities, the areas that often yield the largest sale prices."
"First, the areas already are highly developed, with little land that is still open or available for redevelopment."
"Second, there is great competition for use."
"And, 'finally, construction plans are likely to draw opposition due to the historic fabric of established areas. Residents and local businesses often have a desire to protect the existing nature of their neighborhoods,' said Tim Craine, a director of London Development Research, a company that advises developers and investment companies on property issues."
There are examples of developers meeting roadblocks from preservationists and planning officials in many European cities, including London, Hamburg, and Barcelona.
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