Unlocking the Value of Legacy Assets

As cash strapped communities look to maximize their return on investment, a potent argument can be made for leveraging significant investments already made in a city's legacy assets to drive economic development.

1 minute read

May 1, 2013, 1:00 PM PDT

By Jonathan Nettler @nettsj


Mark Alan Hughes and Elise Harrington, with the University of Pennsylvania's School of Design, look to Philadelphia's recent experiences in leveraging the city's vacant parcels and existing building stock, and find examples of how cities around the world might turn their liabilities into drivers of economic development. 

"Unlocking value from legacy assets is an emerging organizing strategy for metros across the country and around the globe," the authors say. "The inventory of physical assets from the accumulation of fixed and durable capital is one source of legacy. But legacy assets also come in the form of workforce demographics, jurisdictional competence, and leadership culture. These assets can harbor hidden value that, once unlocked, can accelerate a metropolitan agenda in unexpected ways."

Wednesday, May 1, 2013 in philly.com

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 2, 2025 - Diana Ionescu

Aerial view of town of Wailuku in Maui, Hawaii with mountains in background against cloudy sunset sky.

Maui's Vacation Rental Debate Turns Ugly

Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

July 1, 2025 - Honolulu Civil Beat

White and purple sign for Slow Street in San Francisco, California with people crossing crosswalk.

San Francisco Suspends Traffic Calming Amidst Record Deaths

Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.

July 1, 2025 - KQED

Blue and silver Amtrak train at small station.

Amtrak Rolls Out New Orleans to Alabama “Mardi Gras” Train

The new service will operate morning and evening departures between Mobile and New Orleans.

July 3 - New Orleans City Business

Large spinning swing ride at Chicago's Navy Pier.

The Subversive Car-Free Guide to Trump's Great American Road Trip

Car-free ways to access Chicagoland’s best tourist attractions.

July 3 - Streetsblog Chicago

Aerial view of downtown San Antonio, Texas at night with rotating Tower of the Americas in foreground.

San Antonio and Austin are Fusing Into one Massive Megaregion

The region spanning the two central Texas cities is growing fast, posing challenges for local infrastructure and water supplies.

July 3 - Governing