Urban regeneration is a concept that defines the usage of land in a manner such that the usage methods are redefined to make the maximum possible use of the land available. Roots of the concept can be traced back to the late nineteenth and early twentieth century (Booth and Jouve 2005). Urban renewal stands for the recreation of social urban settings where the usage of land is far from optimal. The essential purpose of urban renewal is to make an attempt to develop society so that the economy can be stimulated through an additional source of business.
However, urban renewal is one of the more controversial of elements of urbanization. This is because of the fact that urban reconstruction often calls for the demolishing of structures that can be classified as cultural heritage. Considering the fact that urban renewal calls for the super efficient use of all the land that is available, it often requires the payment of the opportunity cost of the luxuries of space (BBC News 2007). Also, in order to carry out urban renewal, one often has to replace or relocate businesses and establishments that are already present. This serves to further aggravate the public that resides or works in the region being subjected to urban renewal.
It is because of the same reasons and controversies that have hounded the concept of urban reconstruction that modern day urban renewal has taken on a new form in which it can be classified most appropriately as urban reconstruction. This new form of urban renewal seeks to develop already urbanized areas rather than channeling resources towards the demolition and removal of already present structures.
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