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Apr 24, 2011
Sunday Statshot

Sunday Statshot with Nick Chu

Post by nickchu

A quick look at some of the things that make urban redevelopment work (or not):

World infamous spike house in Chongqing China. Owners fought off developers for 3 years before finally vacating the site.

Definition of a “Spike”: A holdout threatening a larger development plan

Percent of world’s population now living in urban areas: >50%

Urban growth in Seattle between 2005-2008: 10,600 housing units

Number of urban villages: 38

Ms. Edith Macefield: Seattle’s infamous spike

Age of home: 111 years old

Compensation offered but rejected by Ms. Macefield: $1 million

Ultimate fate: “UP” movie promotion house

Austin Spriggs: Washington D.C.’s spike

Age of home: 116 years

Cost of home purchase in 1980: $135,000

Assessed home value in 2003: $200,000

Compensation offered but rejected by Mr. Spriggs: $3,000,000

Ultimate fate: Future pizza shop

Chinese equivalent to a spike: Nail House

Wu family: Owner of Chongqing’s spike

Number of former residents living nearby Ms. Wu: 280

Compensation given to neighbours: $320,000/household

Compensation seeked by Wu family: $777,000

Ultimate fate: Demolition

Cai Zhuxiang: Owner of Shenzhen’s spike

Compensation offered: $650,000

Compensation received before vacating site: $1,000,000

Ultimate fate: Demolition

Score for US developers: 0

For Chinese developers: 2

 

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