Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs

*Ayşen Sanbur and Arzuhan Burcu Gültekin* 

#### **Abstract**

Nowadays, the World seems to concentrate around two main subjects: the "Capital" and the "Environment"; in which the notions like the politics, finance, society, culture, and ecology are condensed to in terms of adding value to the real estate and to its genius logi. The main purpose of this study is to emphasize the necessity of maintaining the real estate development and sustainability in a structure that aims to invest nowadays as well as to the future in a holistic and interdisciplinary approach. For this purpose, the data flow required for a solid foundation of future forecasting; the information reflected the real and legal entities, which are the basic building blocks of investment/savings, is discussed over the capacity of expressing the returns of the sustainable built environment. In this study, the concept of design, construction, and valuation are discussed in the name of "value" with the sustainability and capital theories, in the academic environment, in international institutions, and in the asset markets. The liquidity of the real estate projects, which are considered to be a high return on investment despite the low liquidity, can be ensured through investment types.

**Keywords:** sustainable property, real estate market liquidity, REIT, REIC, ΣSoCulTΞ, circular economy, capital, built capital, green capital, asset-backed securities, green bond, sustainability bond

#### **1. Introduction**

 Environmental performances have been started to be inspected, evaluated, and certified by developing environmental and structural bi-directional impacts, and the certification systems which were first developed for the certification of the environmental impacts of industrial products were adopted in the development process by the construction sector in time [1]. In addition to detailing a real estate (RE) as space and asset, all the details that the strategic plan can be applied should be taken into consideration in the coding required from building and project typology to sustainable materials. If fair value can be determined for each break-down, the value increase/decrease in sub-sectors may be observed in the sectoral sense. There is no doubt that the market value will be examined by the worth of sustainable factors while the perception increased.

According to Turkish data in March 2019 (Q1); the number of certified buildings and projects in the investment portfolio of Real Estate Investment Companies (REICs) and number of REICs itself is not large enough to turn into quantitative statistical models, descriptive statistical methods applied whose in many studies have been, used in order to evaluate such information. The data obtained, certified buildings, and projects have been compiled according to their physical (general) and monetary (annual) performance levels. In the study, a matter of concern is the debate on the sustainability of the existing structure stock by improving economic and physical life.

#### **2. Concept of sustainable investment**

Real estate development (RED) and management (REDM) investments, one of the leading sectors are importantly considered in sustainable development on the main environment which is intertwined with natural, socio-cultural, and economic sub-environments. Unfortunately, real estate produced by consuming these subenvironments; in particular, in developing countries such as Turkey, resource acquisition as well as producing the most suitable and efficient application solutions, it is obliged to increase efficiency and effective use depends on the acquisition of real estate [2]. The intertwining of real estate investments (REI) with money and capital markets is expressed in many studies in terms of the importance of the issue. In the twenty-first century, it is taken care to ensure that the financial formations are primarily capable of ensuring their liquidity without divisions by protecting them against inflation [3]. It is observed that these formations have a structure that has importance to research and performance measurements with a management approach that tends to create an institutional and central market. This structure is listed by the market as banks and construction market, stock exchange, REITs (REICs), overseas investors, private individuals, joint ventures, and government support. The methods developed for the resource/development finance, are increasing day by day as the shadow of the shadow capital extends.


 Within these investment methods, REITs place qualified and large-scale investments in their portfolios in accordance with their establishment principles. Because of the concept of a "trust" does not exist in Turkey, REITs are established as Real Estate Investment Companies (REICs) at 1995 with the Capital Markets Law no. 6362 is revised since then at 2014, 2017, and 2018, respectively [4]. REIC is the only investment/production vehicle that has to make the investment in at least 51% of its total assets to real estate, real estate development, and related rights based on property, and must have the investment value which is assessed by appraisal companies within the framework of legislation; and must has to announce the data by the intermediary institutions. These investments, which are liquid in terms of the method, are exempted from corporate tax at the same time with the purpose of incentive.

After 2009, the portfolio of REITs in Turkey is observed that they began to give place to invest certified buildings. In addition to the housing projects developed

*Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs DOI: http://dx.doi.org/10.5772/intechopen.87836* 

#### **Figure 1.**

*Amount of energy usage (kWh) per unit area (m<sup>2</sup> ) according to functions in the real estate sector (RES) [6].* 

 for sale, it is seen that Turkish-REICs mainly focus on investments in retail and office sector in the income-generating portfolio [5]. The office investments with the green building certification, as in which the profitability of energy savings in terms of business is important, is effective in shaping portfolios in this direction as proof (**Figure 1**).

#### **2.1 Dimensions of capital**

 By the end of the nineteenth century, a new point of view was introduced by Adam Smith (1776), who initiated the economic theories called classical economics. Smith categorized the difference between circulating and fixed assets by specifying the necessity of evaluating goods and products as consumable and non-consumable in separate classes. He stated that there has been a great deal of progress when the common qualities of all kinds of labor (mass production, commercial, agricultural, etc.) are dealt with by denying the individual creativity of the assets [7]. This defined synergy and its significance were also emphasized by Marx (1859) a century later. According to Marx, the mode of production is transformed into productive forces, individual or united workers, fixed assets, and production-based subjects. The relations of production are capitalized by assigning value to transform the meaning of production into a product that will be the basis for consumption and/or production [8].

In the last quarter of the nineteenth century, Pierre Bourdieu (1986) defined the definition of capital by expanding beyond the scope of the economy and structured with an understanding that included social content and brought it into the economy in an economic, cultural, social, and symbolic way. According to Bourdieu (1986), Capital (embodied or in its own integrated form) is labor that is accumulated or currently produced in the reification of the appropriate social energies of personal or production groups. This (labor) is defined as the natural determinant of the order created by the sincerity of the social world in both static and static sense of production groups [9].

In the twenty-first century, by adding natural, human source, and educational capital definitions, the capital itself becomes as can be invested and based on the discourses of the classical economy (the naturalness of the land, the physical ability of the workforce subject to rent, intellectual and learnable-teachable skills and the

capital based on interest income) formation of consecutive markets. After 2015, the concept of capital formed by surplus value-based rent was expanded to include community, empowerment, and networking, and therefore human development theory, development indicators, and shadow capital.

 The importance of sustainability of all these capitals which are defined at the developments after the 1972 Brundtland Report [10] has adopted the Sustainable Capital identity, which requires strategic planning of these concepts that are sensitive to the natural environments, which tries to establish the economy of natural resources. Now the capital, which is new and costing the whole world, is scrutinized [11]. This capital concept is seen as a capital whose a world system and a process of accumulation, which is independent of nation-state borders, can be recorded as a monetary value at the point reached in the twenty-first century [11, 12]. All subcapitals created under the concept of capital have been assigned to serve as buttresses within the market which are main financial, individual/intellectual, natural, political, social/cultural, and built capital [13].

#### **2.2 Environmental factors within the built capital**

The one of them which includes the buildings, sewer treatment plants, manufacturing and processing plants, energy, transportation, communications infrastructure, technology, and other built assets; investment in physical capital is in construction, renovation, and maintenance which are generated as the built capital. This physical capital is depreciated with the usage and requires ongoing investment to maintain its value as one of the fixed assets in finance, also called tangible assets.

"The income or earnings generated by physical capital exist only in relation to its use. For example, sewer and water treatment plants contribute to human capital (health). Schools contribute to human capital (skill development) and social capital (if they are used as community gathering places) and may contribute to natural capital (if they include natural areas that are maintained or protected by the school)" [14].

If we operate the world built on the circulating assets, with the income/earnings of tangible and intangible assets in a sustainable way, the success of main market and securities traded in the derivative markets is achieved.

#### **2.3 Benefits of circular economy in REDM**

 Considering the circular economy content at every step of the real estate development and management (REDM), which uses the approximately half of the earth resources, it is targeted for the effective operation of the project in all scales in RES [15–17]. There are three principles in the drafting of the circular economy: preserve and enhance natural capital, optimize resource yield with circulating products, and foster system effectiveness by revealing and designing out negative externalities. In order to operate these principles, it is stated that energy expenditures, which have the largest share with 30% in operating expenses spent on production and consumption, deserve to be attracted great attention by investment companies, banks, and financial institutions, owners and O&M management [18–20]. By simulating the previous and subsequent saving levels of a building that has been renewed, the necessary variables have been calculated in order to make savings in line with the LEED and BREEAM certifications such as annual energy consumption and CO2 emissions (**Table 1**). In the operating expenses, a very close value (30%) of energy savings (5.4111/7.371 = 0.265907) was determined [19].

When the income-generating properties are analyzed, the net operating expenses/ revenues/income (NOI) of the continuously increasing energy prices increment the

*Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs DOI: http://dx.doi.org/10.5772/intechopen.87836* 


#### **Table 1.**

*Annual electricity consumption comparison [19].* 

 need to focus on the life cycle perspective of the real estate in the future. This background is taken as an action aimed at securing and intensifying the market impacts of sustainable certification systems and lifecycle cost (LCC) approaches that will strengthen the link between buildings' energy performance and real estate valuation (REV) [18]. The various thesis' which are written after 2010 in Turkish, is mentioning that the investment portfolio of REITs /approaches/risks is discussed issues [5]. Also, in studies mentioned the construction sector in Turkey, sustainability, building costs, and the sustainability of the study which integrated project management issues were examined which are identified the positive performances.

#### **3. Sustainable real estate development and management: Sustainable property**

 At the institutional level worldwide, sustainable investments have low interest expenses as a support to the sector and it is determined that through the increase of investments with low rates, the available funds allocated to shareholders, increases. In these calculations, studies on the inclusion of subsets of the environment were accelerated. The important point here is to determine the fair value, to archive, and to share with the market. Therefore, since 2010, participation in the Global Real Estate Sustainability Benchmark (GRESB) has been increasing.

Although the Paris Agreement for all subsections of sustainability was confirmed by most of the world countries in 2015, it seems that the sustainability efforts of the REIT managers are primarily due to their financial concerns, naturally about the monetary data. In this case, the profit due to low mortgage interest rates on the certified assets is noteworthy [20]. In the studies conducted by European Public Real Estate Association (EPRA); firstly, it is stated that the level of ownership of sustainable practices is to clarify the relative value of the firms on the enterprise, institutional level, and financial situation and the performance effects, from the point of view of the stakeholders. Secondly, it is emphasized that in the present literature, mostly country-based studies are carried out, whereas real estate investment and environmental certification systems are now a global industry. It is stated that EPRA contributes to filling this gap in the literature by comparing the effects of value and performance on different international markets. Finally, for investors and managers, it is clearly emphasized that sustainability plays a pioneering role in clarifying the economic channels that contribute to firm value and performance level, and that the importance of achieving accurate and transparent data at the right time is the main bricks for the built sustainability. Thus, it is understood that a strategic plan is needed for the transparency of the market and that a sustainable plan is to be cultured for all derivative markets.

"Sustainability and Real Estate Valuation: A Risk-Based Approach"; was conducted on behalf of the University of Zurich, the Center for Corporate Responsibility (CCRS) as a study by Meins et al. (2010); it is emphasized that the general definition of the value of a property is not included in the literature, whereas in practice the concept is spreading as the market value. As a result of the comparisons, it is stated that the experiences can be faulty in the rate of ± 20% to 30% of the real estate value and that this rate is more than ± 10% in Switzerland by Tochtermann (2003). It is identified that the reasons for the high level of errors are not the deficiencies of the method, but especially the lack of information, and the new market trends and the fact that the developments are not included in the valuation as a constraint [21].

#### **3.1 Green building and certified built environment**

The life cycle of the built environment for physical and financial aspects can be scaled out of the as-builds' and its recorded data; can present the fair value. Thus, performance levels can be documented and certified and sustainability is presented. In this context, environmental assessment and management certificates as savings; like water, air, energy, and waste management, and carbon emissions and other similar details are established in holistic approaches to sustainable values [1, 22, 23]. The built environment is examined/assessed/valuated by classifying according to the intended purpose (function), structural characteristics, structural system, construction methods, and construction levels in project management [6].

 Building Green (1985) was established to create an integrated approach and database based on sustainable material, design monitoring, building information, building and project types, design stages, and codes [24]. In this type of certificates, the environment and social and economic interaction are tried to be evaluated together. In most green building certification systems, sustainable sites/land use and ecology and innovation are also seemed considered [25]. In the building life cycle assessment, operation, and maintenance of process after planning and construction of the building are also being considered as a separate approach in green building certification systems. In fact, details such as materials and indoor air quality are directly related to the building; with own footprints such as energy and water; indirectly covers all resources and the built environment. When these certification systems are created to stretch the effects of the time (**Figure 2**); inevitable variable, into a hedonic valuation model; the cost of benefits of the life cycle can be translated in favor of the system.

The reliability of higher occupancy rates/preventing gap loss, higher rent/sale value determined, relatively more lucrative operation and maintenance costs, as to be the point of attraction of capital with support and incentives within the protection of the environment, increased energy efficiency and greenhouse gas emissions, increasing productivity in workplaces (spaces); establishment of deterioration and renewal cost balancing between other financial costs, having benefits of utilization by exceeding the value of the actual real estate (as tangible asset).

 In these models, every detail, from ethics and education to history and technology, needs to be taken into consideration as well as sharing of uses such as water

**Figure 2.**  *Life cycle modeling (adapted) [26].* 

*Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs DOI: http://dx.doi.org/10.5772/intechopen.87836* 


#### **Table 2.**

*The architecture of the sustainable environment design equation and dimensions of value-a(c)tion [27].* 

 and energy, which requires resource management in a regional and global sense at various scales. The architecture of reflected sustainable scaled values are willing to be considered in such scales on a measured variable in certification systems meant for capital in strategic planning to be translated into added, shared, and future values (**Table 2**).

As stated in many studies, the data archiving and sharing of each building and built environment certification systems are considered as the most important predictive investment for the future in order to make the elements of the matrix proposed for the model measurable.

#### **3.2 Green capital**

Sustainable investment instruments have established by the World Bank in 2008, such as green bonds, social bonds, and sustainable bonds after the European Investment Bank (EIB) established a "climate awareness bond" in 2007 as a financial instrument structure. The bonds are indexed based on the green investment have been taken into consideration of the development projects paid attention to the natural and social environment with considering financial risks less. In 2014, the market value of green bonds, structured by the International Capital Market Association (ICMA), increased by 4.42 times from 37 billion dollars to 167.3 billion dollars in 2018 [28, 29].

 International Valuation Standards (IVS) and valuation institutes of various countries also include content and method research to improve the valuation of sustainability. In the context of the Valuation Conference held by RICS in 2011, it is clearly shown by Lorenz that sustainability creates the expected positive effect on time and values in terms of market mobility. The Appraisal Practices Board (APB) describes the issues to be examined under the Basic Competency headings: Sustainability, green building, integration, rating systems, scoring and certificates, energy modeling, benchmarking and inspection, political initiatives and regulations, financing incentives, and green leasing.

Also, the new challenges are discussed in real estate markets that appraisers must analyze: the market share of green buildings, green building codes, benchmarking and mandates for green space, prevalence of conventional buildings upgraded with green features, potential for obsolescence also known as the brown discount for existing buildings that do not green up, and new sources of revenue

and new encumbrances to the property. Also, these may be like "Property Assessed Clean Energy (PACE)" or "On-Bill Repayment" which assigned with the property rights to be transferred by the ownership.

The importance of reflecting the value of the green buildings (properties), which is being described by WGBC is pointed out. The invested sustainable characteristics have difficulty to attract any capital unless they turn into a financial value. With the diversification of revenue, the concept of a value that can be recorded in the circular economy may become more definable by shaping the approaches of valuation methods that will only come to a position that exceeds the income of the asset.

 After the recession in 2001, and the great economic crisis of 2008; Turkey's economy seems to have gained speed. The hypothesis that the general economic trend in the country reflects the construction sector even though it is delayed by 1–2 years has been supported by Granger causality analysis [30]. For this reason, it is important to turn our direction into the future in order to reflect the value of savings.


#### **Table 3.**  *Types of green bonds [28].*

*Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs DOI: http://dx.doi.org/10.5772/intechopen.87836* 

#### *3.2.1 Source of green finance in Turkey*

In Turkey, green/sustainable bonds in the international market, Continental Europe, USA, Asia, and Middle East countries, as well, investment by the UK up to 44%, took place in 2016 by Industrial Development Bank of Turkey (TSKB). Turkey's first loan agreement relating to the Green Project Finance, for energy investments are structured in 2018. This agreement is one of the four agreements in this structure within the scope of 41 green credit agreements that reached a total volume of 28.4 billion Euros worldwide in the date of signature. Nevertheless, the agreement is one of the four in this structure within the green credit agreement; and the fifth in the world [31].

In addition to this multi-partner structure, the Regulation on the Credit Transactions of Banks (max. 80% of the property value) has been amended (25.01.2019) and the legal pathway for the energy performance, class (A) houses upgraded the 90% and for Class (B) houses 85% the credit limit is opened.

#### *3.2.2 Development of green finance [out of funds, loans, equity/depths (shares/ bonds)]*

In the world, the debt capital markets to fund the green structures try to highlight the benefits for the issuers outweigh costs for their green assets/business, positive marketing story, diversify their investor base and joins up internal teams in order to do the investor roadshow; in the end, the type proceeds raised by bond sale is debt resources, which are clearly fitted into circular finance.

In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. All these asset-backed securities (ABS) are like green/residential/commercial mortgage-backed securities (green MBS/ RMBS/CMBS), and property assessed clean energy (PACE) receivables (**Table 3**).

#### **4. REITs, Turkish REICs structure, and sustainable property case**

Real estate investment trusts are placed when diversifying a long-term portfolio for investment. REITs have structured as corporate, trusty or association types. Sustainable investment and sustainable built environment (physical performance) issues were first discussed in the construction sector, while green building investment portfolio studies (monetary performance) started to come up in the capital and money markets both in the real estate sector and in the name of real estate investment partnerships. In addition, within the scope of the REIT portfolio, green building, and performance levels/green building returns / sustainability are paid back, and the studies directly discussing the contents of the Green Real Estate/ Green REIT are just recently emerging [5].

The opportunities provided by the relationship between sustainable design and risk management have been determined by the synergies of the implementation of these sustainable criteria by investors. It is stated that sustainability criteria to be added to classical valuation methods will constitute a more robust approach in terms of value. According to the purpose of the valuation request, there has to be a strategic planning scheme for design phases and life cycle stages in return. Valuation methods are compared according to the newly designed building, existing building, management quality, renovation, and adaptation designs and demolition/ waste planning stages. The importance of valuation during development/planning

is emphasized both in this work and in value engineering since if a newly designed structure is constructed as is planned, it is important that both the constructing of a newly designed structure and its management cause the maximum profit.

#### **4.1 Stages of sustainable properties as REITs/REICs**

In the world, the real estate investments of REITs are trusted. REITs also have an important role in ensuring the tangible and intangible markets flow into each other. It is stated in the study called The Hybrid Nature of REITs that real estate and its derivatives act like more than a bare real estate in the market [32]. REIT performance can be supported by more loans/depts and equity resources, in part by the lower yield of debt costs. Thus, a larger joint action can be demonstrated with the real estate based on the securitization at the time of an economic crisis. DiPasquale and Wheaton (1992) have discussed the value of real estate in a conceptual framework in the market that depends on asset and space. They examined the relations between stock and price and construction and rent in four regions of the two-dimensional coordinate system. The authors have discussed these relations in terms of demand changes in real estate and asset market; have determined that this simple framework succeeded in demonstrating the new balance that emerged as the external environment changed [33].

#### **4.2 A beneficial look at REITs/REICs**

According to Damodaran, the investment valuation is designed with three different approaches in 2002: DCF valuation, relative valuation, and option pricing theory. Lorenz in 2006 and Ciora et al. in 2016, are expressing that the real estate market value of the green property showed a growth rate can be measured with capitalization rate (Equation 1) caused by savings mentioned whom by Lavasani in 2018, is meant to be the natural growth compare to net operating income. Capital concepts and value are examined by valuation approaches with general financial methods to scale up [5].

Current market value = net operating income (NOI)/capitalization rate (cap rate)(1)

The income capitalization approach uses discounted cash flow (DCF) analysis to calculate the net present value of the gains from the real estate investments [2]. The investment in real estate development, which can minimize the return on investment (discounted payback period) the cost of the current investment is mostly accepted. Besides the net operating income approach, also on the cost approach, the profitability of health and wellbeing in terms of workers in the life cycle assessment of the building as a real estate should be taken into the consideration [34]. In the original section, the income-generating properties in the ISGYO investment portfolio are considered as certified and non-certified projects, and the potential impacts of energy savings covering 30% of the operational costs in office buildings have been determined based on international assumptions in the evaluation of the fiction through the invisibility of green value.

#### **4.3 Valuation of the entropy value of sustainable properties in REITs/REICs**

The FTSE/EPRA NAREIT Global Real Estate Index created in the real estate sector supports the sustainability of regional and global with developed and developing countries' indexes by making analyzes for the sector participants who produce and share international data. The index, America, Asia, Europe-Middle East-Africa (EMEA)

#### *Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs DOI: http://dx.doi.org/10.5772/intechopen.87836*

regionally and globally, are prepared separately for developed and developing countries. In 2016, EPRA has started to develop an Advanced Green Index based on two types of sustainable investments based on green building certificates and energy use data [35]. New building/project/design-built investment certifications are an important area in the world with 60% share in exchange for 84% share in Turkey covers. Renovation of existing buildings, despite 15% in the world, 6% in Turkey, can be said that the renewal is ignored regardless of the depreciation of the new structure. Consumption is as to be a dominant character in today's world, as in every sector. Due to the economic situation in Turkey is preferred institutional investment, whereas the equivalent rate in the global private sector investors to invest in certified projects is observed (**Figure 3**).

Turkey is considered with the Czech Republic, Greece, Russia, Qatar, Egypt, South Africa, and other developing countries as located in EMEA index. In the Global REIT index, 5 out of 25 REITs selected from the national 33 REITs which are traded in Borsa Istanbul (BIST), are considered in 2018. In 2018, 33 REICs are traded within the scope of Financial Institutions traded in BIST, one of the CMB investment trusts. Thirty-one of these REITs are included in the index (XGMYO). It is stated that the share of these five REITs traded in the index covers 0.9% (3.992 billion euros) in the total. The fact that Emlak Konut, Torunlar, Akiş, and İş GYO in the index have included green certified investments in their investment portfolios is also noteworthy.

 According to the data bank, GBIG data at the end of the first quarter of 2019, there is a total of 1107 (993 LEED + 100 BREEAM + 4 EDGE + 1 DGNB) green building/built environment projects where transactions have been identified, in Turkey. Forty-six of these activities (4.1%) (**Table 4**) were found to be within the scope of 12 REITs. The distribution throughout the country is directly proportional to the size of the cities.

 The aim of this chapter, which is made by considering the more transparent of the data flow and the development of sustainable investments with REIT, is intended to be a base. For this chapter, all REICs were searched according to the data and analyzes stated in the websites, investor presentations, annual reports, financial statements, and valuation reports. In fact, the target was the research to make a comparison of the value of the projects (**Table 5**) under the 12 REICs within the scope of sustainability according to ΣSoCulTΞ, at the beginning.

 Unfortunately, the search of comparable physical data such as available net square meters and financial data of real estates' such as net profit, as well as the different names which are assigned to the same project; it was not able to have been carried out even on a single REIC for the purpose of expanding its scope in the future. Therefore, although it is not directly linked to the issue of transparency, the

**Figure 3.**  *World Turkey, the comparison of certified investment approaches (%) [36].* 

#### *ISBS 2019 - 4th International Sustainable Buildings Symposium*


#### **Table 4.**

*Tukey green building/certified built environment (inc. registrations) activites and REIC portfolio datum (March 2019) [36].* 


#### **Table 5.**

*Classification of REIT/REICs' physical and monetary data.* 

 importance of coding as an important starting point for the clarity of the data is also mentioned again which is required in this study. Back to what we have found, besides the total certified projects, 24 registered projects at the end of 2018 can be defined as an indicator of progress (**Figure 4**).

 It should be noted that the valuation, which is obligatory by real estate appraisal companies in order to define the projects in the portfolio of REITs, has to be done in the valuation reports published annually and in quarterly periods. In the valuation reports, it is seen in the literature that the methods defined for income-generating investments are used for all properties and therefore the savings skills of the certified properties cannot be reflected in the valuation and value. It is seen that the only/unique examples valuation reports referring to the issue are the Kocaeli Şekerpınar Operation Center Project owned by Halk GYO (2014–2018). In the reports, it is underlined that A Block has superior technological features and equipment; which has LEED certificate and TIER III standards; "It is very difficult to estimate the costs of equipment that require this high technology, the like, and the costs are not available on the market. In the cost calculation of the project, the costs incurred by the firm are taken into consideration" [37].

*Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs DOI: http://dx.doi.org/10.5772/intechopen.87836* 

**Figure 4.**  *Certification systems and the REIC's certified investment properties distribution in Turkey (2009–2018) [5].* 

#### **5. Conclusions**

The aim of this study is to mention the architecture of sustainable built environment and/or green building design from financial design to the management, as a result of sustainable real estate development to end up with the sustainable property which is needed most nowadays. This integrated design supports the mobility of tangible and intangible assets into each other as one of the contemporary dialectical approaches as mobility, which are defined as the investments of sustainable properties through the REITs. By utilizing this momentum, this chapter also, like the academic and institutional literature; while wish to add a view for future studies; emphasizes the need for a sustainable built environment for the studying larger investments in REITs in different angles like the architecture of design and finance. Although, the importance of the savings that are turned into investment is being also clear. The perspectives detailed by EPRA, like many other institutions, on sustainability, environment, energy, and sustainable value in finance are determined for the fair market value of the real estate investments which is the most trigger objective.

#### **Conflict of interest**

I declare that all the information in this article is correct and complete, that I act in accordance with scientific ethics at the stage of producing the information, and that I refer to all the resources that I use.

#### **Nomenclature**


*ISBS 2019 - 4th International Sustainable Buildings Symposium* 

#### **Author details**

Ayşen Sanbur\* and Arzuhan Burcu Gültekin Department of Real Estate Development and Management, Ankara University, Ankara, Turkey

\*Address all correspondence to: aysensanbur@gmail.com

© 2019 The Author(s). Licensee IntechOpen. This chapter is distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/ by/3.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

*Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs DOI: http://dx.doi.org/10.5772/intechopen.87836* 

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*Entropy Value of Sustainable Property Design Criteria: To Start a Study on Turkish REICs DOI: http://dx.doi.org/10.5772/intechopen.87836* 

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**579**

**1. Introduction**

**Chapter 47**

Urban Agriculture in the Context

Urbanization is one of the greatest changes that humanity has experienced spatially. This change has also led to a continuous transformation of land use patterns in urban areas. In this paper, the conceptual and design approach decisions related to the Historic Yedikule Vegetable Gardens Agricultural Park Project prepared with the aim of sustaining the present urban agriculture identity of the historical vegetable gardens cataloged in the UNESCO World Heritage List in 1985 and bearing the traces of the history of the city throughout the 1600-year history, located around the "land walls" with a complex structure designed in different elevations between two city walls and a ditch, will be discussed. Many countries around the world have done and continue to do research on the potentials of urban agriculture. Urban agriculture in developed countries is examined as part of the work capacity, food safety, and green infrastructure. In underdeveloped and developing countries, this subject is discussed under the titles of providing the basic foodstuffs of the population, labor force, and food production methods. In this study, the cultural landscape, which is the collective work of humanity and nature, will be traced, and the contribution to the sustainable urban landscape will be explained by drawing

**Keywords:** sustainable landscape, urban agriculture, cultural landscape, sustainable

During the cultural and historical development, human beings have established various relationships with their environment. These relations are part of the landscape structure and dynamics. These changes can be seen in short periods of time or in long periods of time. In this context, in the landscape structures, there is a spatial order as well as time order [1]. Urban agriculture, conceptualized as one of the most important strategies for the creation of productive urban areas and the creation of self-feeding cities within sustainable urban development policies [2], is becoming more important in the rapidly urbanized world, in economically underdeveloped countries where

of Sustainable Landscape: Case

of Historic Yedikule Vegetable

Gardens Agriculture Park

attention to the relationship between agriculture and the city.

urban development, ecology, vegetable garden

Landscape Project

*Oktan Nalbantoğlu*

**Abstract**

#### **Chapter 47**

 Urban Agriculture in the Context of Sustainable Landscape: Case of Historic Yedikule Vegetable Gardens Agriculture Park Landscape Project

*Oktan Nalbantoğlu*

#### **Abstract**

 Urbanization is one of the greatest changes that humanity has experienced spatially. This change has also led to a continuous transformation of land use patterns in urban areas. In this paper, the conceptual and design approach decisions related to the Historic Yedikule Vegetable Gardens Agricultural Park Project prepared with the aim of sustaining the present urban agriculture identity of the historical vegetable gardens cataloged in the UNESCO World Heritage List in 1985 and bearing the traces of the history of the city throughout the 1600-year history, located around the "land walls" with a complex structure designed in different elevations between two city walls and a ditch, will be discussed. Many countries around the world have done and continue to do research on the potentials of urban agriculture. Urban agriculture in developed countries is examined as part of the work capacity, food safety, and green infrastructure. In underdeveloped and developing countries, this subject is discussed under the titles of providing the basic foodstuffs of the population, labor force, and food production methods. In this study, the cultural landscape, which is the collective work of humanity and nature, will be traced, and the contribution to the sustainable urban landscape will be explained by drawing attention to the relationship between agriculture and the city.

**Keywords:** sustainable landscape, urban agriculture, cultural landscape, sustainable urban development, ecology, vegetable garden

#### **1. Introduction**

 During the cultural and historical development, human beings have established various relationships with their environment. These relations are part of the landscape structure and dynamics. These changes can be seen in short periods of time or in long periods of time. In this context, in the landscape structures, there is a spatial order as well as time order [1]. Urban agriculture, conceptualized as one of the most important strategies for the creation of productive urban areas and the creation of self-feeding cities within sustainable urban development policies [2], is becoming more important in the rapidly urbanized world, in economically underdeveloped countries where

 hunger and malnutrition are seen and in developed and developing countries where serious environmental and social problems are experienced [3]. Increased population and pressure to rapid urbanization in cities, especially in metropolitan areas, cause deterioration in ecosystem functions, a decrease in agricultural land, and many other developments that threaten food security. All these developments trigger the deterioration of urban health. Urban agriculture means raising, processing, and distributing food products that will provide the city's needs in a partial manner, by using the city's social and economic resources again in urban areas [2]. Therefore, urban agriculture is seen as an important tool in terms of achieving sustainable urban development [4].

 The need for construction emerged due to the intense migration and the rapid growth of the city of Istanbul, which has led to the loss of gardens and orchards. In this context, the "vegetable garden" culture, which occupies an important place in the social and cultural history of Istanbul and the preservation of the vegetable gardens within the urban areas in the city, stands out as an important topic in terms of keeping the cultural landscape alive [5]. In historical Yedikule vegetable gardens, which has become a part of the land walls of Istanbul, vegetable gardeners of different ethnic groups have worked in the past. The cultural diversity and the transfer of knowledge created by the gardeners of Byzantine, Greek, and Armenian origins in this area have provided us with a great opportunity to trace cultural landscape. The Greeks and Armenians, who had been engaged in vegetable gardening the first time, have transferred their knowledge to the Albanian vegetable gardeners and the Albanian vegetable gardeners to currently active vegetable gardeners coming from Kastamonu Cide village. The records of 344 vegetable gardens within the land walls are found relating with the Yedikule vegetable gardens and gardeners, and thus, light was shed on the relationship between the city and agriculture [6].

 In this paper, traces of cultural landscapes, which are the common works of humanity and nature, will be traced. Attention will be drawn to agriculture, and the city relationship and the contribution of urban agriculture to sustainable urban development will be explained.

#### **2. Historic Yedikule vegetable gardens**

 Urban cultivation or in local terms "vegetable gardening" has a deeply rooted cultural background in Istanbul. Growing fruits and vegetables within the city with traditional methods has always been a part of the daily life in Istanbul.

When we look at the agricultural texture of Istanbul, three types of urban agriculture can be mentioned. The first is the "neighborhood vegetable gardens," which are operated in the form of cultivation of small lands between buildings. The second is the "vegetable garden systems," where the empty plots around the city's natural water systems (streams, artesian, alluvial fields, etc.) are planted. The third is the largescale agricultural areas around the agricultural villages in the transitional regions of the urban-rural landscape, beyond the land walls [5, 7]. In this classification, the Yedikule vegetable gardens, which can be evaluated within the second group, are the last example of the garden system which has survived to the present day, so far as their locations in the city around Ottoman land walls are concerned (**Figure 1**).

#### **2.1 Location**

The agricultural park, located between the Yedikule-Belgrade gate, covers approximately 90,000 m2 . It is located in between the walls of the area at the border of Hacı Evhaddin Quarter of the Fatih district, surrounded by Hacı Hamza Mektebi Sokağı and Küçük Efendi Sokak in the north, Hacı Piri Street and Hacı Ehvaddin

*Urban Agriculture in the Context of Sustainable Landscape: Case of Historic Yedikule Vegetable… DOI: http://dx.doi.org/10.5772/intechopen.87836* 

**Figure 1.**  *Historic Yedikule vegetable gardens aerial photos in 1946, 1966, 1970, and 2006.* 

Street along the east border, Yedikule street in the south, and Istanbul land walls' Yedikule gat**e** and Belgrade gate in the west (**Figure 2**).

 In the project area, there are many vegetable gardens that have existed until recently. These areas to the south of the project boundary are connected to Yedikule street. There are buildings and parcels preserved along the Hacı Piri street on the eastern border of the project area. Some of these buildings, which are usually in the form of housing, could not actually survive. On the same route, there is the historical Hacı Piri Mosque (Stork Nest) which is a small neighborhood mosque that reflects its period. The site of the Greek Orthodox Church and Foundation is located between Hacı Hamza Mektebi street and the project area. In the area between the east of the church and the Belgrade gate, there is a business area currently used as an open storage area. In the region close to the center of the project area, there are sports facilities belonging to private enterprises. Preserved historical areas are in the middle of these three building areas and in the south of this section continue to be operated until today.

#### **2.2 Short history**

Although there are various studies on the gardens and vineyards in and around the city in Byzantine Istanbul, the Yedikule district is shown as a woodland and

**Figure 2.**  *Location of the project site in Istanbul historical peninsula.* 

 flowered in the miniature of Matrakçı Nasuh, which shows the city of Istanbul in 1535. Toward the end of the sixteenth century, with the continued increase in the population, the agricultural production areas of Istanbul expanded to the Yedikule walls, and these lands became agricultural lands [6].

 The most comprehensive and detailed information about Yedikule vegetable gardens has been reached in a 1735 dated title book. The book is an essay on the vegetable gardens within the land walls and contains information on the vegetable gardeners, tenants, and their hometowns. In the book, it has been recorded that 9 vegetable gardens out of the 344 existing in Istanbul were located within and around the vicinity of the walls extending between the Yedikule gate and Silivri gate and that 52 of the 1381 vegetable gardeners were working in this region. We are able to verify it from the map of Kuffer and J.B. Le Chevalier dated 1786. The Ismail Pasha garden, which is shown on the map in Yedikule, is referred to as İsmail Paşa Palace vegetable garden in this book. The most concrete document showing the existence of agricultural landscapes in the vicinity of Istanbul land walls is the map of C. Stolpe dated 1863 [8]. The map of Stolpe gives very clear information about the green areas and the productive landscapes of the period (**Figure 3**).

 On the map, Çukur Bostanlar, which can enter the group of neighborhood vegetable gardens in the Historic Peninsula, and Vlanga vegetable garden in Yenikapı are also marked. In the map drawn by Mühendishane-i Berri Hümayun, dated 1847, there are also a number of vegetable gardens in Yedikule. Also, in the map of G. Ademetriades, published in 1881 and showing the existing areas around the land walls, the areas planted around the land walls are expressed as "cultivated land" [8].

Based on these documents, it would not be wrong to say that the agricultural activities around the land walls have existed since the sixteenth to the seventeenth

**Figure 3.**  *C. Stolpe map (1863) with locations of agricultural landscape zones.* 

*Urban Agriculture in the Context of Sustainable Landscape: Case of Historic Yedikule Vegetable… DOI: http://dx.doi.org/10.5772/intechopen.87836* 

centuries. After the proclamation of the republic, there is no new development in Istanbul until 1945 due to reasons such as the reconstruction of the capital city and the war economy [8].

In the recent history of Istanbul in the 1950s, Istanbul's metropolization is a breaking point where large-scale projects for the zoning of the city are realized [8]. In this period, new vehicle arteries were established (Vatan and Millet streets), and new residential areas and commercial buildings were built in the Historic Peninsula and its surroundings. With the introduction of industrial production forms to the city, the industrial areas in and around the project area have been put into use. In this context, the city's vegetable gardens have also been in a process of partial extinction and displacement.

As can be seen from the above findings, Yedikule vegetable gardens, as a part of the agricultural ecosystem that provides food to Istanbul for many years, are highly important both as a cultural landscape heritage site and also as a culture of urban agriculture to be transferred to the next generations.

#### **2.3 Present situation**

 Urban cultivation or "vegetable gardening" as reflected in local saying has a deeply rooted cultural background in İstanbul. As in the most established European cities such as Paris and London, which have undergone similar processes like Istanbul, vegetable and fruit production has always been a part of daily life in Istanbul within the city's boundaries [9]. Commercial vegetable and fruit production gardens, which are marked as "vegetable garden" in many historical maps and document, are one of the main elements of the smallest residential area of the city, until from the rapid urbanization process that began in the 1970s. Each neighborhood has a vegetable garden that is named after the owner or neighborhood. During the structuring of the city, many of these buildings were lost and left their places to parking, buildings, schools, or parks. These agricultural landscapes along the Yedikule walls, where the vegetable is produced both inside the land walls and along the city walls, have managed to maintain their existence partially until today despite all the changes and transformation processes that the city has undergone (**Figure 4**). According to the information obtained from some producers cultivating the vegetable gardens in the area, the vegetable gardens are used for planting purposes in return for the rent given to the municipality. Green leafy vegetables such as purslane, arugula, lettuce, parsley, spinach, and cabbage are mainly grown and served to be sold in markets. In addition, retail sales to residents in the neighborhood who are constantly shopping from vegetable gardens are seen as a part of urban life [10].

 In addition, the infrastructure needed for the production realized in the vegetable gardens within the project area was generally created by the people who made production in the field. Security and esthetic problems can be encountered where these fields get in touch with the public space. In addition, providing spatial structures required by the manufacturers with individual solutions can cause structural pollution and security weakness around the city. In this study, solutions for public cooperation, urban esthetics, and operability were produced.

#### **2.4 Design approach and decisions**

In the historical Yedikule Vegetable Gardens Rehabilitation Project, accurate interventions should be made in order to protect the existing natural structure and to prevent damage to its natural landscape. The project is designed in such a way that it blends all the aforementioned approaches, reveals the nature of the

**Figure 4.**  *General south view of the project site [11].* 

landscape, and also meets the recreation needs of the city. The project and planning decisions developed in this field will also shed light on the future scenarios for Yedikule vegetable gardens.

 In this context, the attitude and language of landscape and architecture are important. Within the scope of the project, the minimum intervention was made to the natural bed of Yedikule vegetable gardens, and care was taken especially for the relationship between agricultural buildings and historical sites. The holistic approach of the agricultural park concept to urban dynamics will be a guide for the urban agriculture areas that will be constructed and planned in the future in Istanbul scale.

Data on the natural environment (climate, soil, water, natural structure, flora, fauna, etc.) are compiled during the design process, their effects on the built environment (buildings, buildings, cultural assets, etc.) and social environment (living, working, recreation facilities, etc.) and their interactions among each other are determined, and based on this data protection use balance is established.

 While the accessibility of the project area was increased, the transportation and circulation system were separated as much as possible without damaging the cultural and natural values, and the traditional/structured texture and the service facilities were provided. Recreational functions (children's playground, bicycle path, harvest restaurant, healing cafe, garden of medicinal plants, garden of flowering plants), which will appeal to users from different age groups and various interests in the area, have been proposed throughout the route associated with the neighborhood texture of the project area. It is believed that these areas will be mostly used by the residents. Apart from the recreation areas, the use of the market place and the festival area, which are the main decisions of the project and associated with the vegetable gardens and production activities, have been proposed. Residents and local/foreign tourists will be able to experience the area with the stakeholders and participants who can take part in the preparation of various activities that will increase the social awareness through a variety of scientific, cultural, educational, and social activities to be carried out (**Figures 5** and **6**).

Cultural activities that can be realized in the area are planned to be programmed by the Yedikule Urban Agricultural Park PR and Public Relations Center in the control and coordination of the relevant units (**Figure 7**).

*Urban Agriculture in the Context of Sustainable Landscape: Case of Historic Yedikule Vegetable… DOI: http://dx.doi.org/10.5772/intechopen.87836* 

**Figure 5.**  *Plan view of the landscape project [12].* 

**Figure 6.**  *General perspective of the project site [12].* 

**Figure 7.** 

*Perspective view of Yedikule Urban Agricultural Park PR and Public Relations Center [12].* 

Granting the operating rights of the renovated vegetable gardens (areas used as vegetable gardens formerly but disappeared, which will be rehabilitated within the scope of the project) by renting these areas to the professional producers is

 necessary for the continuation of the existing urban agricultural concept of the project area. Granting the right to rent these areas first to the producers who had been engaged in vegetable production in the vicinity will contribute to the continuity of the area (**Figure 8**).

 In addition, hobby gardens/community gardens open to the use of neighborhood residents in a section of the urban agriculture park are also recommended. In this way, the residents of the neighborhood will be provided to interiorize and protect the area more (**Figure 8**).

 Within the project boundaries, there will be areas open only to the professional producers. These can be present gardens, new orchards, professional urban gardens, seedling growing greenhouses, and orchards. Farmers and gardeners can operate these areas by leasing. The structural unit, where management and cultural functions are gathered, is called the management building. Within the administration building, there are PR-public relations center, library and classrooms, seed bank, places for training, seminars, and meetings relating to vegetable gardens and the farmers, a unit for the sale of the publications or products relating to cultivation (**Figure 7**). In addition, the necessary spaces for urban agricultural workshops and workshops, which are connected to the management unit, are located in the northwest of the area. The functions that can be included in this unit are vegetable production workshop, agricultural workshop for disabled people, sera greenhouse, beekeeping workshop, compost workshop, and recycling workshop.

 The venues for the realization of activities such as meetings, seminars, trainings, and workshops where expert stakeholders such as academicians, researchers, neighborhood residents, farmers, and gardeners who are interested in urban agriculture and Yedikule vegetable gardens can come together will be provided within the administrative building. In addition, a souvenir sales unit for the use of visitors to the park is also proposed within the project concept. The products to be sold in this unit are the book of historical Yedikule vegetable gardens, periodical parking bulletin, books on urban agriculture, some products produced in workshops, gift materials for promotion, plant seedlings, small agricultural tools, and so on. The revenue obtained from the sale will contribute to the maintenance and management of the park based on urban agriculture concept and ensure the continuity of the park. The farmer market, which is designed for professional producers, is the area

 **Figure 8.**  *Urban agriculture parcels [12].* 

*Urban Agriculture in the Context of Sustainable Landscape: Case of Historic Yedikule Vegetable… DOI: http://dx.doi.org/10.5772/intechopen.87836* 

**Figure 9.**  *Perspective view of the farmers market [12].* 

 containing the fixed sales looms that professional producers can use to sell their crops (**Figure 9**). The market area can also be used for different activities where open space is needed in non-sales times. There are also areas designed for eating and drinking, healing cafes, harvest restaurants, and harvest festivals.

 According to this calendar, it is recommended to implement various programs to support farmers in order to promote the diversity of harvested crops. The most important reason why the producers do not increase their product variety is the difficulties encountered in finding the market where the products produced will be sold. For this reason, cultivators tend to produce especially green leafy vegetables. For example, harvesting festivals can be organized in certain periods of the year in order to guarantee product sales, and different vegetables can be entered into the production palette. For this purpose, seed exchange festivals, which are used frequently by local producers, can be arranged to enable communication between different vegetable gardens and producers.

In addition to vegetable production, orchards in the area have been proposed to support the diversity of agricultural park in terms of agricultural functions. For different species to grow in these orchards, fruit harvest festivals can be held in various seasons of the year (citrus festival, cherry festival, strawberry festival, dut festival, etc.).

#### **3. Conclusion**

 According to many scientific studies, urban agriculture creates not only a food production activity but also an area of action with the potential to increase social cohesion and awareness by bringing together the separated social groups in the city. In order to be successful in the social context of the urban agricultural park, which is planned to be implemented within the scope of this project, it is important to implement it with the participatory planning model mentioned above. Many studies to measure the success of public space show that the open spaces interiorized by the user and its inhabitants from the beginning of the process are always more livable and sustainable.

The existing agricultural productions and the potentials of urban agriculture are stated in the Historical Yedikule Vegetable Garden Project with regard to the example of the city of Istanbul where the population is the highest and the immigration

 is too high within Turkey. As a result of human and economic dynamics, today's metropolises lead to the creation of the awareness of urban agriculture due to their historical and agricultural heritage, as well as saving the life support systems from being dependent on foreign countries by changing their ways of production.

Examples such as "Yedikule Bostanları" should be considered as a potential for making urban agriculture visible and improving in our country, which is seen as a means to ensure the future sustainability of cities, and future planning studies regarding this area should be evaluated accordingly.

#### **Author details**

Oktan Nalbantoğlu Department of Urban Design and Landscape Architecture, Bilkent University, Ankara, Turkey

\*Address all correspondence to: oktan@bilkent.edu.tr

© 2019 The Author(s). Licensee IntechOpen. This chapter is distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/ by/3.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

*Urban Agriculture in the Context of Sustainable Landscape: Case of Historic Yedikule Vegetable… DOI: http://dx.doi.org/10.5772/intechopen.87836* 

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[1] Aksu GA. Landscape components and holistic landscape planning approaches. Istanbul Commerce University Journal of Science. 2014;**26**(13):21-34

[2] Mougeot LJA. Urban agriculture: Definition, presence, potentials and risks, and policy challenges. In: Cities Feeding People Series Report 31. 2000

 [3] UNDP. Human Development Report 2001, Making New Technologies Work for Human Development. New York, Oxford: Oxford University Press; 2001

 [4] Tezer A, Solduk BB. The potential of "urban agriculture" in urban development of Istanbul's metropolitan area. In: Turkey Healthy Cities Association 10th Year Conference. 2012 in Turkish

[5] Başer B, Kalyoncuoğlu B. Can agroecosystems act as ecosystem services in urban area? Two cases from Anatolia: Bostan's of Istanbul and Forest farm of Ankara. In: Proceedings of EFLA 2011 Congress

 [6] Başer B, Eşbah Tunçay H. Understanding the spatial and historical characteristics of agricultural landscapes in Istanbul. ITU A│Z. 2010;**7**:106-120

[7] Kalyoncuoğlu B, Kalyoncuoğlu B. A new strategy for the integration of urbanized agriculture with the city in the process of metropolitanization: Urban agriculture. In: Proceeding of 5th Landcape Architecture Congress, UCTEA Chamber of Landscape Architecture. 2011 (in Turkish)

 [8] Tasarım O. Historic Yedikule Vegetable Gardens Agriculture Park Management Plan Report. 2018 (in Turkish)

[9] Kuban. Istanbul, an Urban History: Byzantion, Constantinopolis, Istanbul. Türkiye İşbankası Kültür Yay; 1996

[10] Kaldjian PJ. Urban Food Security and Contemporary Istanbul: Gardens, Bazaars and the Countryside [PhD thesis]. The University of Arizona; 2000

[11] Photograph archive of Oktan Nalbantoğlu; 2017

[12] Archive of On Tasarım Design Office; 2018

**591**

**Chapter 48**

**Abstract**

Renewal

urban planning and urban renewal.

sustainability, urban agriculture

**1. Introduction**

Affordance-Based Placemaking

and Incremental Neighborhood

Placemaking is a viable urban renewal process for creating vibrant and sustainable neighborhoods focused on improving the wellness and well-being of the community. As an interdisciplinary undertaking centered upon urban ecology and harmony between the natural and built environment, placemaking incorporates vision, leadership, research, design, construction, entrepreneurship, communities, and municipalities. Place-made neighborhoods become a more complex experiential environment through tailored businesses, local cultures, public spaces with art, interesting residence options for creatives and families, buildings integrated with nature, and modern infrastructure. This experiential environment of curated affordances centers on human perception and feeling where the amelioration of public spaces promotes social interaction and fosters healthier and economically resilient communities. Beyond buildings, it is the emotional experiences, interactions, and humanization within a location, its structures, and locales that make a place a place. In this paper, authors will consider the essence of place, creative inclusion of people and culture, and afforded experiences integral to placemaking. The exploratory research is interdisciplinary owing to the complexities of the expansive field of

**Keywords:** place, placemaking, affordances, neighborhood renewal, livable streets,

Urban issues continue to escalate globally, and it has become obvious that the value of a single "green" building or eco-labeled product is insignificant if it is not supported by sustainable urban infrastructure and a culture of sustainability. High vehicle miles of travel, insufficient level of services, diminished air quality, decayed sense of place, segregation in land use, and other nonurban feature problems create negative effects on the human quality of life. Quality of life is considered one of the most important dimensions for sustaining any urban development [1]. The essential goal of sustainable planning is the creation of a sustainable community which includes the defining features of a healthy climate and environment, social wellbeing, and economic security. However, sustainable planning is heavily focused on the environment and social and economic realms of sustainable development, and communities are ignored. Placemaking can be used to boost the social and economic

*Tyler de la Plaine and Mukaddes Darwish*

#### **Chapter 48**
