Centre for Urban Transformation to Launch in October

Jeff Merritt, Head of Urban Transformation, World Economic Forum. Image courtesy of the World Economic Forum

The World Economic Forum is making a major move to address the growing economic chasm in local communities across the globe. The independent international organization has just announced plans to establish the new global Centre for Urban Transformation in partnership with Detroit-based real estate company Bedrock.

The Centre will be headquartered in Bedrock’s hometown and will promote public-private partnerships designed to support sustainable models of urban development.

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The Forum points to a host of social challenges, from climate change to pandemic-induced hardships, as the impetus for the creation of the Centre. The new organization is the brainchild of Jeff Merritt, head of Urban Transformation with the World Economic Forum, and Kofi Bonner, CEO of Bedrock. After a series of discussions over the last year, it became evident that the two shared a common passion: A vision for helping shape more inclusive and sustainable cities.

“As the largest real estate developer in Detroit, Bedrock was able to bring significant assets and opportunities to the table and as the international organization for public-private cooperation, the Forum was also able to bring its network to the table. In short, there’s a been an incredible alignment of interests, vision, need and opportunity that helped forge the Centre for Urban Transformation,” Merritt told Commercial Property Executive.

Leading by example

Backed by the Forum and Bedrock and their combined resources, the Centre will be able to provide a solid foundation for cities to rely upon in their bid to rebuild their economies and craft stronger, more durable communities with the goal of incorporating inclusive urban development. It’s been done before, and The Centre will kick off by showcasing successful innovative models of urban transformation from across the globe.

Bedrock will serve as the inaugural host for the Centre’s work, acting as both a test center of sorts and a model for best-in-class concepts for next-generation urban living. Ultimately, the Centre will partner with Bedrock on its plans for the Gratiot Site, a 7.2-acre property that, once fated to be the site of the new Wayne County Jail, is now destined to become home of a mixed-use destination designed to spur economic transformation in the city’s Innovation District.

Beyond the bevy of projects around town, the City of Detroit itself is a model of reinvention. Having filed bankruptcy less than a decade ago, the metropolis is now experiencing a rebirth.

“Whereas Detroit is seeing a renaissance, there are still significant, deep-rooted challenges to address, which mirror many of the global challenges that we see in cities around the world,” said Merritt. “Detroit’s story, while unique, is also a global story of cities and it was a natural hub to anchor this work on urban transformation.”

The Centre will also conduct activities with the Forum’s offices around the world, including its headquarters Geneva, as well as in Beijing, Mumbai and Tokyo, and back in the U.S. in New York and San Francisco.

The real estate of it all

The change that the Centre will promote will inevitably lead to a host of new development and even the transformation of existing buildings to create more sustainable and resilient cities.

“This isn’t about thought leadership or an academic exercise but rather real-world, on-the-ground implementation and models for building vibrant communities,” Merritt added. “For example, we look forward to showcasing new models for better integrating commercial real estate within mixed-use communities, exploring new models for adaptive reuse, and accelerating adoption of best practices for healthy and sustainable workplaces.”

The Centre is on schedule to launch in October 2021.