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Abstract
Theurillat T. and Crevoisier O. Sustainability and the anchoring of capital: negotiations surrounding two major urban projects in Switzerland, Regional Studies. This article deals with the anchoring of mobile financial capital in the city and urban sustainability. Illustrated by a case study in the Swiss context, it develops the theory that new forms of negotiation are appearing around urban projects. Development/construction firms are playing a central role: they are capable of evaluating and translating the multiple dimensions of a project and certain sustainability challenges into financial terms, in a way that permits the anchoring of capital in the city. In parallel, the issue of sustainability depends greatly on the capacity of the local actors to negotiate with the promoters of urban projects.
Theurillat T. and Crevoisier O. 可持续性与资本锚定：瑞士两大主要城市计画的协商，区域研究。本文处理流通的金融资本在城市中锚定与城市的可持续性。本研究透过瑞士脉络中的一个案例研究说明，发展出以下理论：有关城市计画的崭新协商形式正在浮现。发展／建设公司扮演了核心角色：它们有能力评估计画的多重面向与特定的可持续性挑战，并将之转译成金融专业用语，使得资本得以锚定于城市之中。同时，可持续性议题则大幅倚赖地方行动者与城市计画提倡者进行协商的能力。
Theurillat T. et Crevoisier O. Durabilité et ancrage du capital financier: négociations autour de deux grands projets urbains en Suisse, Regional Studies. Cet article aborde la question de l'ancrage du capital financier mobile dans la ville et la durabilité urbaine. Illustrée par une étude de cas en Suisse, il développe la thèse de l'apparition de nouvelles formes de négociations dans le cadre de projets urbains. Les entreprises de développement/construction jouent un rôle central: elles sont capables d'évaluer et de traduire les multiples dimensions d'un projet et certains enjeux de durabilité en termes financiers de manière à ce que l'ancrage du capital dans la ville puisse se réaliser. Parallèlement, la question de la durabilité dépend beaucoup de la capacité des acteurs locaux à négocier avec les promoteurs des projets urbains.
Theurillat T. und Crevoisier O. Nachhaltigkeit und die Verankerung von Kapital: Verhandlungen im Zusammenhang mit zwei großen urbanen Projekten in der Schweiz, Regional Studies. Themen dieses Beitrags sind die Verankerung von mobilem Finanzkapital in der Stadt sowie die urbane Nachhaltigkeit. Anhand einer Fallstudie aus der Schweiz wird die Theorie aufgestellt, dass im Umfeld von urbanen Projekten neue Formen der Verhandlung auftreten. Hierbei spielen Baufirmen eine zentrale Rolle: Sie sind in der Lage, die verschiedenartigen Dimensionen eines Projekts sowie bestimmte Nachhaltigkeitsprobleme zu bewerten und in finanzielle Begriffe zu übersetzen, was eine Verankerung von Kapital in der Stadt ermöglicht. Gleichzeitig hängt der Aspekt der Nachhaltigkeit in großem Umfang von der Fähigkeit der lokalen Akteure zur Verhandlung mit den Finanzierern von urbanen Projekten ab.
Theurillat T. y Crevoisier O. Sostenibilidad y el fortalecimiento del capital: negociaciones en torno a dos importantes proyectos urbanos en Suiza, Regional Studies. Este artículo trata sobre el fortalecimiento del capital financiero móvil en la ciudad y la sostenibilidad urbana. A partir de un estudio de caso en el contexto suizo, desarrollamos la teoría de que están apareciendo nuevas formas de negociación en el marco de los proyectos urbanos. Las empresas de desarrollo/construcción desempeñan un papel principal: son capaces de evaluar y traducir las múltiples dimensiones de un proyecto y los diferentes retos de sostenibilidad en términos financieros, facilitando así el fortalecimiento del capital en la ciudad. A su vez, la cuestión de la sostenibilidad depende en gran medida de la capacidad de los actores locales para negociar con los promotores de proyectos urbanos.
Acknowledgements
This article falls within the framework of the Swiss National Research Project PNR 54 on the Sustainable Development of the Built Environment: FN 405440-115136/1. The authors would like to express their sincere thanks to the Swiss National Science Foundation (SNSF) for its support of this project. The authors are also grateful to Ludovic Halbert, John Henneberry and Hugues Jeannerat, as well as the three anonymous referees, for their helpful comments. The usual disclaimers apply.
Notes
1. It is worth mentioning that Harvey Molotch (Molotch, Citation1976) and with John Logan (Logan and Molotch, Citation1987) were among the first to show the role of growth coalitions or growth machines in the development of the city, and in particular through and around land and real estate interests.
2. The over-the-counter market has developed considerably over recent years. The real estate funds not quoted on the stock exchanges (often with a small number of investors or as private equity) today account for the majority of overall investment in non-residential real estate. Most of these funds are created and held by pension funds, other institutional investors or investment banks (Nappi-Choulet, Citation2009). As a result, these kinds of funds are much less liquid than quoted funds, preventing immediate exit due to contractual agreement or high costs.
3. For example, Richard Ellis, Jones Lang LaSalle, or Cushman and Wakefield.
4. With sometimes a multiscalar public governance in some countries, comprising regional, national or even European authorities, for instance.
5. Minergie is the Swiss certification for High Environmental Quality related to sustainable construction.
6. According to the agreement between the municipal authorities and the Coop, the Coop benefited from the transfer of the 165 spaces planned for the needs of the district.