Urban Renewal Authority 2018-19 Annual Report

56 CORPORATE SUSTAINABILITY Drive Our Economy The URA endeavours to revitalise the urban neighbourhood through strengthening the economic, social and environmental fabrics for the benefit of communities. Urban renewal brings space for business as well as job opportunities and re-composition of the social landscape. Preserving Local Economic Activities To maintain economic vibrancy, the URA has leased out all the acquired units at the Prince Edward Road West revitalisation project after completing renovation of the project. The ground floor shops were mainly leased to flower shops to retain local characteristics while the upper floors were leased to various tenants for commercial use related to art, culture and community services. In addition, the preserved shophouses at the Shanghai Street/Argyle Street preservation project, which is currently undergoing fitting-out works, have been allocated for restaurant and retail use to reflect the local character and to meet local needs. The overall physical environment of the two projects has been improved and cultivated as a place where old meets new. The URA has also adopted tactical measures along with the implementation of the H18 Peel Street/Graham Street Project in order to keep the nearby century-old market intact as well as to enhance vibrancy. The revitalised Graham Market, with the new market block at Site B of H18, has become an iconic spot for local residents to purchase a vast variety of their daily needs. Facilitating Social Enterprises to Thrive During 2018/19, the URA continued to render more properties for concessionary tenancy to non-governmental organisations (NGOs) and social enterprises (SEs), e.g. The Association of the Hong Kong Central and Western District Limited, The Hong Kong Council of Social Service, The Procurator in Hong Kong of the Salesian Society, Church Body of the Hong Kong Sheng Kung Hui, The Hong Kong Federation of Youth Groups, Light Be, International Social Service (Hong Kong Branch), Social Ventures Hong Kong, New Life Charitable Foundation Limited and Mighty Oaks Foundation Limited, in our rehousing blocks, acquired properties, URA-owned properties and dedicated preserved historic buildings. URA properties leased to NGOs and SEs URA-managed Government, Institutional and Community (GIC) areas for various community purposes (in 2018/19 financial year) 5,000 m 2 3,890 m 2