Within the suburb of Pyrmont, there are three (3) main dynamics occurring. These are urban decay, urban renewal, and urban consolidation.
According to The New Geography Dictionary,
“[U]rban decay (also known as urban blight); [is] the decline in the quality of an urban area such as the physical decay of buildings and roads. Also included is the economic decline of an area where businesses close down or move elsewhere, the subsequent decline in employment and income occurs, and social breakdown includes crimes such as vandalism.” [p. 167]
Urban renewal is “the upgrading of urban areas (e.g. inner-city areas) by either demolition and replacement of buildings (development) and/or improving existing structures (renovation). (Harte, p. 167) Renovation is often referred to as gentrification or adaptive reuse. Gentrification is “the transformation of an urban area by replacing an older established socioeconomic group or age group with that of a younger group. Often the average age of the area falls, average incomes are higher, and the residential areas undergo restoration. (Harte, p.71)
Urban consolidation [is] a process whereby closer settlement occurs and is encouraged. An example of this is the case where single dwellings on relatively large blocks of land are being replaced by two or three houses or even multiple townhouses. In both cases, the new houses take advantage of existing infrastructure such as water and power supplies. (Harte, p. 166)
Urban consolidation is achieved by creating medium and high-density housing and therefore increasing the population density or number of people per square kilometre.