Investment Behavior in Urban Regeneration to Support Cultural Activities in the Semarang Old City, Indonesia

Abstract

Regeneration of historic areas requires high costs, both by the government and the private sector. The private sector is renovating its historic buildings so that the building can function as an economic, social, and cultural investment. In reality, few investment patterns pay attention to social and cultural activities. Therefore, this paper examines the management of the regeneration of cultural heritage areas and investment patterns in supporting cultural activities in the Old City. This study uses qualitative methods by processing secondary data, documents, field observations, and interviews. The results of the analysis show that there is a decisive government role in supporting the regeneration of cultural heritage areas. An investment pattern in the urban regeneration process supports creative cultural activities and community participation. This study finds the role of the government through policies dealing with urban regeneration with an investment pattern that supports the preservation of cultural heritage.