Each city demonstrates that heritage can be at the center of local development. Together, their shared vision and framework begin to point toward a new paradigm—one where investing in heritage unlocks value in places long overlooked. – Bonnie Burnham, Opening Remarks, Final Project Showcase, March 25, 2026
Q1 of 2026 was a sprint to the conclusion of Stage 3 and the completion of the Urban Heritage Regeneration Accelerator. Running from mid-December through February, this phase translated the research and opportunity-mapping from the previous stages as the foundation for launching catalytic pilot projects with blended finance investment proposals. The cities worked closely with subject matter experts and their dedicated mentors to structure their pilot projects, define impact frameworks, and craft their final pitches, integrating storytelling with data and insights developed throughout the program.
For a summary of the program and all four pilot projects, read here.
Racing towards the Finish with Tailored Guidance and Support
Stage 3 shifted from the group-based learning approach of earlier stages with personalized, one-on-one guidance for articulating their pilot projects. Mentors, coaches, and technical advisors worked directly with each local team to workshop heritage-led strategies designed to unlock inclusive economic and social development.
Key to the success of this closing stage were NYU partnerships with the Schack Institute for Real Estate and the Law School’s International Transactions Clinic (ITC) offered financial and legal support to the Accelerator teams. Graduate students from the Schack Institute worked with the four local teams to model business and financing strategies for each pilot project within the context of their broader urban development goals. Their technical support helped the teams build financially feasible projects with diversified operating models and blended finance structures. Meanwhile, the ITC advised the CHiFA teams on core components of how to structure their project, including key stakeholders, cash flows, and other obligations.
Heritage economics expert Paul Burtenshaw coached each city through translating their ambitious regeneration visions into measurable impact frameworks.
Finally, building on his Stage 1 workshop on the “Five Frames of Storytelling,” performance coach Michael Savage worked with each team on delivering the story of their project with clarity, energy, and impact. This coaching set the teams up to present compelling final pitches at the Showcase.
From Strategy to Investment: Final Project Showcase
Stage 3 culminated in a Final Project Showcase, where Baeza, Cuenca, Lamu, and Tunis presented their investment-ready proposals to an international audience of colleagues from the preservation field, philanthropic funders, and impact investors. More than a concluding event, the Showcase was an opportunity to position heritage-led regeneration projects within the broader investment landscape and to test their resonance with potential partners.
Beyond celebrating the cities’ progress, the Showcase underscored a central thesis of the Accelerator: that cultural heritage is a critical asset for urban economic and community development, with the potential to generate both financial returns and measurable social impact. It also proved that methodologies like iteration, rapid prototyping, and data-driven strategy can effectively be applied to heritage planning. This approach challenges traditional modes of working that are often constrained by extended timelines and institutional siloes. The Accelerator demonstrated that, even within a highly compressed timeframe, cities can develop credible, investment-ready projects capable of catalyzing district-scale regeneration.
Underlying the entire Stage 3 process are CHiFA’s research-derived Success Factors, first identified through our global case study analysis and further refined through our initial investments in Zanzibar and Mexico. As part of a forthcoming report on the Heritage Accelerator, CHiFA will document how these Success Factors are operationalized through the Accelerator methodology.
What’s Next? The Future Potential of Historic Places
CHiFA is now advancing two parallel priorities: mobilizing capital and disseminating knowledge. We are actively fundraising to launch a catalytic funding mechanism that can provide early-stage capital to projects emerging from the Accelerator—bridging the critical gap between planning and implementation. This effort builds on CHiFA’s broader strategy to deploy blended capital to unlock additional public and private investment for heritage-led initiatives. In parallel, CHiFA is working with the Organization of World Heritage Cities to share insights gained through the Accelerator experience with the global heritage field, contributing to a growing body of practice around structuring and financing heritage-led regeneration.
Conversations are also underway regarding future Accelerator cohorts and open-access resources based on the Accelerator content for heritage practitioners worldwide.
Thank you to the expert advisors who supported participating cities in advancing their heritage-led regeneration initiatives through rigorous analysis and strategic guidance:
Richmond Addae (NYU Schack Institute of Real Estate), Elamin Awadalla (NYU Schack Institute of Real Estate), Deborah Burand, (NYU Grunin Center for Law and Social Entrepreneurship), Paul Burtenshaw (Impact & Evaluation Coach), Oriana Cruz (NYU Law School), Marco Dall’Orso (Real Estate Development Expert), Jesse Gero (NYU Law School), Marc Norman (NYU Schack Institute of Real Estate), Jessica Okruw (NYU Law School), Rodrigo Aguilar Rego (NYU Schack Institute of Real Estate), Emilie Röell (Our Heritage Homes & Doh Eain), Donovan Rypkema (Heritage Strategies International), Michael Savage (TAI Group), Shujin Zhang (NYU Schack Institute of Real Estate)
Thank you to CHiFA Board Members – Laurie Beckelman, Betsy Davidson, and Keith Wright – for your invaluable input and assistance throughout, especially in Stage 3 and the Final Project Showcase.
Overwhelming thanks to the Mentors—Bonnie Burnham, Gary Hattem, Guido Licciardi, Derek A.R. Moore, and Eduardo Rojas—for their guidance, support, and generosity in sharing their expertise.