Pyrmont–Ultimo was one of the first large-scale urban renewal projects undertaken in Australia. As the renewal project nears completion, it has transformed the former industrial heartland of the city into a thriving commercial, business and residential precinct that has accommodated the changes to Sydney as it has emerged as a world city.
Urban Decline - Changes in land use brought about by changing locations of activities within a city which causes other activities to move elsewhere, leaving former factory and warehouse areas abandoned (unused) and derelict (ugly).
Urban Renewal - The rejuvenation of urban areas that have fallen into urban decline. It involves turning old warehouses and industrial areas into office, retail and residential accommodation.
Gentrification - A process whereby inner-city, dilapidated (run down and old) buildings or poor neighborhoods are renovated by the movement of wealthy people into the area resulting in increased house prices.