Due to the globalisation of markets and the continuing structural change from an industrial to a service and knowledge economy, not only in Germany large industrial enterprises are forced to move into more competitive regions with lower production costs in order to obtain competitive ability. A consequence of this development is the fact that formerly industrially used areas and associated infrastructures are no longer needed. The similar consequence results from the long-term reduction of the locations of the German Federal Armed Forces. These abandoned areas increasingly move into the focus of private project developers that see a high potential for value added. However, in contrast to the development of single properties the developer has the chance and the challenge to develop a whole new area. This often incorporates a variety of questions and risks, which often go beyond the questions of economics or urban planning. The challenge is twofold: On the one hand from an urban planning perspective to create an in itself functioning and appealing location that fulfils the needs and requirements of the people living, working and staying there. On the other hand from an economic perspective the development must be sustainably competitive and feasible. In order to handle the challenges, an interdisciplinary understanding is absolutely necessary. The underlying question of this paper is therefore how such combined requirements can be fulfilled in the long run. The goal is therefore to generate an approach that captures the outlined risks and reduces the high scale of complexity by a combination of urban planning and concepts of strategic management. The paper is part of a research cooperation between the Endowed Chair of Real Estate Development of Prof. Dr. Stephan Bone-Winkel at the European Business School (ebs), International University in Oestrich-Winkel, Germany and Vivico Real Estate GmbH, one of the largest project developers on the German real estate market.