Large-scale development projects take many years and involve multiple stakeholders. This poses systemic challenges to social value creation even for willing participants and therefore requires an intentional and structured approach to achieving transformational goals. The Social Value Playbook – developed by Avison Young in collaboration with the World Economic Forum’s Centre for Urban Transformation – contains six principles to help create social value. Six principles for social value 1. Foster local ecosystems to drive urban development Whether the project is publicly or privately initiated, generating a broader coalition of local stakeholders beyond a formal public–private partnership provides a foundation for effective collaboration to drive social value creation based on a shared vision. 2. Balance certainty and flexibility Investors and developers need a degree of certainty to evaluate the financial and regulatory risk attached to a project or investment while maintaining a level of flexibility to adapt to social change. Required conditions differ depending on how the development and operations are financed; this can, for example, take the form of a development agency that will endure through political changes or a development charter in the event of cost and time overruns. 3. Build social value outcomes into project design Effective cross-sector collaboration needs clear definitions of outcome objectives that are realistic and deliverable. Using co-design principles enables meaningful, continual and impactful community engagement throughout the process, from origination to delivery and operations. 4. Prioritize social value when selecting partners and responding to requests for proposal (RFPs) How a project is set up – the relationships among partners, financial sources and governance structures – affects social value outcomes. Prioritizing core objectives in the selection criteria and subsequent contract documents enables successful execution even when changes become necessary. 5. Monitor and manage alignment with social outcome objectives In order to achieve transparency and accountability, defining objectives, key performance indicators (KPIs) and metrics will help create a robust framework to align decisions with the shared vision throughout the life cycle of the project. 6. Embed social value in ongoing stewardship Ongoing social value creation requires a sturdy foundation for long-term stewardship, even as the end users, stakeholders and functionality change over time. A tool such as a community charter for ongoing management and oversight will help ensure long-term investment and community value.