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In the article, I analyze the process of the revitalization of Bilbao. Taken the success of the revitalization strategy and the profound change of Bilbao’s image, which in less than a decade from a decaying postindustrial city transformed into a modern and innovative centre, Bilbaonian revitalization model is often used as a best practice for the planning and the execution of revitalization activities in postindustrial areas. The flagship investment of Bilbao’s transformation was the restoration of Abandoibarra, the postindustrial centrally located city’s waterfront. The most recognizable object located in this area is Guggenheim Museum, which soon after its building became a showcase of the city and the symbol of it’s regeneration. From the very beginning the museum attracted international attention becoming a magnet for tourists. This is one of reasons, why the success of the Bilbaonian revitalization has commonly been known as the so‑called “Guggenheim effect”. Even though the museum has become a symbol of modern Bilbao, the equating of the whole project with one emblematic building is unjustified. In fact, what stood behind the “Bilbao effect” and made it possible, was not one object as such, but the strategy that was based on long‑term planning and the cooperation between public and private organizations.
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