Abstract
This article studies the existing approaches to the analysis of the highest and best use, defines the specifics of the industry, and considers the main aspects of the analysis. A comprehensive methodology for the analysis of the highest and best use in the course of implementation of investment and construction projects for the purposes of tourism clusters infrastructure development is presented. The aim of the study is to improve the mechanism for the development of tourism clusters infrastructure based on the analysis of the highest and best use of investment and construction projects. The relevance of the article is substantiated by problems and underdevelopment of the tourist infrastructure during the creation and development of territorial clusters. In addition, constituent entities of the Russian Federation do not create favorable investment conditions in the course of construction of various objects of tourist use. The existing approaches to the analysis of the highest and best use of investment and construction projects need to be improved taking into account modern conditions, factors and industry specifics. The article offers an analysis of the current state of domestic tourism in Russia and abroad, identifies factors hindering the functioning and development of investment and construction projects for the purposes of tourism clusters infrastructure development, identifies factors that have a positive impact on the domestic tourism market. Measures are proposed to determine the highest and best use in the course of implementation of an investment and construction project for the tourism cluster of the North Caucasian recreational region and to calculate its effectiveness. An element of scientific novelty and the result of the study is the improvement of approaches to the analysis of the highest and best use of tourism clusters for infrastructure development. The practical significance lies in the application of an improved mechanism for the development of investment and construction projects for tourism clusters objects in Russia.
Highlights
Today, one of the main problems in the creation and development of territorial clusters is the underdevelopment of the tourist infrastructure
Unlike the standard analysis of the highest and best use, which is used in real estate appraisal and where empirical methods are mainly used, the analysis of the highest and best use of investment and construction projects for the purposes of tourism cluster infrastructure development requires a comprehensive approach and a combination of several methods
Methodological developments are considered on the example of the tourism cluster of the North Caucasian Federal District
Summary
One of the main problems in the creation and development of territorial clusters is the underdevelopment of the tourist infrastructure. The analysis of the highest and best use allows identifying the most profitable use of the property when implementing investment and construction projects This analysis can be presented as a search for the optimal combination of the purpose and functional planning solutions. Unlike the standard analysis of the highest and best use, which is used in real estate appraisal and where empirical methods are mainly used (the method of discounting cash flows does not make any sense), the analysis of the highest and best use of investment and construction projects for the purposes of tourism cluster infrastructure development requires a comprehensive approach and a combination of several methods (for example, [3]). There are targets for the development of tourism in the Russian Federation until 2035 below (Table 1)
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