Abstract
This article is part of the debate on the economic evaluation of urban regeneration projects to be implemented through partnership forms between public and private subjects. It illustrates the results of the research activity carried out by the authors, aimed at developing innovative tools to verify the economic feasibility and the sustainability of projects for the reuse of unused public buildings. Particularly, the study made it possible to develop an experimental model of economic feasibility project to be used in the. The model aims at verifying if the economic conditions are satisfied, and which ones, if any, are appealing for the private involvement within the realization and/or management of collective utility interventions. Significant points of the model are: (1) The inclusion of real estate re-use projects in the wider context of urban and territorial regeneration; (2) the adoption of criteria to assess costs and revenues remarkably eligible, in the authors’ opinion, to understand the effective economic feasibility and/or sustainability of reuse projects, even under the framework of reliable techniques as the ‘Cash Flow Analysis’ and the ‘Discounted Cash Flow Analysis’.
Highlights
Nowadays, the inadequacy of public resources availability for the exploitation of unused public buildings, to what happens to other sectors of the Public Administration, leads to seek for innovative solutions that allow to pursue the economic improvement of those buildings [1]: Following that purpose, some public-private partnerships might be considered useful relevant to those who work in the field of services of architecture and engineering.Such partnerships, the need to guarantee the economic-financial balance in the processes of valorization of real estate becomes fundamental.At the moment, the prevailing approach for such questions draws the methodological basis from disciplines dealing with the economic dynamics of companies
The discounted cash flow analysis criterion is based on the economic principle of the anticipation
The main indicators to verify the profitability of investments are the Net Present Value (NPV) and the Internal Rate of Return (IRR)
Summary
The inadequacy of public resources availability for the exploitation of unused public buildings, to what happens to other sectors of the Public Administration, leads to seek for innovative solutions that allow to pursue the economic improvement of those buildings [1]: Following that purpose, some public-private partnerships might be considered useful relevant to those who work in the field of services of architecture and engineering.Such partnerships, the need to guarantee the economic-financial balance in the processes of valorization of real estate becomes fundamental.At the moment, the prevailing approach for such questions draws the methodological basis from disciplines dealing with the economic dynamics of companies. The inadequacy of public resources availability for the exploitation of unused public buildings, to what happens to other sectors of the Public Administration, leads to seek for innovative solutions that allow to pursue the economic improvement of those buildings [1]: Following that purpose, some public-private partnerships might be considered useful relevant to those who work in the field of services of architecture and engineering. The estimation culture in Italy has contributed significantly to develop methodologies and techniques economic evaluation of the projects, starting from its classical scientific base and enriching it with contributions coming from other related disciplines. It is to this relatively recent disciplinary evolution that this work intends to connect
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