The sustainability of urban renewal projects: a model for economic multi-criteria analysis. Issue 4 (3rd July 2017)

• Record Type: Journal Article
• Authors: Nesticò, Antonio; Sica, Francesco
• Is Part Of: Journal of property investment & finance. Volume 35:Issue 4(2017)
• Page Start: 397
• Page End: 409
• Publication Date: 2017-07-03
• Subjects: Sustainability -- Urban renewal -- Discrete Linear Programming (DLP) -- Economic evaluation of projects -- Multi-criteria analysis -- Projects portfolio selection problems; Real estate investment -- Great Britain -- Periodicals; Real property -- Valuation -- Great Britain -- Periodicals; Real estate development -- Great Britain -- Finance -- Periodicals; 332.6324094105
• DOI: 10.1108/JPIF-01-2017-0003
• Languages: English
• ISSNs: 1463-578X

Abstract

Abstract : Purpose: The decisions taken today relating to urban renewal interventions are rarely supported by logical and operational methodologies capable of effectively rationalising selection processes. For this purpose, it is necessary to propose and implement analysis models with the aim of promoting the sustainable development of the territory. The purpose of this paper is to define a model for the optimal allocation of scarce resources. Design/methodology/approach: The Discrete Linear Programming (DLP) is used for selecting investments aimed at achieving financial, social, cultural and environmental sustainability. Findings: The proposed model lends itself to the construction of investment plans on behalf of both types of decision makers, of both a public and a private nature. Research limitations/implications: All projects are evaluated according to multi-criteria logics, so that it is possible to find compromise solutions, in accordance with the stakeholders' different preferences. Practical implications: The model, written with A Mathematical Programming Language using DLP logics, is tested – case study – so as to define an investment programme finalised for urban renewal of a vast area. Social implications: The proposed econometric model makes it possible to obtain the optimal combination of projects for urban renewal with a view to achieving the sustainable development of the territory. Originality/value: Using the proposed model, all projects are evaluated according to multi-criteria logics, so that it is possible to find compromise solutions, in accordance with the stakeholders' different preferences.