The sustainability of urban renewal projects: a model for economic multi-criteria analysis

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.

Citation

Nesticò, A. and Sica, F. (2017), "The sustainability of urban renewal projects: a model for economic multi-criteria analysis", Journal of Property Investment & Finance, Vol. 35 No. 4, pp. 397-409. https://doi.org/10.1108/JPIF-01-2017-0003