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Redeveloping derelict and underused historic city areas: evidence from a survey of real estate developers

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  • Paolo Rosato
  • Anna Alberini
  • Valentina Zanatta
  • Margaretha Breil
Abstract
Are economic incentives and regulatory relief useful tools for encouraging reuse of abandoned or under-utilised urban sites with historic buildings? Answering this question is of key importance for many European cities and for older US cities, and has important implications in terms of urban sustainability and “smart growth” initiatives. This study uses conjoint choice experiments to explore the relative importance of economic incentives, regulatory relief, land use and property regime offerings at under-utilised historic sites in Venice, Italy. Real estate developers and investors were surveyed, and asked to choose between pairs of hypothetical projects in three Venice locations, as well as between one of these projects and the alternative to do a development project elsewhere. Statistical models of the responses to these choice questions indicate that respondents were sensitive to the price of acquiring the land (and hence to any policies that influence prices), and particularly sensitive to the property regime that would be granted to developers and investors and to the allowable land use. It is concluded that the city should focus on offering land uses and property regimes that are more in tune with developer demand.

Suggested Citation

  • Paolo Rosato & Anna Alberini & Valentina Zanatta & Margaretha Breil, 2010. "Redeveloping derelict and underused historic city areas: evidence from a survey of real estate developers," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 53(2), pages 257-281.
    • Handle: RePEc:taf:jenpmg:v:53:y:2010:i:2:p:257-281
    DOI: 10.1080/09640560903529550
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    Cited by:

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    2. Raul Berto & Carlo Antonio Stival & Paolo Rosato, 2020. "An Integrated Procedure for Ex-Ante Evaluations of Refurbishment Costs in Healthcare Facilities," Sustainability, MDPI, vol. 12(18), pages 1-29, September.
    3. Vincenzo Del Giudice & Pierfrancesco De Paola & Torrieri Francesca & Peter J. Nijkamp & Aviad Shapira, 2019. "Real Estate Investment Choices and Decision Support Systems," Sustainability, MDPI, vol. 11(11), pages 1-18, June.
    4. Carlo Antonio Stival & Raul Berto & Pierluigi Morano & Paolo Rosato, 2020. "Reuse of Vernacular Architecture in Minor Alpine Settlements: A Multi-Attribute Model for Sustainability Appraisal," Sustainability, MDPI, vol. 12(16), pages 1-27, August.
    5. Del Giudice, V. & De Paola, P. & Torrieri, F. & Pagliari, F., 2009. "A decision support system for real estate investment choice," Serie Research Memoranda 0010, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    6. Durán, Roi & Farizo, Begoña A. & Vázquez, María Xosé, 2015. "Conservation of maritime cultural heritage: A discrete choice experiment in a European Atlantic Region," Marine Policy, Elsevier, vol. 51(C), pages 356-365.
    7. Marco Locurcio & Pierluigi Morano & Francesco Tajani & Felicia Di Liddo, 2020. "An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context," Sustainability, MDPI, vol. 12(14), pages 1-29, July.

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    More about this item

    Keywords

    conjoint choice experiments; real estate developers; building conservation restrictions; redevelopment incentives; brownfields; infill redevelopment;
    All these keywords.

    JEL classification:

    • Z1 - Other Special Topics - - Cultural Economics
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations

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