The evaluation of urban regeneration processes

The conditions why processes of urban regeneration can be developed in modern-day cities have changed enormously over the last decade. Unlike the recent past, where the reuse for urban uses of former industrial areas was only based on maximising the amount of space, after the housing bubble begun in 2008, the profit margins for operators were reduced, and today, they faced to a sharp contraction in demand and a surplus of supply. Consequently, the framework within which we carry out the investment decisions is increasingly complex and is characterised by the opposition of a potential conflict between two forces. On the one hand, the public administration which seeks to take full advantage of the urban transformation processes to improve the quality of live for citizens; on the other, the private entity that has the aim of maximising the profits obtainable from the intervention and to the minimise business risk. Therefore, to ensure the overall feasibility of an intervention, urban viability must correspond to an economic and financial sustainability. The paper analyses the role of the economic evaluation in urban regeneration interventions through the analysis of a case study in the city of Genoa.