Abstract
This study deals with the problem of the negotiation between public and private actors in the urban planning, in the case study of the Plan for the Sustainable Development of Syracuse (Italy). The contribution focuses on the modalities of execution of the Plan that envisages the tool of the Public-Private Partnership (PPP). The study intends to verify the equity of the negotiation mechanism and the advantage gained by the public actor from conferring two large buildings to a Real Estate Fund. The contribution is structured in three parts. The first part provides the general programmatic and valuation frame referring to the features of the area. It describes the overall development perspectives and therefore the whole process of real estate development that would be supported by means of the contribution of the fund. The second part describes the implementation of a cash flow analysis based on a hypothesis of use of the buildings previously outlined. The third part provides the elements of the analysis of the investment that are retroactive on the design hypotheses converging on the value assessed to determine the quota of participation of the Municipality in the Real Estate Fund.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
“Cold works” are usually infrastructures with no appreciable cash flows, while “warm works” have a quite high cash flow capable to pay back the investment costs.
References
Assogestioni: Fondi immobiliari. Rapporto semestrale, June 2015
Byrne, P., Cadman, D.: Risk, Uncertainty and Decision-Making in Property Development, 2nd edn. E & FN Spon, London (1996)
Byrne, P.: Fuzzy analysis, a vague way of dealing with uncertainty in real estate analysis? J. Property Valuat. Invest. 13(3), 22–41 (2015)
Cacciamani, C.: Real Estate. Economia, diritto, marketing e finanza immobiliare, III edizione. Egea, Milano (2012)
Cori, R., Giorgiantonio, C., Paradisi, I.: Risk Allocation and Incentives for Private Contractors: An Analysis of Italian Project Financing Contracts. Bank of Italy, Occasional Paper 82 (2010)
European Commission: Green Paper on public-private partnerships and Community law on public contracts and concessions (2004)
French, N., Gabrielli, L.: Discounted cash-flow: accounting for uncertainty. J. Property Invest. Finance 23(1), 75–89 (2005)
French, N., Gabrielli, L.: Uncertainty & feasibility studies: an Italian case study. J. Property Invest. Finance 24(1), 49–67 (2006)
Gabrielli, L.: Italian property funds: opportunities for investors. J. Real Estate Lit. 15(3), 399–427 (2007)
Gabrielli, L.: Fifteen years of Italian real estate investment funds across different market cycles. In: McGreal, S., Sotelo, R. (eds.) Real Estate Investment Trust in Europe: Evolution, Regulation, and Opportunities for Growth, pp. 149–168. Springer, Heidelberg (2013)
Giuffrida, S., Ferluga, G.: Renewal and conservation of the historic waterfront. Analysis, evaluation and project in the grand harbor area of Syracure. BDC Università di Napoli, vol. 12, pp. 735–754 (2012)
Hertz, D.B.: Risk analysis in capital investment. Harv. Bus. Rev. 42(1), 95–106 (1979)
Hicks, J.R.: Value and Capital. Oxford University Press, London (1939)
Hoesli, M., Morri, G.: Investimento immobiliare. Hoepli, Milano (2010)
Kelliher, C.F., Mahoney, L.S.: Using Monte Carlo simulation to improve long-term investments decisions. Appraisal J. 68, 44–56 (2000)
Kishore, R.: Discounted cash flow analysis in property investment valuations. J. Property Valuat. Invest. 14(3), 63–70 (1996)
Manganelli, B.: La valutazione degli investimenti immobiliare. FrancoAngeli, Milano (2013)
Royal Institution of Chartered Surveyors (RICS): RICS Appraisal and Valuation Standards, RICS, London (2013)
Acknowledgements
Laura Gabrielli edited par. 3.3, 3.4, 3.5 and 4.3; Salvatore Giuffrida edited par. 2, 3.1, 3.2, 4.1 and 5; Maria Rosa Trovato edited par.3.6 and 4.2.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2016 Springer International Publishing Switzerland
About this paper
Cite this paper
Gabrielli, L., Giuffrida, S., Trovato, M.R. (2016). Functions and Perspectives of Public Real Estate in the Urban Policies: The Sustainable Development Plan of Syracuse. In: Gervasi, O., et al. Computational Science and Its Applications -- ICCSA 2016. ICCSA 2016. Lecture Notes in Computer Science(), vol 9789. Springer, Cham. https://doi.org/10.1007/978-3-319-42089-9_2
Download citation
DOI: https://doi.org/10.1007/978-3-319-42089-9_2
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-42088-2
Online ISBN: 978-3-319-42089-9
eBook Packages: Computer ScienceComputer Science (R0)