20850 - SUSTAINABLE URBAN REGENERATION
Department of Social and Political Sciences
Course taught in English
Go to class group/s: 31
CLMG (6 credits - I sem. - OP | SECS-P/06) - M (6 credits - I sem. - OP | SECS-P/06) - IM (6 credits - I sem. - OP | SECS-P/06) - MM (6 credits - I sem. - OP | SECS-P/06) - AFC (6 credits - I sem. - OP | SECS-P/06) - CLELI (6 credits - I sem. - OP | SECS-P/06) - ACME (6 credits - I sem. - OP | SECS-P/06) - DES-ESS (6 credits - I sem. - OP | SECS-P/06) - EMIT (6 credits - I sem. - OP | SECS-P/06) - GIO (6 credits - I sem. - OP | SECS-P/06) - DSBA (6 credits - I sem. - OP | SECS-P/06) - PPA (6 credits - I sem. - OP | SECS-P/06) - FIN (6 credits - I sem. - OP | SECS-P/06) - TS (6 credits - I sem. - OP | SECS-P/06) - AI (6 credits - I sem. - OP | SECS-P/06)
Course Director:
EDOARDO CROCI
EDOARDO CROCI
Suggested background knowledge
None
Mission & Content Summary
MISSION
Innovation in the use and functions of urban space is an engine of economic growth and well-being. Shaping the development and re-development of cities affect also social inclusion and environmental dimensions. Urban regeneration allows reorganization and upgrade of areas which are abandoned or degraded or not answering to emerging needs. Urban regeneration is determinant in attracting investments, developing infrastructures and services, embedding sustainability principles to improve the use of resources, circularity, resilience, liveability, and quality of life.
The course aims to provide knowledge and instruments to design and assess urban regeneration processes and projects considering the perspective of different stakeholders, such as developers, financial operators, investors, asset managers, and public institutions, with the aim to measure business performance and social value. The course has an interdisciplinary cut, focusing on management, economic and financial dimensions of urban regeneration, including urban planning and policy.
Students will also take advantage of knowledge developed by Bocconi SUR Lab with corporate partners operating in real estate. The course will encompass visits to iconic urban regeneration sites and will involve students in project works applied to these sites. Best projects will be awarded with internship opportunities at Hines in Milan and London. Instructors are available for thesis supervision, also including analysis of cases.
CONTENT SUMMARY
Sustainable urban regeneration can be defined as “regeneration actions, policies and processes within a city, which address interrelated technical, spatial and socioeconomic problems in order to reduce environmental impact, mitigate risks, and improve quality of urban systems, lifestyles, and assets” (URBACT, 2015). Urban regeneration can trigger and contribute to sustainable urban development, provided that sustainability is deeply and fully integrated into the design, management, financing, monitoring, and operations of urban regeneration projects, with the overall aim to create value for the private sector, and for society at large. From this perspective, the evolution towards net-zero buildings and districts provides a significant contribution to climate goals. Students will identify business and financial models, and apply ESG criteria to assess the social value generated by urban regeneration projects.
The course is designed to provide both the theoretical foundations for understanding and managing urban regeneration processes and the opportunity to engage with real case studies and key stakeholders. Project works, group assignments, and class discussions on specific real cases will complement the lessons. The course will also feature visits to iconic sites. Guest speakers from key players in urban regeneration will provide insights regarding real case studies implementation, management, and valuation.
The course is structured into teaching modules:
1. Global urbanization trends and the key role of cities in sustainable development
The aim is to frame the main challenges and opportunities linked to urban development considering worldwide urbanization dynamics. Drivers and challenges of urban sustainability will be analyzed in the context of the Agenda 2030 framework.
2. Planning, regulatory, and economic-financial instruments for sustainable urban regeneration
Approaches for urban regeneration will be investigated through case studies taking into consideration all relevant stakeholders and key phases of the process. The use of urban planning, regulatory, and economic-financial instruments will be assessed in relation to different contexts and conditions.
3. Assessing the impacts of urban sustainable regeneration projects: criteria and indicators
Urban regeneration can improve the quality of life in cities generating impacts on economic, environmental, and social domains. Protocols, certification standards, and indicators to evaluate the sustainability of urban regeneration projects will be considered within an ESG approach.
4. New paradigms and models for sustainable and inclusive urban regeneration
In a sustainable, smart, and inclusive city perspective, several dimensions of urban regeneration have to be considered, such as energy efficiency and decarbonization, resilience, nature-based solutions, sustainable mobility, circularity, and social inclusion.
5. Sustainable business models for urban regeneration
The role of actors involved in the supply chain will be assessed, also in connection with innovative management solutions. The relationship between institutional and business actors to mitigate risks, enhance social value, and enact value-capture mechanisms will be considered.
6. Asset management and valuation of urban regeneration projects
Land and property appraisal approaches will be analyzed to assess real estate assets and the impact of urban regeneration on them.
Intended Learning Outcomes (ILO)
KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
- Understand the role of cities in global dynamics and the main drivers of sustainable urban development;
- Identify and assess the main elements of sustainable urban regeneration projects, considering their impact on the environment and society;
- Evaluate key phases and mechanisms that operate in urban regeneration projects to create value;
- Assess business models for sustainable urban regeneration;
- Get acquainted with an ESG approach to account for the value created by urban regeneration projects;
- Understand approaches to involve stakeholders and promote co-design solutions;
- include sustainability in asset management and evaluation of urban regeneration projects.
APPLYING KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...
- Understand urban dynamics;
- Assess the key elements of sustainable urban regeneration processes;
- Valuate the private and social impacts of urban regeneration projects;
- Define business models for sustainable urban regeneration;
- Apply ESG criteria to assess urban regeneration projects and evaluate social value generated in different contexts;
- Design measures to foster sustainable solutions for urban regeneration;
- Apply approaches and techniques for asset valuation.
Teaching methods
- Guest speaker's talks (in class or in distance)
- Company visits
- Practical Exercises
- Individual works / Assignments
- Collaborative Works / Assignments
- Interaction/Gamification
DETAILS
Guest speaker's talks
Designers, developers, and investors involved in iconic worldwide urban regeneration projects will give talks on their projects.
Case studies /Incidents (traditional, online)
Case studies of urban regeneration will be analyzed in class to apply concepts and instruments.
Group assignments
Group assignments will be provided in class to develop and evaluate urban regeneration projects and processes. A project work will be developed, in cooperation with developers and real estate operators throughout the whole course applying an ESG approach to assess the social value generated by an exemplary project.
Interactive class activities (role playing, business game, simulation, online forum, instant polls)
Interactive activities will support the advancement of the course.
Site vistis
Students will participate in site visits to iconic urban regeneration projects in Milan. Organized in collaboration with Hines Italy, these visits will include explanation of the project masterplan, business model, partnerships and expected socio-economic impact.
Assessment methods
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ATTENDING STUDENTS
Final written exam (50%) aims to assess the level of appraisal related to economic, social, and environmental evaluation of urban regeneration projects and processes, business and financial models in real estate markets, and the application of ESG criteria.
Group assignment (30%): students will carry out a project work throughout the whole course, related to exemplary urban regeneration cases dialoguing with planners, designers, developers, and other relevant stakeholders to assess ESG impacts and creation of social value under the professors’ supervision.
Active class participation (20%).
NOT ATTENDING STUDENTS
Final written exam (100%) aims to assess the level of appraisal related to economic, social, and environmental evaluation of urban regeneration projects and processes, business and financial models in real estate markets, and the application of ESG criteria.
Teaching materials will be communicated at the beginning of the course.
Teaching materials
ATTENDING AND NOT ATTENDING STUDENTS
Roberts, P. (2017). "The evolution, definition and purpose of urban regneration". Roberts, P., Sykes, H., Granger, R. (ed.) Urban regeneration. Sage. pp. 9-43
Amirtahmasebi, Rana; Orloff, Mariana; Wahba, Sameh; Altman, Andrew. 2016. Regenerating Urban Land: A Practitioner's Guide to Leveraging Private Investment. Urban Development. World Bank, Washington. pp. 88-124 and pp. 285-312
Brueggeman, William B. (2011). Real estate finance and investments / William B. Brueggeman, Jeffrey D. Fisher.—14th ed. New York : McGraw-Hill Education Part 1 pp. 1-41 and Part 2 pp. 508-573
Berry, J., McGreal, S., Deddis, B. (2011). "Urban regeneration: property investment and development". Taylor and Francis. pp. 50-76 and pp. 144-160
Last change 24/05/2024 16:59