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Course 2021-2022 a.y.

20773 - ECONOMICS OF SUSTAINABLE URBAN REGENERATION

Department of Social and Political Sciences

Course taught in English

Go to class group/s: 31

CLMG (6 credits - II sem. - OP  |  SECS-P/06) - M (6 credits - II sem. - OP  |  SECS-P/06) - IM (6 credits - II sem. - OP  |  SECS-P/06) - MM (6 credits - II sem. - OP  |  SECS-P/06) - AFC (6 credits - II sem. - OP  |  SECS-P/06) - CLELI (6 credits - II sem. - OP  |  SECS-P/06) - ACME (6 credits - II sem. - OP  |  SECS-P/06) - DES-ESS (6 credits - II sem. - OP  |  SECS-P/06) - EMIT (6 credits - II sem. - OP  |  SECS-P/06) - GIO (6 credits - II sem. - OP  |  SECS-P/06) - DSBA (6 credits - II sem. - OP  |  SECS-P/06) - PPA (6 credits - II sem. - OP  |  SECS-P/06)
Course Director:
EDOARDO CROCI

Classes: 31 (II sem.)
Instructors:
Class 31: EDOARDO CROCI


Mission & Content Summary
MISSION

The course aims to explore sustainable urban regeneration process considering all dimensions involved (economic, financial, social, environmental, and policy ones). An integrated and multidisciplinary framework approach will be adopted. This allows planning, assessing and evaluating urban regeneration processes and projects considering the different perspectives of local authorities, developers, real estate operators, investors and other key stakeholders. Urban regeneration has been known as a way to reorganise and upgrade areas which have experienced a decline or have been left empty by socio-economic transformations (e.g. former industrial sites). With the acknowledgement of cities’ environmental impacts and the growing issue of land overconsumption, urban regeneration has been increasingly considered as an alternative strategy to urbanising new land, and has now been integrated by sustainability principles, to promote a new model of urban development that optimizes the use of resources, circularity, resilience, liveability and urban quality of life.

CONTENT SUMMARY

Sustainable urban regeneration can be defined as “regeneration actions, policies and processes within a city, which address interrelated technical, spatial and socio-economic problems in order to reduce environmental impact, mitigate environmental risk, and improve environmental quality of urban systems, lifestyles and assets” (URBACT, 2015). Urban regeneration can trigger and contribute to a sustainable urban development, provided that sustainability is deeply and fully integrated into the design, management, financing, monitoring and operation of urban regeneration projects, with the overall aim to create value for the private sector, for society at large and for the environment.

Students will acquire and apply the latest knowledge of the ESG issues involved in regenerating urban areas. Furthermore, specific case studies of urban regeneration at the global level will be analysed to individuate policy models and business models delivering successful urban regeneration. The course will provide students with the ability to contribute to sustainable urban regeneration processes operating for a variety of private and public actors which will be involved also through project works and testimonies.

 

The course is structured into teaching modules.

 

1. The growing role of sustainable urban regeneration

A multidisciplinary approach

Definition of sustainable urban regeneration 

Trends and scenarios

 

2. Global urbanization trends: the future of urbanization and megacities

Worldwide urbanization dynamics

Demographic factors of urbanization 

Urbanization and migration 

 

3. Sustainable development: the key role of cities

Role of cities in the global context

Drivers and challenges of urban sustainability

 

4. The global framework

Agenda 2030 and SDG 11

The new urban agenda

Towards a new European Bauhaus

Driving urban transition

 

5. Urban Regeneration processes

Key phases of urban regeneration processes

New functions and services in the work and living places: a post Covid approach

 

6. Worldwide urban regeneration projects 

New paradigms for sustainable urban regeneration projects

International cases of urban regeneration processes

 

7. Sustainability in urban regeneration

ESG approach

Land reclamation and land consumption aspects

A circular economy perspective: circular and regenerative cities 

 

8. Towards climate neutral cities

Environmental, social and economic impacts of climate change in cities 

Cities’ action for the low carbon transition: strategies for climate change mitigation 

Vulnerability and resilience to climate change

 

9. Urban nature and its functions

Nature-based solutions at the urban scale

Ecosystem services in urban contexts and their valuation

Policies for nature protection: Payments for ecosystem services applications

 

10. Urban regeneration policies

Urban planning instruments  

Regulatory instruments (i.a. standards, codes, etc.)  

Economic instruments (i.a. taxes, incentives, development rights transfer and market)

A selection of case studies 

 

11. Value chain of urban regeneration projects

Lifecycle of urban regeneration projects

Main private and public actors involved

Value creation mechanisms in urban regeneration projects 

Innovative business and financial models

Risk allocation in urban regeneration projects 

 

 

12. The contribution of urban regeneration to Smart City dimensions

Digital city

Smart energy and smart mobility

Inclusive and diverse city

 

13. Protocols and standards for urban sustainable regeneration projects

Existing protocols to account for sustainability at building, district and city level

Sectorial certification standards for energy, water, waste, green (e.g. LEED, BREEAM, WELL, GRESB, etc.)

Sustainable management of urban regeneration projects

Indicators to evaluate sustainability of urban regeneration projects

 

14. Stakeholders involvement and co-design processes in sustainable urban regeneration

Rationale for stakeholders involvement in urban regeneration

Methods to map and identify key stakeholders of urban regeneration projects

Forms of stakeholders involvement: from information to active participation

Approaches, mechanisms and tools for stakeholders involvement and co-design

 

15. Asset management dimension of urban regeneration projects

The impact of urban regeneration projects on asset management 

The relationship between project and asset management over the requalification steps

The value of sustainability in asset management

 

16. Asset valuation in urban regeneration projects

International standard of valuation: RICS, IVS, UNI

Role of the appraiser

Purpose of the valuation: acquisition, financing, reporting

Valuation methods: comparative, income based, transformation, reconstruction cost

Ordinary assumption and special assumptions

The impact of sustainability on valuation


Intended Learning Outcomes (ILO)
KNOWLEDGE AND UNDERSTANDING
At the end of the course student will be able to...

At the end of the course student will be able to:

· Understand the role of cities in global dynamics, the main social, environmental and economic challenges that cities are facing and the main drivers of sustainable urban development

· Identify and assess the main elements of sustainable urban regeneration projects, considering their impact on air, water and soil and the solutions based on an efficient use of natural resources, enhancing circularity and resilience

· Evaluate the key phases, actors and mechanisms that operate in urban regeneration projects to create value

· Understand the functioning and dynamics of real estate markets

· Appraise the main funding and financial instruments to support urban regeneration projects

· Learn about the main protocols and standards to certify and account for the sustainability of urban regeneration projects

· Learn about the approaches, mechanisms and tools to involve urban stakeholders in urban regeneration projects and promote co-design

· Assess the role of 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...

At the end of the course student will be able to

· Define and populate urban sustainability indicators following international standards

· Assess the key elements of sustainable urban regeneration processes

· Valuate the private and social impacts of urban regeneration projects

· Define plans and policies for sustainable urban regeneration

· Define and assess business models for sustainable urban regeneration

· Apply international protocols and standards for sustainable interventions

· Apply international standards for asset valuation


Teaching methods
  • Face-to-face lectures
  • Guest speaker's talks (in class or in distance)
  • Case studies /Incidents (traditional, online)
  • Group assignments
  • Interactive class activities (role playing, business game, simulation, online forum, instant polls)
DETAILS

Guest speaker's talks (in class or in distance)

Designers, developers, and investors involved in iconic world wide urban regeneration projects will give talks on their experience

 

Case studies /Incidents (traditional, online)

Case studies of urban regeneration will be analysed in class in order to assess the economic, environmental and social dimensions

 

Group assignments

Group assignments will be provided in class to discuss approaches, methodologies and tools to develop and evaluate urban regeneration projects and processes. A project work will be developed along the whole course to apply relevant knowledge and instruments 

 

Interactive class activities (role playing, business game, simulation, online forum, instant polls)

Interactive activities will support the advancement of the course, in particular, through simulation of stakeholder behaviours in new and planned urban regeneration projects


Assessment methods
  Continuous assessment Partial exams General exam
  • Written individual exam (traditional/online)
  •   x x
  • Group assignment (report, exercise, presentation, project work etc.)
  • x   x
  • Active class participation (virtual, attendance)
  • x    
    ATTENDING STUDENTS

    Partial (20%) and final written exam (50%) aim 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, standards and indicators appliable to urban regeneration. The ability to apply ESG criteria to sustainable urban regeneration will be also assessed.

    Group assignment (30%): students will carry on a group project work along the whole course, analysing specific successful urban regeneration projects dialoguing with planners, designers, developers and other relevant stakeholders and analysing economic, social and environmental performances under the supervision of the teacher. Business models for sustainable urban regeneration will be assessed and, specific indicators will be defined and populated in order to assess and evaluate urban regeneration project impacts following an integrated sustainability approach.

     

     

    NOT ATTENDING STUDENTS

    The evaluation is entirely based on the final written exam.


    Teaching materials
    ATTENDING AND NOT ATTENDING STUDENTS

    Teaching materials will be communciated at the beginning of the course

    Last change 28/06/2021 16:04