The Enhancement of Special-Use Real Estate Properties: The Case of Hospital Facilities

Marta Dell’Ovo, Francesca Torrieri (), Alessandra Oppio, Stefano Capolongo, Marco Gola and Andrea Brambilla
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Marta Dell’Ovo: Department of Architecture and Urban Studies (DASTU), Politecnico di Milano, Via Bonardi 3, 20133 Milan, Italy
Francesca Torrieri: Department of Architecture, Built Environment and Construction Engineering (DABC), Via Ponzio 31, 20133 Milan, Italy
Alessandra Oppio: Department of Architecture and Urban Studies (DASTU), Politecnico di Milano, Via Bonardi 3, 20133 Milan, Italy
Stefano Capolongo: Design & Health Lab, Department of Architecture, Built Environment and Construction Engineering (DABC), Via Ponzio 31, 20133 Milan, Italy
Marco Gola: Design & Health Lab, Department of Architecture, Built Environment and Construction Engineering (DABC), Via Ponzio 31, 20133 Milan, Italy
Andrea Brambilla: Design & Health Lab, Department of Architecture, Built Environment and Construction Engineering (DABC), Via Ponzio 31, 20133 Milan, Italy

Land, 2023, vol. 12, issue 8, 1-23

Abstract: In the Italian context, public investments for the redevelopment and securing of the National Health Service’s real estate assets are a crucial topic in the context of the National Recovery and Resilience Plan (NRRP) within the Next Generation Italian strategy. The paper proposes the evaluation of alternative scenarios for accessing financing under the NRRP with respect to the criterion of the technically efficient solution, i.e., the solution that minimizes investment costs while respecting time obligations. The methodology proposed refers to the Cost approach with specific reference to the Depreciated Replacement Cost Method (DRC) in order to estimate the market value in different scenarios. The approach is applied to a case study located in the Piedmont Region, where alternatives are compared with respect to both budget constraints and the timeframe for accessing financing. Given the growing concern for urban regeneration and “public city” rearrangement as an answer to the ongoing global changes, making investments in special-use real estate properties has become a central and challenging issue both in the public and private decision domains.

Keywords: hospital; healthcare infrastructures; depreciated replacement cost method; investment decision; enhancement; special use real estate (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2023
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