Sustainability Aspects of Real Estate Development: Lithuanian Case Study of Sports and Entertainment Arenas

Rasa Apanavičienė, Ala Daugėlienė, Tautvydas Baltramonaitis and Vida Maliene
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Rasa Apanavičienė: Faculty of Civil Engineering and Architecture, Kaunas University of Technology, Studentų Str. 48, LT-51367 Kaunas, Lithuania
Ala Daugėlienė: Faculty of Civil Engineering and Architecture, Kaunas University of Technology, Studentų Str. 48, LT-51367 Kaunas, Lithuania
Tautvydas Baltramonaitis: Faculty of Civil Engineering and Architecture, Kaunas University of Technology, Studentų Str. 48, LT-51367 Kaunas, Lithuania
Vida Maliene: School of the Built Environment, Liverpool John Moores University, Byrom Street, L3 3AF Liverpool, UK

Sustainability, 2015, vol. 7, issue 6, 1-26

Abstract: The principles of sustainability have become particularly important in the real estate and construction sector over the past decade. Despite extended efforts to evaluate the sustainability aspects of the real estate development, very few attempts have been exposed in the scientific literature pursuing integrating the investors and real estate developers’ responsibility for the local community, regional economy and environmental problems within their financial expectations. The paper presents methodology enabling evaluating the balance of real estate development sustainability and financial viability issues during the feasibility study process. The Model for Real Estate Investment Evaluation Based on Sustainable Development Aspects proposed by the authors was applied to the case study of Lithuanian sports and entertainment arenas. By using multi-criteria decision analysis sustainability assessment of multi-functional arenas was carried out which disclosed that positive sustainability effects lays down on the owner’s and operator’s monetary liabilities.

Keywords: sustainable development; real estate; model; sports arenas; multi-criteria decision analysis (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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