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

Author

Listed:
  • 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
    Department of Industrial Engineering, Università degli Studi di Napoli Federico II, 80138 Naples, 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)

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.

Suggested Citation

  • Marta Dell’Ovo & Francesca Torrieri & Alessandra Oppio & Stefano Capolongo & Marco Gola & Andrea Brambilla, 2023. "The Enhancement of Special-Use Real Estate Properties: The Case of Hospital Facilities," Land, MDPI, vol. 12(8), pages 1-23, August.
    • Handle: RePEc:gam:jlands:v:12:y:2023:i:8:p:1638-:d:1221428
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    References listed on IDEAS

    as
    1. Nick French & Laura Gabrielli, 2007. "Market value and depreciated replacement cost: contradictory or complementary?," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 25(5), pages 515-524, August.
    2. Enrico Fattinnanzi & Giovanna Acampa & Fabrizio Battisti & Orazio Campo & Fabiana Forte, 2020. "Applying the Depreciated Replacement Cost Method When Assessing the Market Value of Public Property Lacking Comparables and Income Data," Sustainability, MDPI, vol. 12(21), pages 1-22, October.
    3. Nick French & Laura Gabrielli, 2007. "Market value and depreciated replacement cost: contradictory or complementary?," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 25(5), pages 515-524, August.
    4. Lopreite, Milena & Mauro, Marianna, 2017. "The effects of population ageing on health care expenditure: A Bayesian VAR analysis using data from Italy," Health Policy, Elsevier, vol. 121(6), pages 663-674.
    5. Andrea Brambilla & Jan Marvin Apel & Inga Schmidt-Ross & Maddalena Buffoli & Stefano Capolongo, 2022. "Testing of a Multiple Criteria Assessment Tool for Healthcare Facilities Quality and Sustainability: The Case of German Hospitals," Sustainability, MDPI, vol. 14(24), pages 1-25, December.
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