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The growing interest in the enhancement, management, and sale of public building stock has increased the importance of their valuation and, as a result, the need to identify suitable methods for estimating value that take into account their peculiarities. They often boast architectural features (interfloor distance, layout, finishings, types of wiring/heating systems, etc.) that make them ‘extraordinary’ assets; in some cases, these features also endow them with monumental and/or historical importance. Thus, when valuating, it is necessary to adopt suitable methods. Where comparable examples or income-based parameters specifically concerning buildings with special features are lacking, the Depreciated Replacement Cost (DRC) method is the only system that can be used to estimate their market value. This paper aims to show how the DRC method can be applied in this specific market. The theoretical part will be coupled with a practical section where the DRC method will be used to estimate the market value of an extraordinary landmark building in Rome (Italy), the Palazzo degli Archivi di Stato (the State Archives building), in the EUR district, sold by EUR S.p.A. group (formerly known as Ente EUR) in 2015.
Enrico Fattinnanzi; Giovanna Acampa; Fabrizio Battisti; Orazio Campo; Fabiana Forte. Applying the Depreciated Replacement Cost Method When Assessing the Market Value of Public Property Lacking Comparables and Income Data. Sustainability 2020, 12, 8993 .
AMA StyleEnrico Fattinnanzi, Giovanna Acampa, Fabrizio Battisti, Orazio Campo, Fabiana Forte. Applying the Depreciated Replacement Cost Method When Assessing the Market Value of Public Property Lacking Comparables and Income Data. Sustainability. 2020; 12 (21):8993.
Chicago/Turabian StyleEnrico 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 12, no. 21: 8993.
The growing interest in issues to do with the administration, enhancement and sale of public building stock has increased the need for their valuation and, as a result, has increasingly highlighted the need to identify suitable methods for estimating value that take into account the peculiarities of public buildings. In Italy, public buildings often boast ‘special’ architectural features (interfloor distance, layout, finishings, type of wiring/heating systems, etc.) that render them ‘extra-ordinary’ assets; in some cases, these features also confer grand and/or historical importance to such buildings. Thus when carrying out valuation work in Italy, it is necessary to adopt suitable valuation methods designed for buildings boasting special features prior to drafting any administration plans, enhancement projects or even plans for the sale of public building stock. Given the lack of comparable examples or income-based parameters specifically concerning buildings with special features, the Cost Approach is the only method that can be used to estimate the market value of such properties. This paper aims to identify the ways the Cost Approach can be applied when estimating the market value of properties with special features that fall into the ‘extra-ordinary’ category. The theoretical part will be supported by a practical section where the Cost Approach will be used to estimate the market value of an extra-ordinary landmark building in the EUR district: the “Palazzo della Scienza Universale”, previously owned by the EUR S.p.A. company (formerly known as the Ente EUR), which was recently sold (2015).
Fabrizio Battisti; Orazio Campo. The Assessment of Public Buildings with Special Architectural Features Using the Cost Approach. A Case Study: A Building Sold by EUR S.p.A. in Rome. Transactions on Petri Nets and Other Models of Concurrency XV 2020, 12251, 869 -883.
AMA StyleFabrizio Battisti, Orazio Campo. The Assessment of Public Buildings with Special Architectural Features Using the Cost Approach. A Case Study: A Building Sold by EUR S.p.A. in Rome. Transactions on Petri Nets and Other Models of Concurrency XV. 2020; 12251 ():869-883.
Chicago/Turabian StyleFabrizio Battisti; Orazio Campo. 2020. "The Assessment of Public Buildings with Special Architectural Features Using the Cost Approach. A Case Study: A Building Sold by EUR S.p.A. in Rome." Transactions on Petri Nets and Other Models of Concurrency XV 12251, no. : 869-883.
The transformation of “complex” sites subject to landscape and/or archaeological and/or environmental protection is itself a complex operation that, right from the preliminary meta-design phases, requires the support of “assessment science” to comprehend its effects – economic and otherwise. Consequently, for the decision-making process to be effective and efficient, assessment tools and methodologies suited to the specific situations being assessed should be identified. The activation of assessment processes becomes particularly substantial in the phase of studying the prefeasibility and feasibility of a complex initiative, since it provides elaborate but concise information that is a prerequisite for making informed decisions as to whether the initiative can be carried out. Among the various assessment types, multi-criteria analyses are those most suitable for casting light on the salient aspects upon which the feasibility of complex territorial transformation processes depends. This paper shows the first results of an ongoing research and aims to identify the objectives, criteria, and indicators for outlining a methodological path prerequisite for assessing the feasibility of the complex meta-project of recovering the “Portus-Ostia Antica” archaeological site. First, the objectives of a general nature connected with an intervention of this kind will be identified; then, for the identified objectives, criteria, sub-criteria, and specific indicators will be defined, making it possible to assess, in specific terms, the initiative’s feasibility characteristics. This phase is prerequisite to implementing a multi-criteria assessment from which to obtain concise results based on which to develop a feasibility judgment on the Portus-Ostia initiative, taking account of the financial, environmental, and socioeconomic impacts, and in general of all the co-benefits the initiative produces.
Orazio Campo; Fabrizio Battisti; Giovanna Acampa. Integrated Multi-criteria Assessments in Support of the Verifying the Feasibility of Recovering Archaeological Sites: The Case of Portus-Ostia Antica. Blockchain Technology and Innovations in Business Processes 2020, 1952 -1961.
AMA StyleOrazio Campo, Fabrizio Battisti, Giovanna Acampa. Integrated Multi-criteria Assessments in Support of the Verifying the Feasibility of Recovering Archaeological Sites: The Case of Portus-Ostia Antica. Blockchain Technology and Innovations in Business Processes. 2020; ():1952-1961.
Chicago/Turabian StyleOrazio Campo; Fabrizio Battisti; Giovanna Acampa. 2020. "Integrated Multi-criteria Assessments in Support of the Verifying the Feasibility of Recovering Archaeological Sites: The Case of Portus-Ostia Antica." Blockchain Technology and Innovations in Business Processes , no. : 1952-1961.
According to Italian legislation for a particular type of real property—lands/areas subject to buildability, but not yet currently buildable—there is a problem related to their “qualification”, or whether or not they must be considered buildable for the purposes of their recurrent taxation. These potentially buildable (POBU) areas, that were previously zoned as “agricultural”, have been rezoned as “general urban planning instruments/regulations” (the General Urban Development Plans or variances, which regulate land governance), whose approval path has yet to be concluded. Their value—the taxable base underpinning their taxation—clearly depends on their qualification (whether or not they are considered buildable). This has produced, in recent years, several disputes between owners and local governments; the law did not give univocal solutions: Today (2019), there is a conflict of case law in relation to considering these areas as being building areas, as it is not clear what estimating procedures should be used. This article is thus based on the assumption that responding to the problems connected with taxing POBU areas must be considered separately from (overcoming, in this way, conflicting case law) the “virtual” qualification of agricultural or buildable area, but must instead, and more simply, be considered as the actual condition it is found in (likelihood of having building potential in the future), and therefore its limitations (present at the time of taxation) and the time necessary for the building to actually be built and not just “potential”. The approach proposed in this article thus offers a solution to the problem that has been raised, by modifying the current de jure approach (defining the moment when the building right is manifested) towards an assessment/appraisal approach (defining the value of the potentially buildable (POBU) area, in relation to its actual conditions). To implement this approach, a methodology—proposing an upgrade of the traditional analytic procedure for the assessment of transformation value has been structured in a way such that consideration may be made of the components characterizing the potentially buildable areas by means of appropriate assessment parameters that go towards forming these areas’ value: These are the market value discount rate of the POBU area in relation to the uncertainty and risk of reaching effective and concrete buildability, and the estimated time needed to complete the procedural path for making the area actually buildable.
Fabrizio Battisti; Orazio Campo; Fabiana Forte. A Methodological Approach for the Assessment of Potentially Buildable Land for Tax Purposes: The Italian Case Study. Land 2020, 9, 8 .
AMA StyleFabrizio Battisti, Orazio Campo, Fabiana Forte. A Methodological Approach for the Assessment of Potentially Buildable Land for Tax Purposes: The Italian Case Study. Land. 2020; 9 (1):8.
Chicago/Turabian StyleFabrizio Battisti; Orazio Campo; Fabiana Forte. 2020. "A Methodological Approach for the Assessment of Potentially Buildable Land for Tax Purposes: The Italian Case Study." Land 9, no. 1: 8.
In the European Union, real estate initiatives involving public–private partnerships (PPPs) are characterized by the payment of a charge, which is generally used for public purposes (and works). In Italy, since the 1990s, PPPs have also been used to start negotiated initiatives giving the possibility of modifying town planning forecasts. Such initiatives are aimed at increasing the value of private properties and, through the charge, financing public works. This charge was regulated only in 2014 with the change of Article 16, paragraph 4, point d-ter of the Presidential Decree 380/2001 (Consolidated building law) and was named the “extraordinary urbanization contribution” (or simply the “extraordinary contribution”). The extraordinary contribution makes it possible to finance public works with private monetary resources. The amount of the extraordinary contribution is not less than 50% of the capital gain that is produced by real estate initiatives concerning modifications to town planning forecasts. A crucial issue of the this kind of PPPs has always been the appraisal of the capital gain of real estate initiatives due to changes in town planning forecasts. The factors to be considered while evaluating the extraordinary contribution, the appraisal tools and procedures to be used in assessing the capital gain are not indicated at regulatory level. However, an over 20 years’ practice has been consolidating the use of an analytical procedure for the appraisal of the transformation value to be used in evaluating the extraordinary contribution. In this procedure, the evaluation of the profitability index of real estate initiatives appears critical: in fact, the capital gain depends upon this element. At the same time, this topic is substantially neglected by the scientific debate. In this paper, a methodology has been defined, which is structured on the Build-Up Method and allows the profitability index (or rate of return) of a real estate initiative to be evaluated. Through a test, the developed methodology has been used in a case study: the appraisal of the extraordinary contribution in three integrated intervention programs in the city of Rome.
Fabrizio Battisti; Orazio Campo. A Methodology for Determining the Profitability Index of Real Estate Initiatives Involving Public–Private Partnerships. A Case Study: The Integrated Intervention Programs in Rome. Sustainability 2019, 11, 1371 .
AMA StyleFabrizio Battisti, Orazio Campo. A Methodology for Determining the Profitability Index of Real Estate Initiatives Involving Public–Private Partnerships. A Case Study: The Integrated Intervention Programs in Rome. Sustainability. 2019; 11 (5):1371.
Chicago/Turabian StyleFabrizio Battisti; Orazio Campo. 2019. "A Methodology for Determining the Profitability Index of Real Estate Initiatives Involving Public–Private Partnerships. A Case Study: The Integrated Intervention Programs in Rome." Sustainability 11, no. 5: 1371.
The exceptional contribution of urbanisation (hereinafter simply exceptional contribution) is a regulatory obligation that represents an additional to the costs of primary and secondary urbanisation, at least equal to 50% of the greater value generated by projects in areas or buildings with modifications to town planning. The rule that introduced the exceptional contribution does not indicate the factors to be considered while evaluating the exceptional contribution, and consequently does not address the evaluation procedure to be used in determining its exact form. In this paper, an idea will be proposed regarding the urban development exceptional contribution as it has been applied in Italy both in regional regulations and in various Local Authorities. From this overview, the approach of the different LAs can be seen. Each has autonomously decided upon the adoption of an analytical procedure to estimate the Transformation Value to calculate the extra contribution. Subsequently, in light of the result of not considering a specific rate of return during the estimation of the exceptional contribution, a procedure is proposed for determining the rate of return to be considered in the indirect analytical procedure for estimating the Value of Transformation used to calculate the exceptional urbanisation contribution. The proposed procedure is based on the Build-up Method and will take the form of its operational declination, to be used when one has the coefficients representative of the areas of risk for the different factors that are typical of interventions of settlement transformation. To test the proposed procedure it has been applied to a case study: the evaluation of exceptional contribution in an Integrated Intervention Program in the Municipality of Grottaferrata (RM).
Fabrizio Battisti; Orazio Campo. A Procedure for Determining the Industrial Profitability of Settlement Interventions in the Appraisal of Exceptional Contribution of Urbanisation. Transactions on Petri Nets and Other Models of Concurrency XV 2018, 34 -50.
AMA StyleFabrizio Battisti, Orazio Campo. A Procedure for Determining the Industrial Profitability of Settlement Interventions in the Appraisal of Exceptional Contribution of Urbanisation. Transactions on Petri Nets and Other Models of Concurrency XV. 2018; ():34-50.
Chicago/Turabian StyleFabrizio Battisti; Orazio Campo. 2018. "A Procedure for Determining the Industrial Profitability of Settlement Interventions in the Appraisal of Exceptional Contribution of Urbanisation." Transactions on Petri Nets and Other Models of Concurrency XV , no. : 34-50.