The Role of the Public Municipality in Urban Regeneration: the Case of Genoa

The conditions why processes of urban regeneration can be developed in modern-day cities have changed enormously over the last decade. Unlike the recent past, where the reuse for urban uses of former industrial areas was only based on maximising the amount of space, after the housing bubble began in 2008 and the pandemic crisis, the profit margins for operators were reduced, and today, they faced to a sharp contraction in demand and a surplus of supply. Consequently, the framework within which we carry out the investment decisions is increasingly complex and is characterised by the opposition of a potential conflict between two forces. On the one hand, the public administration which seeks to take full advantage of the urban transformation processes to improve the quality of life for citizens; on the other, the private entity that has the aim of maximising the profits obtainable from the intervention and to minimise business risk. Therefore, to ensure the overall feasibility of an intervention, urban viability must correspond to economic and financial sustainability. The paper analyses the role of public strategies in urban regeneration interventions through the analysis of a case study in the city of Genoa. Currently, in the city some urban transformation interventions are being implemented; most of them (and the most relevant) are all aligned along the border between the city and the port. The role of the public administration is not limited to that of regulation, but the local municipality also acts as a financier (of public works) and as owner of the areas (which it makes available in concession). In this way, an attempt is made to make the city more competitive in the international real estate market. It is essential to reduce risk and cost factors compared to the private investor. The question then arises of how to evaluate the potential public benefits of these transformation operations.