Environmental and Landscape Constraints and Legislative Provisions in Territorial/Urban Planning and Building Constructions: Impacts in Urban Regeneration

Legislative framework on territorial and urban planning has become more and more rich and complex in the European Union and in particular in Italy. The structured – and often hindering – system of division of responsibilities between the central State, Regions, local institutions, and organisms, generates different levels of administrative verification. The several environmental and landscape constraints by which each public administration with jurisdiction over the territory exercises its powers have a strong impact on the territorial management and negative effects on investments. Over years, this has been one of the main reasons behind the significant dilation of the risk and the time required to obtain the authorizations required to start construction, hence producing “business risk”. Based on this premise, the present work investigates, on a methodological point of view, the relationships between environmental and landscape constraints, the regulatory framework to which a building is subjected, and its impacts in urban regeneration processes. This is finally aimed at finding suitable methods and procedures to formulate an opportune discount rate considering the constraints and the related regulations that operate on an asset. A mixed method that integrates Capital Asset Pricing Model, Analytic Hierarchy Process and Delphi Method is proposed to assess the discount rate component related to urban risk.