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Sustainability 2015, 7(6), 6497-6522; doi:10.3390/su7066497

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

1
Faculty of Civil Engineering and Architecture, Kaunas University of Technology, Studentų Str. 48, LT-51367 Kaunas, Lithuania
2
School of the Built Environment, Liverpool John Moores University, Byrom Street, L3 3AF Liverpool, UK
3
Institute of Land Management and Geomatics, Faculty of Water and Land Management, Aleksandras Stulginskis University, Universiteto 10, Akademija, Kaunas 53361, Lithuania
*
Author to whom correspondence should be addressed.
Academic Editor: Marc A. Rosen
Received: 25 March 2015 / Revised: 25 April 2015 / Accepted: 15 May 2015 / Published: 26 May 2015
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
View Full-Text   |   Download PDF [955 KB, uploaded 26 May 2015]   |  

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. View Full-Text
Keywords: sustainable development; real estate; model; sports arenas; multi-criteria decision analysis sustainable development; real estate; model; sports arenas; multi-criteria decision analysis
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Apanavičienė, R.; Daugėlienė, A.; Baltramonaitis, T.; Maliene, V. Sustainability Aspects of Real Estate Development: Lithuanian Case Study of Sports and Entertainment Arenas. Sustainability 2015, 7, 6497-6522.

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