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

Author

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  • Rasa Apanavičienė

    (Faculty of Civil Engineering and Architecture, Kaunas University of Technology, Studentų Str. 48, LT-51367 Kaunas, Lithuania)

  • Ala Daugėlienė

    (Faculty of Civil Engineering and Architecture, Kaunas University of Technology, Studentų Str. 48, LT-51367 Kaunas, Lithuania)

  • Tautvydas Baltramonaitis

    (Faculty of Civil Engineering and Architecture, Kaunas University of Technology, Studentų Str. 48, LT-51367 Kaunas, Lithuania)

  • Vida Maliene

    (School of the Built Environment, Liverpool John Moores University, Byrom Street, L3 3AF Liverpool, UK
    Institute of Land Management and Geomatics, Faculty of Water and Land Management, Aleksandras Stulginskis University, Universiteto 10, Akademija, Kaunas 53361, Lithuania)

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.

Suggested Citation

  • Rasa Apanavičienė & Ala Daugėlienė & Tautvydas Baltramonaitis & Vida Maliene, 2015. "Sustainability Aspects of Real Estate Development: Lithuanian Case Study of Sports and Entertainment Arenas," Sustainability, MDPI, vol. 7(6), pages 1-26, May.
    • Handle: RePEc:gam:jsusta:v:7:y:2015:i:6:p:6497-6522:d:50149
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    References listed on IDEAS

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    Cited by:

    1. Adolpho Guido de Araújo & Arnaldo Manoel Pereira Carneiro & Rachel Perez Palha, 2020. "Predictive Methodology for the Quantification of Environmental Aspects in Urban Infrastructures," Sustainability, MDPI, vol. 12(18), pages 1-25, September.
    2. Patrick Bergmann & Endre Kamarás & Werner Gleißner & Edeltraud Guenther, 2020. "Enhanced Cash Flow Valuation in Real Estate Management by Integrating Innovative Materials and Risk Assessment," Sustainability, MDPI, vol. 12(6), pages 1-26, March.
    3. Kuang-Hua Hu & Fu-Hsiang Chen & Gwo-Hshiung Tzeng, 2016. "Evaluating the Improvement of Sustainability of Sports Industry Policy Based on MADM," Sustainability, MDPI, vol. 8(7), pages 1-21, June.
    4. Young Dae Ko & Seung Hwan Jung & Sung Hee Kim & Sung Wook Lee, 2018. "Sustainable Sport Scheduling Approach Considering Team Equity for the Korean Professional Baseball League," Sustainability, MDPI, vol. 10(2), pages 1-11, February.

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