Page 37 - U4SSC Compendium of practices on innovative financing for smart sustainable cities projects

hospitality and tourism services. The project resulted in repopulation of the old town with the return
of citizens to recover their private properties, thus revamping the economic potential of the real
estate in and around the area.

Sustainable Development Goals impacts

SDG 9: Innovative solutions in order to reduce CO emissions and noise pollution.
2

SDG 11: The renovation of the apartment building ensures its resiliency and long-term viability.
The project also protects cultural heritage and promotes renewal of the old city.

SDG 17: Cooperation among apartment owners, residents, businesses, local and national
governments, and construction companies.

People-first elements

• Improved access to essential services: The renovations opened up access to parts of the city
not being used due to degradation and economic decline. Renovating and rebuilding these
spaces allowed for a socio-economic revitalization of the city.
• Growth in local jobs: Restoring the old town led to a growth in tourism, hospitality and commercial
services that employ local populations. The area was in decay, lacking economic activity and
cultural attractions, but the rehabilitation plan led to the opening of new shops, bars, restaurants
and boutique hotels. The municipality received 30 new licences for commercial activity related
to food service and hospitality, creating around 120 jobs, in addition to the jobs created for
maintenance and adaptation of the premises. An additional 30 to 50 jobs were created by the
10 to 15 new shops and professional service offices that opened in the area.
• Successful reduction of greenhouse gas emissions: The old town renovations reduced energy
consumption through thermal insulation and the installation of energy-saving systems.

• Access to adequate housing: Rehabilitation of the local housing improved habitability by
improving acoustic isolation to protect against noise. It also guaranteed functionality, accessibility
and mobility through improvements to the housing facilities including: rehabilitation to make
structures more stable; renovation of facades to respond to the deterioration of coating;
installation of elevators; and improvements in energy efficiency through thermal insulation
and alternative energy systems.

Financial information

This project was financed through grants to private owners and users, as well as loans to developers
and sellers. Public funding was used for parks and infrastructure. The general terms of provision
were covered 50 per cent by city funds, and 25 per cent by regional and national funds.

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