Evaluation of Industrial Territories Revitalization Projects: the Case of Nikolskaya Spinning Manufactory Reconstruction Project in St. Petersburg

Phenomenon of revitalization which means adaptation of abandoned buildings and territories for some new purposes, often cultural, has become quite popular and widespread among the most developed countries and also in Russia. This way of city development is universal and may be used for all types of buildings, but this research only considers the process of industrial territories revitalization. The aim of the research is to prove if federal investments into industrial territories revitalization are profitable for the society. To prove this statement there has been provided a cost-benefit analysis of the revitalization project using the example of the Nikolskaya Spinning Manufactory in Saint Petersburg. According to the results of the analysis, the hypothesis of the research has been proved, and also there have been formulated some recommendations about usage of revitalization for socially significant projects such as the project of the Nikolskaya Spinning Manufactory revitalization. This project is socially significant as it is aimed to improve the higher education in Russia.