Evaluation of Social and Economic Effects of "Itmo Highpark" Project

The research deals with the realization of the science center «ITMO Highpark» in Saint Petersburg. The purpose of the study is is a comprehensive assessment of the «ITMO Highpark» project in terms of the social and economic effect on the city in general and on certain categories of stakeholders in particular. The hypothesis of this study is as follows: the ITMO Highpark project is expected to be effective from the point of view of society, since its social and economic benefits for St. Petersburg and residents of neighboring rural areas will exceed costs. Based on a theoretical analysis of the project characteristics, indicators of the economic and social development of the Pushkin district, foreign experience of innovation centers, as well as the main approaches to the cost-benefit assessment, the empirical part of the study was formed. By analyzing the costs and benefits of implementing the innovation center and related road infrastructure projects, conclusions were drawn about the effects they produce. The conclusions formulated on the basis of the calculations were verified through interviews with experts representing two categories of stakeholders: a developer company and civil society. Thus, based on theoretical and empirical analysis, considering the recommendations of the European Commission, key risks were identified during the further implementation of the ITMO Highpark innovation center project that could affect public costs and benefits.