**1. Introduction**

The concept of achieving closed cycles [1] is a fundamental principle within the ecological paradigm, but its complete implementation remains unrealized thus far. Addressing the challenges of our time involves adopting observable models from natural systems, offering efficient approaches to management, production, and consumption [2].

The traditional economy, often referred to as the "conventional" economy, has had detrimental effects on cultural landscapes and individual cultural assets/sites. It has caused environmental damage, health issues, and disruptions to social systems, ultimately contributing to high entropy [3,4]. On the contrary, the emerging concept of the Circular Economy (CE) has the potential to enhance cultural heritage and landscapes while simultaneously fostering economic prosperity. This necessitates the development of organizational and entrepreneurial processes that promote symbiotic relationships and generate new bonds. CE not only reduces entropy across various levels but also enhances efficiency and resilience [5]. Additionally, CE is founded upon principles of cooperation, solidarity, co-evolution, and long-term thinking. It relies on the management practices of common goods, which, in turn, require cooperation, collaboration, and coordination among var-

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ious stakeholders. This approach embraces relational values, intrinsic values, and the co-production of economic values for both use and the market [6].

Considering landscapes and cultural heritage as common goods encourages the formation of a "community of relationships". This community plays a crucial role in determining quality of life while also giving rise to new chains of economic value [7]. To shape a progressive future rooted in a "new humanism" [5] inspirtioin must be found in a journey of modernization that embraces the symbiotic relationship between society and nature: "Noi, il soggettivo ed il collettivo, il soggettivo ed il naturale, riconfigurando i valori della modernità in una prospettiva di 'razionalità relazionale' che rappresenta il fondamento stesso della prospettiva di un nuovo Umanesimo ... fondato sulla simbiosi società/natura, innanzitutto attraverso la valorizzazione di tutti i 'beni comuni' presenti nel sistema urbano territoriale a partire dal patrimonio culturale, dagli ecosistemi naturali, dalla biodiversità, dal paesaggio, capaci a loro volta di promuovere la decentralizzazione, l'autorganizzazione, l'autogestione" [5]. This involves prioritizing the enrichment of "common goods" [5] within the urban territorial system, including cultural heritage, natural ecosystems, biodiversity, and the landscape. Elevating these assets can foster decentralization, empowering local communities to self-organize and self-manage. This holistic approach promotes sustainability, resilience, and equitable resource distribution, establishing a harmonious coexistence between society and the natural world guided by the principles of a "new humanism" [5].

Embracing this viewpoint entails presenting regeneration initiatives according to the "circular city model" [8–12]. This model embodies an urban economy that emphasizes circularization in production and consumption. It focuses on strategies that aim to alleviate the strain on finite natural resources, reducing their consumption while promoting sustainable practices [8–12]. In this perspective, the awareness of the link between cultural heritage and sustainable development has become increasingly evident, leading to a greater focus on the Adaptive Reuse (AR) of cultural assets as a conscious process of creating new values [13]. This trend has prompted a reflection on urban planning practices and the promotion of AR and valorization policies for heritage, which can contribute to environmental sustainability, social cohesion, and cultural identity, thereby providing fertile ground for innovation and local economic development. However, decisions regarding AD interventions pose significant complexity due to the multiple interests at stake, as well as the high costs that discourage investments [14,15].

Within these decision-making contexts, the objective of the research is to set up a multidisciplinary evaluation model that supports public and private investors in effectively planning underutilized cultural heritage reuse projects. For these reasons, this paper proposes a multi-methodological approach applied to a pilot project for the AR of a cluster of mountain huts located in the Sila National Park (SNP), which is aimed at effectively supporting decisions related to the evaluation of feasibility and economic sustainability of this cultural heritage that has not yet been adequately valorized. This case study application enables a discussion of the proposed evaluation framework and, in the final phase, verifies the economic feasibility and financial sustainability through the Financial Feasibility Plan (FFP) of the proposed of the new destination to the 'Rifugio Diffuso'. In essence, the evaluation aims to assess the intervention's ability to create value, generate a level of profitability that meets private investment expectations, and promote sustainable development of the local economy.

Based on these premises, this paper is organized as follows: after introducing the research objectives in Section 2, a literature analysis on open issues related to project evaluation in the field of cultural heritage is discussed in Section 3. Section 4 presents a case study of cultural heritage reuse for the "Rifugio Diffuso" project, while the proposed methodological framework is described in Section 5. Section 6 illustrates the applications of the case study. Finally, Sections 7 and 8 are dedicated to the results obtained from the application and to the conclusions that highlight the significant role that the proposed methodological framework can play in promoting and supporting the reuse of cultural heritage landscapes, respectively.

#### **2. Objectives**

In the outlined perspective, an awareness of the connection between cultural heritage and sustainable development has become increasingly evident, leading to a greater focus on the reuse of cultural assets as a conscious process of creating new values. This trend has prompted a reflection on urban practices and the promotion of policies for the reuse and enhancement of heritage, which can contribute to environmental sustainability, social cohesion, and cultural identity, thus providing a fertile ground for innovation and local economic development. However, decisions regarding reuse interventions pose significant complexities due to the multiple interests at stake as well as the high costs that discourage investments. In the dynamic context described, the adoption of integrated methodologies plays a strategic role in addressing every phase of the decision-making process, from its initial conception to the selection of the most suitable scenario, taking into account the context and the stakeholders involved.

This study develops a multidisciplinary evaluation model that supports the decisionmaking process of both public and private investors for the effective planning of underutilized cultural heritage reuse projects. Given market uncertainty and the ongoing financial crisis, it has become crucial to define effective evaluation tools that identify the optimal utilization of limited economic resources and develop sustainable strategies at the local level, maximizing societal and territorial benefits while minimizing costs [15].

To illustrate this methodology, a pilot project has been chosen as a case study for the redevelopment and reuse of a group of shelters located in the Sila National Park (PNS) in Italy. As in many regeneration and valorization processes involving cultural assets, key decision-makers are primarily represented by the Public Administration, political decision-makers, public entities, communities, associations, businesses, and investors. These actors work with a global and sustainable vision for the transformation of the park, which includes environmental protection, social cooperation, technological progress, and cultural preservation.

Although the individual frameworks and methodologies used in this research are already known, their combination in a multi-level, multi-scale, and multi-stakeholder approach represents an innovative element. This combination of conceptual frameworks and methodologies allows for integrated and informed decision-making, enabling a comprehensive exploration of strategic urban issues. Their implications can be further explored through a rich knowledge framework developed by analyzing the social, infrastructural, and environmental layout of the case study under consideration. The proposed integrated method can be seen as a systematic scheme that supports both research and practice in the scenario analysis, addressing the complexity and uncertainty associated with defining urban strategies [16]. Furthermore, this approach ensures that the knowledge development is relevant and credible, providing a solid foundation for the decision-making process.

In conclusion, the adoption of integrated methodologies represents a key to addressing the challenge of valorizing cultural heritage, aimed at effectively supporting decisions related to the assessment of feasibility and economic sustainability of underutilized cultural assets. Through the application of a multi-level, multi-scale, and multi-stakeholder approach, decision-makers can make informed decisions, supported by a solid knowledge base and oriented towards promoting sustainable development for the benefit of the local economy.
