Economic Feasibility Assessment of Industrial Heritage Reuse Under Multi-Attribute Decision-Based Urban Renewal Design

Industrial heritage is increasingly becoming an important resource for sustainable urban renewal. With the acceleration of deindustrialization and urban transformation, Adaptive Reuse (AR) is regarded as the core path connecting heritage protection and functional renewal. Balancing the diverse value dimensions of AR has also become a key research focus. However, existing research mostly focuses on financial returns and investment efficiency, ignoring the long-term impact of community space and cultural dimensions on economic feasibility; at the same time, culture is often simplified into a tool for asset appreciation and urban branding, lacking a systematic model that reveals the structural role of culture in economic feasibility. Therefore, this study constructs a multi-attribute decision-making framework that integrates economic performance, community space, and cultural value. Using Guangzhou Guanggang New City as a representative case, the Fuzzy Delphi Method (FDM), Analytic Network Process (ANP), and Grey Relational Analysis (GRA) were employed to screen and rank the highest-priority reuse schemes. The results show that the economic dimension holds the highest overall weight, followed by the community and cultural dimensions. This suggests that economic feasibility remains a key prerequisite for industrial heritage renewal, while cultural and community factors play an important supporting role in achieving long-term sustainability. This study provides a quantifiable assessment path for the adaptive reuse of industrial heritage and offers a basis for decision making in other cities seeking a balance between economic rationality and cultural sustainability.