The urban policies for the sustainable development of the territories are focused on the definition of effective regeneration projects. Within the design and ideas competitions, the evaluation of the proposals constitutes a crucial step in the decision‐making processes. During the last decades, the participatory approach has played a central role for the selection of initiatives in line with the changing framework of the communities' needs. The present research aims to propose and test an evaluation methodological approach to support choice processes for the identification of the “best” project solution among different hypotheses. The methodology is articulated in seven phases and integrates different tools (context analysis, econometric technique, strengths, weaknesses, opportunities, and threats analysis, A'WOT method). It addresses the various subjects involved in the mechanisms of identifying the initiatives to be implemented in the territory, that is, (i) the Public Administrations to guide the selection of the most suitable scenarios based on the reference context, (ii) the planners to provide guidelines for the formulation of intervention plans that are effective and appropriate for the reference context, and (iii) the private investors to carry out financially feasible initiatives. The implementation of the proposed evaluation approach to a case study regarding a district in Rome (Italy) allows to test its user‐friendliness in the processes of project alternative selection, in which different proposals are provided. The practical implications of the tool concerns its ability to support the determination of the criteria and the relative weights to be considered in the calls for the project competitions.