Public projects play a crucial role in societal development yet managing them effectively requires a nuanced understanding of the expectations and concerns of different stakeholders. This paper explores the complex landscape of public projects, with a particular focus on understanding the diverse perspectives of various stakeholder groups and their perceptions of the tangible and intangible impacts of these initiatives. The existing literature has provided valuable insights into specific stakeholder perspectives and regional nuances, but it remains fragmented, leading to a piecemeal understanding of the broader landscape. Addressing this gap, the research introduces a structured model that combines the RACI model for stakeholder identification and the Triple Bottom Line (TBL) approach for categorizing impact factors. This model aims to bring clarity and consistency to the assessment of stakeholder priorities in public projects. The research question guiding this study is: How do distinct stakeholder groups perceive the intangible and tangible impacts of public projects? To assess the validity of the proposed model, we explored the practical application within the context of smart street lighting projects. utilizing semi-structured interviews with 16 stakeholders across the four RACI categories. The findings reveal shared concerns across stakeholder groups, particularly regarding privacy and security issues associated with smart lighting. However, notable differences also emerged, such as manufacturers’ willingness to compromise social responsibility for economic gains and citizens’ feelings of exclusion from decision-making processes. Based on these findings, several suggestions were made: 1) Establish a regular dialogue mechanism with stakeholders, ensuring that each group, especially citizens, is included in the decision-making process; 2) Address privacy and security concerns by incorporating robust data protection and cybersecurity measures into the smart street lighting systems; 3) Encourage manufacturers and other profit-driven stakeholders to align more closely with social and environmental responsibilities; 4) Use the Triple Bottom Line (TBL) approach to regularly measure and (publicly) report the economic, social, and environmental impacts of the smart street lighting project to maintain transparency. This study contributes to the existing body of knowledge by providing a nuanced understanding of stakeholder perspectives in public projects, offering a structured model for future studies, and paving the way for more informed and inclusive decision-making processes. The limitations of the study, primarily related to its regional focus and potential biases in participant selection, are acknowledged, underscoring the need for further research to validate and refine the proposed model.