This is the 133rd most frequent Italian word.
vista
Sight; view; vision.
In this context, 'vista' means 'view', referring to the visual perspective or scenery seen from the balcony.
La vista dal balcone è stupenda.
The view from the balcony is stunning.
In this sentence, 'vista' means 'in light of' or 'considering', used figuratively to indicate considering a situation or reason.
Il suo progetto è stato approvato in vista del suo impegno.
His project was approved in view of his commitment.
Here, 'vista' refers to the act of seeing, used in the expression 'perdere di vista', which means 'to lose sight of'.