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Porta Vittoria, the ghost area that scares investors
05 December, Il Giornale
At the set time for the deadline of the tender, at 1 pm of last Tuesday, no offer was made in the studio of the curators. So that yesterday, in the presence of the judge Amina Simonetti, the auction took place, but the result was already known: inquorate auction. Troubles for the creditors involved in the bankruptcy of the developer Danilo Coppola. But troubles for Milan too, that finds itself with one of its biggest developable areas without an owner and without a future, exposed to neglect, vandals and rats. The dream of a sports centre destined to stay just a dream.
One hundred fifty-five million euro: this was the price to get the big hotel almost completed, facing Via Cena, and 150 apartments also halfway finished, plus shops and offices. Everything that Coppola was able to build before that he got bankrupted in September of last year. Nobody appeared at the auction, the only earning was 1.8 million for 50 parking spaces ready in an underground garage. A poor result.
The reason that made the potential buyers acting cautiously probably is the litigation still open over the nightclub Black Hole in Viale Umbria, that is appealing against the height of the buildings already built and that won the case, we’re waiting now for the resolution from the judges. Another element for dissuasion is perhaps the long list of commitments promised by Coppola to the City of Milan, that will be inherited by the future buyer. In the past few months, the judicial curators have started a difficult and intense negotiation with the City of Milan since both the intervention plan and the constructions licenses were expired and must be renewed. In that occasion, the agreement over the future of the area was renewed. Now, whoever buys Porta Vittoria will have to stick to this agreement.
The new agreement sees the new owners getting gradually the ownership of the buildings, as the debts are paid: first the payment of the guarantees, then the reclamation of the areas, then the creation of Parco Temporaneo, the temporary facility (but a very permanent temporary) that will replace Beic, the European Library of the initial project, then the local sports centre, for which the curators have repeatedly requested to the City a change of plans. In exchange for respecting these commitments, the City of Milan will grant the certificate of occupancy for the hotels and the apartments.
This path is objectively a little too strict, might it have discouraged investors? The problem is that the City seems to be adamant and not intended of giving up on a part of the works. Therefore, the only way to attract buyers is to reduce the price, which is already very convenient, according to many experts. It seems there is no solution for the situation, at least for the time being. In the meanwhile, the huge wound close to the city centre is still open, with 142 thousand Sq m of concrete and weeds. And a question remains: how come that such a vast area has passed from hand to hand till the bankruptcy without a single entrepreneur taking any action?
Source: Il Giornale
Translator: Cristina Ambrosi