Coima, Covivio and Prada close to the acquisition of Porta Romana rail yard in Milan

07 November, Il Sole 24 Ore

The team formed by Coima, Covivio and Prada seems to be likely to adjudicate the former Porta Romana rail yard, Milan, as many other candidates had withdrawn due to the conditions of the tender, which had been deemed too strict. Coima, Covivio and Prada allegedly offered 180 million € for the area.

The area has excellent potential since it’s meant to accommodate the Olympic village for the 2026 winter games, to be converted later in student halls, apartments and offices. The development will require an investment of 30 million € for land reclamation and 75 million € for urban planning.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Milan: Generali’s Bassi Business Park to be requalified under the guidance of the Obr studio

03 October, Il Sole 24 Ore

Bassi Business Park, located between Porta Nuova and Scalo Farini, will undergo an urban renewal process by the studio OBR on behalf of Generali. The area consists of eight buildings, covering a 56 thousand Sq m area. The requalification will focus on sustainability and smart working. The strip-out works have already started, and the project is expected to be completed by 2023.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Milan: a residential tower to be built in Maggiolina. It will have 23 floors and 105 apartments

03 October, Libero

The tower will rise in Via Stresa 22. It will cover a commercial surface of 10,500 Sq m and will be 80 metres high, for a total of 23 floors and 105 apartments of different sizes. The project amounts to 45 million in total. A one-bedroom apartment in the complex will cost 290 thousand euro on average. The apartments will feature innovative services and domotics. The companies Rusconi and Storm.it are in charge of the construction, whose completion is expected by 2022.

Source: Libero

Translator: Cristina Ambrosi

Veneto incentives the recovery of lands

10 June, Il Sole 24 Ore

The region of Veneto renewed the housing regulation that incentives the recovery of unused land. The objective is to generate value from assets that have no longer market value, like old hotels, warehouses and public assets”. If the properties are demolished, the land will be redeveloped and the credit connected to the assets used to fund other housing projects. Once fully operational, the law is estimated to generate value from about 150 thousand Sq m of land.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Milanosesto: new governance and 100 million by September

26 April, Il Sole 24 Ore

There are some developments concerning Milanosesto, the ambitious requalification project of the former Falck steelworks located between Milan and Sesto San Giovanni. The interests held by the retail division of the Saudi group Fawaz Alhokair Arabian Centres might rise from 25% to 50%. However, the company will have to find capitals for a total of 100 million as a settlement for the lands bought to build a shopping mall. On the other hand, Davide Brizzi, holding 46.69% of the project, and Intesa Sanpaolo aim at defining the governance which might see the involvement of Prelios and Hines. This latter is meant to find institutional investors to invest in the single lots of the project.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Real estate: Hines targeted San Siro. The US funds are competing for Milan

16 February, Il Sole 24 Ore

Hines targeted San Siro. The company is ready to launch a requalification project potentially worth 400 million euro. Nowadays, big investors operating on the Italian real estate market are increasingly focused on urban requalification and development projects. This has concerned only selected cities so far, with Milan leading the chart.

The city is experiencing the relaunch of the Italian real estate sector. Prices for residential properties have been rising since 2013. Milan is changing quickly. After having welcomed the arrival of big projects such as CityLife and Porta Nuova, the city sees the start of new requalification projects while it’s waiting for the final approval of future ones.

In Milanosesto, Hines and Prelios are competing for managing and coordinating the real estate development covering 1.4 million Sq m. In Santa Giulia, Risanamento and the Australian LendLease are waiting for the green light from the City of Milan to start building houses in the site. Finally, the Arena might host the winter Olympics if Milan with Cortina will be the winners of the bid.

There are many other projects in the pipeline — for instance, the acquisition by the American Hines of the Snai area in San Siro. The site includes the former racecourses, covering a 45 thousand Sq m area located near the stadium. According to the rumours, there is already an agreement, and the transfer of ownership from Snaitech to Hines might be completed in the first half of 2019. The former racecourses will accommodate auxiliary services to the stadium, from shops to a museum, football clubs and restaurants, along with residences and senior living in the southern part close to the metro station. The Inter and Milan football clubs will have to decide whether to tear down the existing stadium and build a new one in the current place of the parking lot or whether to renovate the existing one. The clubs both sent letters to the City administration demanding more space in the area. Hines and the City of Milan are still deciding the intended use of the site, which will determine its value. The whole operation might be worth 300-400 million.

Requalification projects concern 3 million Sq m in total in Milan, also considering the former rail yards, in a five-year horizon. Meanwhile, large investors continue with their shopping. Ubs has recently acquired La Forgiatura, an integrated campus for a surface of 30 thousand Sq m which will undergo a requalification project with a focus on energy efficiency located the Certosa area. The site has seen the recovery of approximately 15 thousand Sq m, in addition to the 10 thousand Sq m dedicated to new construction.

The Traversi garage, right behind San Babila, has changed ownership, following the sale by a fund of Bnp Paribas Real Estate to Invesco for approximately 100 million. The property has been vacant for over a decade, having changed owner several times, from Aedes to Risanamento, and finally Banco Popolare. Gva Redilco has been appointed for marketing its spaces, starting from the temporary stores.

Coima and Ardian are competing for obtaining the former Boeringer headquarter near Porta Romana. The project concerning the homonym rail yard will radically change the area. Its requalification had already started with the arrival of the Prada Foundation and Symbiosis.

Finally, there is a great expectation for the building property of the City of Milan in Via Pirelli 39 overlooking the Melchiorre Gioia bridge. The auction is scheduled for the 29th of March. The starting price is 87.5 million plus 18 million for the annexed parking lot. All the primary players of the sector will take part to get the last piece of Porta Nuova left on the market.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Hines is about to obtain Trotto Snai racecourse

07 January, Milano Finanza

The former Trotto area near the Meazza stadium in the neighbourhood of San Siro in Milan is about to have a new owner. This time, there is an actual plan for the requalification of this area covering 150 thousand Sq m which has been left abandoned for a long time. The matter over the asset owned by Snaitech arrived at a breakthrough at the end of last year. The American Hines, whose Italian branch is guided by Maio Abbadessa, after having already got the exclusive, is now about to complete the due diligence.

The advisors Bnp Paribas Real Estate on behalf of Snaitech and Vitale&Co for Hines and Prelios are currently working on the operation. Once completed, Prelios will manage the real estate fund. The transaction is valued 250-300 million. It’s possible that the negotiations will come at a closing already at the beginning of the year since the City of Milan has started the procedures for the new PGT (territorial zoning plan) and the Trotto area is one of the key points for the urban renewal of the city. The site might also be used to build a new football stadium, just beside Meazza. Hines has already in mind the new purposes concerning large part of the area. A portion will be dedicated to sports facilities (while waiting to know the intentions of the Milan and Inter FC regarding the facility), while another part will be used for social housing. Another part will be destined to residential real estate developments, including some apartments which won’t be sold but will be rented instead according to the multifamily and senior housing models. Finally, there will also be retail spaces and services to the community.

In the ongoing negotiations between the City of Milan, involving especially the City Councillor for Urban Planning Pierfrancesco Maran, and the two Milan’s football teams, the Trotto area might turn handy given the closing of the agreement between Snaitech and Hines and the upcoming approval of the new PGT.

For Hines, this will be another investment in Italy after those already concluded in the past few years. In the last 24 months, Hines acquired the former Luxottica headquarter in Via Cantù, in the city centre of Milan, for 100 million; a building in Via Dante worth 70 million leased to shops and offices; another prime property in Piazza Cordusio bought from Sorgente for 120 million euro which will accommodate the Uniqlo flagship store; finally, an asset in Via Broletto, the historical Palazzo Aliverti, occupied by the Gucci. In Florence, Hines acquired a 15th-century building for 80 million, while in Rome the company bought the former Banco di Roma offices in Piazza Edison. Hines is strongly focused on student housing, where it has set a budget of 500 million.

Source: Milano Finanza

Translator: Cristina Ambrosi

Hospitals, shops and hotels for the former Falck area

24 December, Libero

The Falck area in Sesto San Giovanni, which will accommodate Città della Salute (City of Health), requires some radical changes. The City Council gave the green light to the start of the works funded by the urbanisation fees for the requalification project.

The Council has discussed the project for the so-called “Concordia Quarter”, where a shopping district will replace the T5 building. Following the approval of the Comprehensive Planning by the Project Coordinating Unit concerning the technical feasibility of the plan for Concordia, the company Milanosesto will present in June the applications for the building permit.

If everything goes according to the plan, the works may start between 2019 and 2020. City Councillor for urban planning Antonio Lamiranda explains that “the role of the administrative division is finished. Now it’s time to begin the second phase concerning the review of the compliance for the already approved applications. It has been an essential step in the development of the Falck area”.

How the works will proceed

Once completed the administrative procedure for Città della Salute, all the necessary approvals regarding the building permits will be completed. Hence, Milanostesto may start the construction site in Concordia. After that, the urban planning division will begin discussing the Unione area”.

Concordia will have various functions. The main attraction will be the T5 commercial district covering 80 thousand Sq m and the main street featuring shops with a surface of over 120 thousand Sq m. The area will also include services and hotels for the same surface.

The Northern Ring has also got the green light from the administration. It will consist in the new exit “Sesto-Tangenziale Nord” of the motorway for a value of nearly 22 million euro. The Southern Ring (Viale Edison) is worth about 9 million euro, while the related roads and underground parking required by law for 32 million euro.

The entire Flack requalification project implies public works for approximately 231 million euro concerning primary and secondary urban interventions, services and quality standards implementation, along with 5 million euro for the library and the new police station.

Road access

Città della Salute and the new shopping district will also require viability interventions. These will be of the private type as well as public, like squares and streets. Concerning the residential part, 20 thousand Sq m will be destined for regulated housing, 12 thousand Sq m for council houses and 400 thousand Sq m for free construction.

The plan for the new station linking old town Sesto to the new part of the city will be approved shortly. The executive project is pending the approval from the city administration, so that the international call for bids may be launched in June.

The implementation of Città della Salute depends on the tender contract which is meant to be finalised between January and March, and the construction works will start in the following nine months. In the meanwhile, the park will also be implemented. The works will last at least three years.

Mayor Roberto Di Stefano comments: “We’re happy with this further step in the administrative procedures. Everything is proceeding as scheduled, and we’re just at the beginning of an essential process”. The path adopted is destined to become a model.

Source: Libero

Translator: Cristina Ambrosi

Five international teams for Farini and San Cristoforo. Works are about to start on Milan’s old rail yards

22 December, Corriere della Sera

Five international teams have been selected out of fifty candidates to design the requalification project of the former Farini and San Cristoforo rail yards. One group is headed by the Italian studio Baukuh, a very young (everybody is below 40 years of age) and innovative team, known for the project of the House of Memory. There is the Dutch Oma of Rem Koolhaas (famous in Milan for the Prada Foundation), and Arup Italia together with the Norwegian Snohetta, the creators of the “new” Times Square and of the Library of Alexandria. There is also the internationally-known team of Kengo Kuma from Japan, as well as that of Nicholas Grimshaw, one of the leading exponents of contemporary British architecture.

The teams are transversally and internationally organised. They will have to combine several skills: from landscaping to business and urban planning. They will compete to access the bid launched by Fs Sistemi Urbani and led by Carlo De Vito and Coima Sgr with Manfredi Catella. The five teams will work on the masterplan. In April, a panel headed by Dominique Perrault (the architect that signed the Olympic district in Paris) and supervised by Leopoldo Freyrie will nominate the winner which will be awarded 50 thousand euro, besides a reimbursement of 25 thousand granted to all the participants. At that point, the masterplan will be evaluated by the public and the structure of the plan will be ready by the summer.

The masterplan will be presented to the market to find partners, sponsors and developers. The works will start in 2021, but the area will accommodate the Fine Arts campus, also known as Brera 2, starting already from next year. The Academy will be temporarily located in a warehouse occupying an area of 25 thousand Sq m. It will accommodate lecture halls for 1,500 students and an exposition area. The team implementing the masterplan, however, will have to include other 10 thousand Sq m for its expansion.

The call for tenders concerns two portions of Farini (one public and the other private, facing on Valtellina) as well as the San Cristoforo. This latter will become an “urban oasis”, as it will be entirely occupied by green spaces, while 65% of Farini (600 thousand Sq m in total) will be covered by parks. About 400 thousand Sq m of buildable area will be destined to housing, including rents at regulated prices destined to people under 35 years. There will also be a district occupied by public offices for a total of 70 thousand Sq m expandable to 110 thousand Sq m to accommodate 6,500 employees. The district will rise in an area propriety of the City of Milan in Via Cenisio right beside the tracks. The project is valued 200 million euro, and it’s meant to gather all the local offices. The small area owned by Coima Sgr (60 thousand Sq m towards Via Valtellina) might see the arrival of Istituto Marangoni, Naba and Domus Academy.

The seven rail yards cover a total area of one million and 250 thousand Sq m in a strategic position. Besides Farini, there is Greco (the project and the winner will be disclosed on February) and Porta Romana. For this latter, the bid will be published in the second half of the year, and it might host the Olympic village in case Milan wins the 2026 Olympic games. Finally, Porta Genova will host temporary activities.

Source: Corriere della Sera

Translator: Cristina Ambrosi

Milan, offices in the former Executive Hotel

13 November, La Repubblica

It was the temple of the football transfer windows. Two years ago, it closed down among the protests and sit-in of its employees, leaving an empty space in Porta Nuova. The building in Viale Luigi Sturzo, built in 1972, used to be the Excelsior Hotel. It’s one of the last missing pieces for the requalification of the area around the Garibaldi station. It will be become an environmentally sustainable building and will accommodate offices, also featuring an inner courtyard open to the public.

Once requalified, the property will be named ED.G.E (EDifici Garibaldi Executive). It will rise from the deconstruction of three parts of the complex, two of which will be renovated, while the third will be demolished and rebuilt. The building is owned by the Fund Antirion Global Core which will lease it to the companies interested in settling in one of Milan’s most innovative districts. According to the project, the structure, which will preserve the original porches, will lead to an inner square, featuring lots of green spaces. The offices’ panoramic terraces will face on this patio. Moreover, if the tenants agree with that, the square may also feature public spaces with benches, trees and gardens, for a total green surface of 1,900 Sq m. Otherwise, the area will be available to the employees.

The value of the requalified property amounts to over 200 million euro for a total surface of 22,600 Sq m, about 1,000 Sq m on each floor and over 120 covered parking spaces. The works started a couple of months ago, and they’re supposed to be completed by 2020. The highest of the three buildings will face on Viale Sturzo beside the Axa offices and will have ten floors. Another seven-floor building will face on Via d’Azeglio with a view of the Bussa overpass, while the smallest building (five stories) will face on Via Tocqueville. The complex will feature a total external surface for 4,500 Sq m combining are requalification and eco-sustainability. The project aims at obtaining the Leed Platinum certification, the same certification of the Amazon headquarters in Porta Nuova. The project is signed by the architects of Onsitestudio, and it’s coordinated by the company General Planning along with Colliers International Italia as real estate consultants.

Source: La Repubblica

Translator: Cristina Ambrosi