Milan: agreement reached for the new train stations Stephenson and Cascina Merlata

16 July, Il Giorno

The two train stations got the green light from the Region of Lombardy.  The Cascina Merlata station is part of the Expo project, which implies investments for 14 million euro to optimize the mobility in the north-western part of the metropolitan city. The new station will meet the needs of the increased number of commuters due to the arrival in the area of the Human Technopole, a new university campus, the new Galeazzi hospital, as well as new houses.

Meanwhile, the Stephenson station is still pending the response of the technical feasibility study.

Source: Il Giorno

Translator: Cristina Ambrosi

Ferrovie: Altarea Cogedim acquired Centostazioni Retail

22 February, Il Sole 24 Ore

Ferrovie dello Stato sold Centostazioni Retail to the French real estate company Altarea Cogedim. The group headed by Gianfranco Battisti selected the French company following the bid to sell 100% of the company active in the commercial and advertising promotion of Milano Porta Garibaldi, Torino Porta Susa, Roma Ostiense and Napoli Afragola.  Ferrovie dello Stato will obtain from the sale 45 million along with the earnings from the economic use contract. The closing is expected in March.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Works have started in Farini in Milan

08 December, Avvenire

Vacant spaces for one million and 250 thousand Sq m in total, often in strategic areas in the city, seven locations to requalify. This is the ambitious plan of the City of Milan, the Region of Lombardy and Ferrovie dello Stato Italiane together with Rete Ferroviaria Italiana and Ferrovie Italiane, plus the collaboration of other partners. The project started moving the first steps in the former Farini train station. The works will then proceed in the other six stations. The project focuses on eco-sustainability and energy efficiency with the goal of making all the locations car-free.

Source: Avvenire

Translator: Cristina Ambrosi

50 proposals for the Farini and San Cristoforo stations in Milan

29 November, Corriere della Sera

Fifty candidates are competing for the masterplan concerning the requalification of the former Farini and San Cristoforo train stations. The collection phase of the applications ended last Friday, as an international bid was promoted by Fs Sistemi Urbani and Coima Sgr. Now the committee will have to select five multidisciplinary teams that will access the second phase of the competition concerning the creation of a business plan and finally the winner will be nominated in April.

“Such a high number of participants, most of whom are young international professionals, shows the appeal of Milan as a laboratory for sustainable urban innovation”, commented Coima Ceo Manfredi Catella. Carlo De Vito, Fs Sistemi Urbani president, is also positive: “we expect innovative and sustainable solutions. This can be the occasion to redesign an important part of the city. It will be one of the biggest requalification projects in Milan”.

Source: Corriere della Sera

Transaltor: Cristina Ambrosi

Scalo Farini in Milan: masterplan approved. The works will start in 2021

24 September, Corriere della Sera

The masterplan for the former Farini train station has been approved. The landscape committee of the City of Milan gave the green light last Thursday. The offices of the City will return to Ferrovie dello Stato the document reviewed and corrected. The review was essential to comply with the commitment to start the works by 2021, that is the end of the mandate of the Sala administration. The plan for the biggest of the seven old train stations proceeds. In October Ferrovie dello Stato will publish the call for tenders for the definitive version of the document containing the guidelines for the requalification of over 400 thousand Sq m, although with some months of delay from the initial schedule. The plan includes where, in the maxi-area between Porta Nuova and the old town, the big park will be implemented, covering 65% of the surface, where to place the facilities and the buildings, and where a separate location of the Brera Academy will raise, etc.

The call for tenders for the masterplan won’t be a selection of invitations. It will be divided into two phases: the first open to all the architecture studios, and the second accessible only by a selected number of participants. It will take about six months to find the winning project. As the Councillor for urban planning Pierfrancesco Maran stressed, “for the first time, a public procedure will be shared with the citizens, according to the new construction regulation, in order to gather their comments”. The goal is to start the works within three years on the 60-thousand-Sq m surface in via Valtellina (currently occupied by the Land Registry offices and recently acquired by Coima Sgr), as well as in the rest of the large surface of the old train station owned by Ferrovie dello Stato. The first station to be requalified will be Greco, 60-thousand-Sq m for sale on the northern part of the city. The station was included in the international urban regeneration call for tenders «Reinventing cities» which will get at the last phase by the end of the month to choose a winner and consequently the developer.

On the topic of big changes, the City of Milan has just disclosed the final report on the public discussion regarding the reopening of Navigli which includes ideas born for the inputs coming from the citizens: more green spaces, a cycling lane in Via San Marco, additional pedestrian walks in Via Melchiorre Gioia.

Source: Corriere della Sera

Translator: Cristina Ambrosi

How will Milan change? Scenarios and solutions

22 October, Il Sole 24 Ore

Milan can compete with the main European cities now that are at the centre of international and national investors’ attention. But the city must improve its infrastructures and build innovative and modern buildings.

The capital to do this is available, as well as the interest for a dynamic city, as it’s shown by the views of the decision makers of the main international groups operating in real estate from Bnp Paribas real estate and Credit Suisse, to Ubs and Savills. What is lacking is high-quality products.

Therefore, the restart of new developments is good news for the city. On the table, there are areas to requalify, from Milanosesto to Santa Giulia, where the Australians of Lendlease are resuming their projects, to the Expo and the old train stations. Not only. If Università Statale moves, there will be available spaces to reconvert and requalify which are centrally located.

“The difference between this real estate cycle and the previous one – says Alessandro Mazzanti, Italy Ceo for Cbre – is in the product choice. Nowadays, investors aim at core products, not only at those already generating an income, but they’re also looking for buildings to requalify and reorganise. It’s the case of Hines and Blackstone, and of many other players” that are taking a higher risk for a higher return.

The challenge that Milan is facing for the future is to continue innovating and, within 5-10 years, being aligned with the other European metropolis. To do that, the city needs to identify the guidelines for the development and change of the urban areas adapting the projects to the city’s and community’s needs. It also means to coordinate its development with that of the neighbouring cities of Turin, Genoa, and Brescia, connected to Milan by a modern transport system. In this way, the real estate offer will increase, and investors will not have to fight over the same property in the city centre as it’s happening now.

The outlook of investors’ is positive, even more than that of the Italian ones. In fact, international investors lament Italians having a short-range view when instead it’s necessary to think in a 10-20 years perspective. Will they be able to do that?

  1. Former Falck. Requalification of the former Falck in Sesto San Giovanni, in the Province of Milan, with approximately 145 hectares, represents one of the biggest urban requalification interventions in Europe. The project is promoted by Sesto Immobiliare and sees the implementation of multiple destinations among which 629,187 Sq m of residential construction. The area is currently undergoing reclaim works.
  2. Rubattino. The Rubattino-Maserati project sees the requalification of the old Innocenti Maserati factory in Lambrate, east from Milan. The developer is Rubattino 87, operating on a total surface of over 611 thousand Sq m for residential use, 82,500 of which of free construction. The status of the works is assessed around 50% of the total surface.
  3. Former Taleggi area. Pii Calchi Taleggi-Bisceglie-Zoia. Requalification of the former Calchi Taleggi factory, owned by the company Acqua Marcia, involves Via Taeggi, Vie Bisceglie, and Fratelli Zoia, west from Milan. The project develops on 405,340 Sq m altogether and sees the implementation of mixed properties for commercial activities, offices and 89,085 Sq m of residential properties, half of which will be free construction.
  4. Former Marelli-Adriano. Transformation project of the former Magneti Marelli factory, located in the Adriano neighbourhood north-east part of Milan. The developers are Adriano 81 and Gefim srl. The project develops on a total surface of 306,724 Sq m and sees the implementation of commercial spaces, offices, private services and residences for 167,340 Sq m. Half of which will be free construction. The status of the project is around 50% of the total surface.
  5. Portello. The Portello project is located on the former Alfa Romeo and Lancia factories north-west from Milan where City Life also is. The operators are Auredia and Nuova Portello. The operation develops on a total surface of 266,183 Sq m and sees the building of offices, commercial spaces, and private services, production sites and residences for 75,863 Sq m. Of these, 58,695 Sq m will be free construction. The status of the works is around 70% of the total surface.
  6. Ex Cantoni. Transformation project involving the areas of the former Cantoni in Legnano west from Milan. The operators are Cam srl, Esselunga spa, and Immobiliare Raffaella srl. The operation develops on a total surface of 110,753 Sq m and sees the building of offices, commercial spaces, and residences for 33 thousand Sq m of free construction. The status of the works is around 90% of the total surface.
  7. Varesine. Transformation project of the Pii Varesine area in the Porta Nuova neighbourhood, in the eastern semi centre of Milan. The project is included in the transformation operation of Porta Nuova-Garibaldi-Isola-Varesine. It develops on a total surface of 82 thousand Sq m and sees the building of offices, commercial spaces, and residences for 31,500 Sq m of free construction. The status of the works is around 70% of the total surface.
  8. Ex Enel. Requalification project of the former Enel station in Porta Volta in the northern semi centre of Milan. The operator is Porta Volta Immobiliare. The operation develops on a total surface of 31,305 Sq m and sees the building for a small part of commercial spaces and residences for 12,886 Sq m, half of which will be free construction. The works are currently in process.
  9. Ex Arcofalc. Requalification project of the former Arcofalc north from in Cernusco sul Naviglio. The operation develops on a total surface of 30 thousand Sq m and sees the building of a small quota of commercial spaces for 13,330 Sq m and residential free construction.
  10. Scarsellini. Requalification project of the area of Milan in Via Scarsellini, in the Affori neighbourhood, northern suburbs of the city. The operators are Solidarnosc of Affori Società Cooperativa, Consorzio Cooperativo Ca’ Grande Società Cooperativa. The project develops on a total surface of 25, 387 Sq m and sees the building of a small quota for production purposes and residences for 14,336 Sq m, half of which will be free construction. The status of the works is around 30% of the total surface.
  11. De Nora. Requalification project of the De Nora area in Lambrate, eastern suburbs of Milan. The operation develops sees the building residences for 22,400 Sq m. Of these, 3,357 Sq m will be free construction. The development of the works is still not disclosed.
  12. Monterosi. Project involving the Dergano neighbourhood, northern suburbs of Milan, for the construction of a residential building. The project sees the building of twelve floors above ground and two underground for garages and cellars. The selling price is between 3000 and 3400 euro per Sq m. The works are expected to be completed by January 2019.
  13. Boscovich. Building of a residential building in Via Boscovich in Milan close to the central station. The promoter is Beni Stabili Siiq. The operation develops on a total surface of 7,245 Sq m and includes also offices and 6,645 Sq m of free construction. The completion times are not disclosed.
  14. Palazzo Marengo. Construction of a residential building in the San Siro area of Milan, western suburbs of the city. The marketing assigned to Sigest spa. The operation sees the building of 49 residences and the selling prices are comprised between 3500 and 4500 euro per Sq m. The completion of the works is expected by January 2019.
  15. Montecuccioli. Construction of a high-quality residential building in the western suburbs of the city, near the MM1 metro station Bande Nere. The marketing is assigned to Deim srl. Prices are comprised between 3600 and 4800 euro per Sq m for 27 residences altogether. The completion of the works is expected by November 2019.
  16. Columella. Construction of a residential complex with 27 residences in Via Columella in the Precotto neighbourhood, north-eastern suburbs of the city. The marketing assigned to Gruppo Edile Milanese prices are comprised between 3500 and 3800 euro per Sq m. The completion of the works is expected by March 2018.
  17. Guicciardi. Construction of a residential building with 48 residences in Via Guicciardi in the Dergano neighbourhood, northern suburbs of the city. The marketing is assigned to Tecnocasa. Prices are comprised between 2500 and 2900 euro per Sq m. The completion of the works is expected by December 2019.
  18. Cascina Vione. Construction in the southern part of the town of Basiglio of a residential complex for 20,997 Sq m residential and commercial free construction. The operator is Milano Holding Group. The approval is still pending and the completion times are not disclosed.
  19. Mocenigo. Construction of a residential building in Via Mocenigo in the Città Studi neighbourhood, north-east of Milan. The project sees the building of 30 residences on 8 floors above ground. The marketing is assigned to Sviluppi Urbani srl and prices are comprised between 3900 and 4100 euro per Sq m. The completion of the works is expected by December 2018.
  20. Quadrifoglio. Construction of a residential complex called Quadrifoglio in Via Peschiera Borromeo within a 250 thousand Sq m green area at the edge of Parco Agricolo in the south of the city. The project sees the building of four buildings connected by gardens, pools, and cyclable lanes. The complex is located near the main transport axes of the metropolitan city Rivoltana and Paullese linking Milan with the urban motorway system. Prices are comprised between 2500 and 3000 euro per Sq m. The works are almost completed, and the owner is Vittoria Assicurazioni spa.
  21. Piazza d’Armi. Requalification project located in the north-western part of Milan, composed of an ex-warehouse for military materials (Baggio warehouses) and a land called Piazza d’Armi. The project will be implemented upon the approval of the urban operational plan and it will make possible building in a 291,300 Sq m total surface, 249,300 residential, 24,500 commercial, and 17,500 for services. The owner is Fondo I3-Sviluppo Italia Comparto 8 Quarter.
  22. Coima. Construction of the new Coima Sgr headquarters in Milan in Porta Nuova. The developer as well as the owner is Coima itself and it will be a 2400 Sq m building. The costs for the investment are not disclosed and the inauguration expected by the end of 2017.
  23. Unipol. Construction of the new Unipol headquarters in Milan in Porta Nuova. The building will develop on 23 floors above ground and 3 underground and built using steel, wood and glass. The tower will accommodate commercial spaces, a big auditorium with over 270 seats, offices and a covered panoramic garden with an area for public and cultural events. The completion of the works is expected by 2018.
  24. Amazon. Construction of the new Amazon headquarters in Milan in Viale Montegrappa, semi-centre. This is a 17,500 Sq m business district composed of two symmetric buildings connected by a central structure. The costs are not disclosed while the inauguration is expected by 2018.
  25. Torre Generali. Construction of the Generali tower in Milan in City Life. The contractors are Lamaro and Lar group. The building will accommodate the Generali offices for a height of 170 metres and 40 floors above ground, for a total of 40,942 Sq m. The completion of the works is expected by November 2017.
  26. Torre Libeskind. Construction of the Libeskind tower in City Life. The building will be 175 metres height with 28 floors above ground, for a total of 24,275 Sq m. The completion of the works is expected by 2018.
  27. Symbiosis. Construction of the Symbiosis business district in Milan in the Porta Romana area. The project is implemented by Beni Stabili Siiq and sees the construction of 120 thousand Sq m of offices. The first building will be delivered in October 2018 and it will accommodate the Fastweb headquarters that will rent 20 thousand Sq m. The idea is to build to suit, hence based on the companies’ requirements renting in the area.
  28. Siemens Italia. Construction of the new Siemens Italia in Via Vipiteno in the north-eastern part of Milan for a total surface of 86 thousand Sq m accommodating 1700 employees and 32 thousand offices, new and renovated, built according to the new concepts of smart working. The total investment is for 40 million euro. The completion is expected by 2018. The project is at the centre of a wider urban requalification project including the renovation of the existing buildings, the implementation of a green area of 25 thousand Sq m with more than 400 trees planted, lounge areas for the workers as well as vegetable gardens. Moreover, the project includes the improvement of the viability in the area and the implementation of a sports centre, these two interventions are carried out in collaboration with the Municipality of Milan.
  29. Metanopoli. Finalisation of the sixth Metanopoli directional centre in San Donato Milanese with a new Eni building built by the architecture firms Morphosis and Nemesi. The structure develops on a 78 thousand Sq m surface and sees the construction of a directional centre accommodating about 74 thousand Sq m of offices of the oil company.
  30. City Life Shopping District. The project sees the implementation of 32 thousand Sq m Gla included in the requalification project of the three towers in City Life in Milan. The initiative is articulated in three towers linked by a pedestrian walk, a shopping arcade on two levels, a big central square and the walk featuring 80 shops and 20 restaurants and bars, entertainment and leisure areas. The area will be connected to the city by the line of five of the metro system. Generali real estate together with Sonae Serra is taking care of its development and the opening is expected by 2017.
  31. Westfield. Implementation of the Westfield shopping centre in Milan, the biggest in Europe which will rise in the former Customs house in Segrate. The project is the result of the collaboration between Arcus real estate (Percassi group) and the Australian company Westfield. The investment is assessed around 1.5 billion euro. The structure will accommodate 300 shops, 50 boutiques, and 50 luxury restaurants. It will create 44 thousand new jobs for the construction and 17 thousand for the commercial activities of the shops and services. The shopping centre will have a surface of 185 thousand Sq m. The completion of the work is expected by December 2019.
  32. Galleria Vittorio Emanuele. Requalification of a space of 1000 Sq m in Galleria Vittorio Emanuele in Milan, propriety of the municipality. The property faces on Piazza Duomo, has access to Via Silvio Pellico and it was assigned to Disma Sas in October 2015, a private company, through a tender. The project includes the creation of a hotel with a limited number of rooms and with an area dedicated to cultural events and art exhibitions.
  33. Torre Galda. Requalification project of Galda tower, north-east of Milan, by the Melia group which is meant to transform the 13 floors in a hotel of 146 rooms. For this purpose, the company signed an agreement with the owner Unipol for the funding of 100 million euro. The completion of the works is expected by the end of 2018.
  34. Corso Venezia. Requalification project of the Corso Venezia in Milan, built by San Carlo Borromeo in 16th century, near the luxury district of Via Spiga and Via Montenapoleone. Lungarno Collection, a hotel management company guided by the Ferragamo family, signed a preliminary agreement in April 2017 with the diocese of Milan to use the complex. The agreement sees the use of the property for hospitality purposes, as well as shopping, catering with the aim of the requalifying the area. The project is subordinate the approval from the Municipality of Milan.
  35. Ex Ufficio Elettorale. Transformation of the former voting office of Milan, located in Corso Porta Romana, into a five-star hotel. The property has a commercial surface of 11 thousand Sq m and was transferred by Bnp Paribas to the Dutch group Europa Hotels Private Collection bv for an amount of 37.5 million euro. The completion times are not disclosed.
  36. Palazzo Brogi. Transformation of the Brogi palace (former Unicredit headquarters) located in Piazza Cordusio Via Broletto side in Milan. The building was bought by the Chinese Fosun or an amount of 345 million. The committee for landscape has just approved some changes and the Municipality is waiting for the final project. The works might start between the current year and the next one. The plan sees the creation of shops for 10 thousand Sq m and a Hilton luxury hotel with branded Waldorf Astoria, the first one in Italy.
  37. Monte Titano. Transformation of an office building of 7,562 Sq m in the eastern part of Milan, in Monte Titano square, into a hotel of 131 rooms. This is the result of an agreement between Meininger hotels and Beni Stabili Siiq. The opening is expected by the beginning of 2018.
  38. Ex Scali Ferroviari. Big requalification project started in 2005 by the Municipality of Milan and by the Italian railways for a series of abandoned train stations. The whole project concerns 1.2 million Sq m altogether, but 190 thousand of these are areas to be kept for railway service. The stations are Farini (618,733 Sq m), Romana (216,614 Sq m), Porta Genova (89,137 Sq m), San Cristoforo (158,276 Sq m), Greco (73,187 SQ m), Rogoredo (21,132 Sq m). They’ll be mainly reconverted for residential purposes, but services are not excluded. The new program agreement has been recently completed and it was approved by the Municipality on 13th July 2017.
  39. Ex Marelli- Milano-Sesto san Giovanni. Requalification project of the former Marelli area between Milan and Sesto San Giovani. The project is strongly focused in the implementation of facilities for leisure and sports (15 thousand Sq ), capable to attract people from the city centre, innovative services (22 thousand Sq m), as well as public services . The residential offer (167 thousand Sq m) will be mixed, from free construction to subsidised and innovative (students and senior housing). The project is fractioned in several steps and has a surface of 401 thousand Sq m altogether.
  40. Santa Giulia. Transformation of Santa Giulia in Milan through the requalification of the Montecity and Redaelli areas between the eastern bypass and the Regoredo train station. The project is only partially implemented and sees the construction of residencies (270 thousand Sq m in total, 157 thousand of which of free construction and 113 thousand subsidised), directional centres (315 thousand Sq m), hotels and commercial activities (30 thousand Sq m), as well as services. The project’s main objective is to develop the residential offer meeting the needs and quality of the modern lifestyle in terms of open spaces, common and meeting spaces. The area is well linked with the metro system as well as the national railway system. Included in the Santa Giulia project, there is also the Connecto Dynamic Center with the aim of attracting companies (43 thousand Sq m of space for office use) and commercial activities (3500 Sq m), along with innovative and smart services within a strategic position such as the south-eastern part of Milan.
  41. Bovisa. Requalification project of the Nuova Bovisa in Milan. It gathers 850 thousand Sq m in a mix of residential (260 thousand Sq m, 40 thousand of which of subsidised construction), private services (240 thousand Sq m), manufacturing (100 thousand) and commercial (85 thousand Sq m). The initiative is brought by EuroMilano spa and is aimed at implementing an international hub for the research in the energy sector and sustainable mobility in collaboration with universities and the local companies.
  42. Campus Bocconi. Project for the transformation of an area of 350 thousand Sq m occupied by Centrale del Latte (milk factory) of Milan in the southern semi centre. The plan is to make a student residence out of it, including the expansion of the university faculties and sports and leisure facilities open to the public. It’s aimed at regenerating the already existing urban environment taking inspiration from the main universities worldwide. The completion of the works is expected by 2018.
  43. Ex Area Expo. Requalification project of the former Expo Area in the city of Rho. The 1.2 million Sq m area is property of Arexpo. The investment is of 380 million euro of public funding for the construction of the sciences faculties of Università Statale. The facility will feature a directional centre and Human Technopole, a genome research centre for which the State will invest 1.5 billion euro. The works are estimated to last ten years.

 

Source: Il Sole 24 Ore (by Paola Dezza)

Transaltor: Cristina Ambrosi

Former train stations, Arab investors present an offer for 70 million

19 October, Il Sole 24 Ore

They aim at Farini. The agreement program signed in June

The international investors are already in action: according to financial sources, the Abu Dhabi sovereign fund offered 70 million to Savills Investment Management to obtain 10% of the old Farini train station. That owned by the company is the only private land of the entire railway station system, the remainder is owned by Ferrovie dello Stato. The land is of small dimensions, but with high strategic value, seen as a way to enter into the operation.

The negotiations are at a good point, and they’re strictly confidential and with no official confirmations. Besides, the real estate management company signed only in June the agreement with the Municipality of Milan, the Region of Lombardy, and Ferrovie dello Stato. The agreement concerns the transformation and requalification of the areas. The partner cannot be changed in the program agreement. But at a certain stage, the Arab investor might be involved in the process that will lead, through long and complex public procedures, to the development of a crucial area of Milan.

Of all the stations, the reconversion of Farini may be the first to start. According to the sources, the international tender for the 620 thousand Sq m of land will be soon launched in the next months by Savills and Ferrovie together. Within the summer then a third-party jury will choose the best masterplan to be publicly discussed. Only at that point, the land will be officially put on the market: who buys it will commission the operational projects.

For what concerns the former Customs House, an access point on the left of the bridge on Via Valtellina that includes also a listed building, its use might be a mix of commercial and residential. For Abu Dhabi, this might be the second property development operation in Milan, after that for the former Inps building in Via Melchiorre Gioia, managed together with Coima led by Manfredi Catella. Whereas potential new acquisitions in the city by the sovereign fund might be speculative, to be subdivided and be hypothetically sold to other investors. On the other hand, Catella, author of the development near Porta Nuova in collaboration with Qatar, has just exited from the negotiation on the Expo area, perhaps to focus on Farini with various Middle Eastern investors. Taking a step back, in June Savills, the company managing the investment fund Olimpia controlled by Kennedy Wilson Europe RE which is listed on the London Stock Exchange, signed the program agreement involving all the seven stations (besides Farini, there are Porta Genova and Porta Romana, the other two favourite assets, then Lambrate, Greco-Breda, Rogoredo, and San Cristoforo). Awaiting the plan to take shape based on the agreement, no urbanistic intervention will be possible. Once the masterplan is chosen, the cards will be revealed. In the background, there is the general requalification project: of the over 1.25 million Sq m surface of the stations, 200 thousand should remain for railway purpose, the remainder will be converted into green areas and public spaces.

Source: Il Sole 24 Ore (by Elisabetta Andreis)

Translator: Cristina Ambrosi