MILAN, Italy – (Realty News Report) – Hines, in partnership with Cale Street, is investing $590 million to develop a 2.6 million SF million mixed-use development – the first phase kick-off a massive urban redevelopment, called MilanoSesto.
The 370-acre MilanoSesto will be the largest “urban regeneration” project in Italy and one of the largest such efforts in all of Europe, said Hines, a Houston-based real estate firm. Hines is the strategic advisor and development manager of MilanoSesto.
The master plan for MilanoSesto, designed by Foster + Partners, will transform the land “into an attractive, dynamic, sustainable, progressive urban destination with new residential areas, best-in-class office environments, retail and hospitality. New town squares and modern, open-air public spaces will connect people, as plentiful green space spreads over 111 acres, creating another large urban park for Milan, slated to be one of the largest in the Lombardy Region,” Hines said.
Largest “urban regeneration” project in Italy
This project, formerly an industrial area occupied by Falck Steelworks, is located in the northeast quadrant of Milan.
“We are very proud to have a project that will lead to the redevelopment of a very important area of Greater Milan with a strong industrial tradition, which has been inactive for more than 20 years,” commented Mario Abbadessa, senior managing director and Italy country head for Hines. “This region, one of Europe’s most dynamic and most promising, will see the launch of a sustainable and innovative residential development featuring affordable rents, links to the city center and modern services for students, families, and the more mature.”
MilanoSesto aims to bridge the gap between demand and supply in relation to people’s living needs and social inequalities with a long-term perspective. The investment objective is to build a unique development project in Italy that is aligned with the most advanced international environmental and social sustainability standards, the circular economy, and ESG principles.
Phase One – Unione Zero
Hines just announced the first phase of the project.
Hines, in partnership with Cale Street, a real estate investment and finance firm backed by the Kuwait Investment Office, completed the signing of a framework agreement with Milanosesto S.p.A for the acquisition and development of Unione Zero, the first parcel to be developed in MilanoSesto.
Construction of the 2.6 million-SF Unione Zero is set to begin in 2021. Remediation of the site has been ongoing and is expected to be completed and certified shortly.
Prelios Group will be the fund manager for the initial investment.
Oct. 23, 2020 Realty News Report Copyright 2020
File: Hines Tackles Huge Redevelopment
File: (2) Milan. Italy, Unione Zero. Cale Street. Hines Tackles Huge Redevelopment in Italy