MILAN, Italy – Hines, in partnership with Cale Street, is investing $590 million to develop a 2.6 million-square-foot mixed-use project that launches the first phase of a massive urban redevelopment called MilanoSesto.
The 370-acre MilanoSesto will be the largest urban regeneration project in Italy and one of the biggest in Europe, according to Hines, the Houston-based real estate firm that serves as strategic advisor and development manager for the scheme.
The master plan, designed by Foster + Partners, envisions transforming the former industrial site into a vibrant, sustainable urban district featuring new residential neighborhoods, top-quality office space, retail, and hospitality. Modern open-air public plazas and town squares will link the district, while 111 acres of green space will create one of Milan’s largest new urban parks, expanding accessible recreational areas within the Lombardy region.
Largest urban regeneration project in Italy
The development occupies a former industrial area once home to the Falck steelworks in the city’s northeast quadrant of Milan.
“We are very proud to lead the redevelopment of an important area of Greater Milan with a robust industrial history that has been inactive for more than 20 years,” said Mario Abbadessa, senior managing director and Italy country head for Hines. “This part of the region—one of Europe’s most dynamic and promising—will see the delivery of a sustainable, innovative residential program offering affordable options, strong links to the city center, and modern services for students, families, and older residents.”
MilanoSesto aims to address gaps between housing demand and supply and to confront social inequality with a long-term perspective. The project’s investment goals emphasize alignment with advanced international standards for environmental and social sustainability, circular economy principles, and ESG criteria.
Phase One – Unione Zero
Hines recently confirmed the first phase of MilanoSesto.
In partnership with Cale Street, a real estate investment and finance firm supported by the Kuwait Investment Office, Hines signed a framework agreement with Milanosesto S.p.A. for the acquisition and development of Unione Zero, the initial parcel within MilanoSesto to be developed.
Construction of the 2.6 million-square-foot Unione Zero is scheduled to begin in 2021. Site remediation has been underway and is expected to be completed and certified in the near term.
Prelios Group will act as 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