Hines, PGGM Develop 3 Milan Projects

Milano Lambrate in Milan. Image courtesy of Hines

Hines and PGGM have partnered to develop three multifamily projects with a total of 1,400 apartments in Milan. The sustainable properties are in the Lambrate, Navigli and Bocconi neighborhoods in the southern portion of the city.

The projects include the 400-unit Milano Lambrate in the Lambrate district, the 450-unit Porta Romana in Navigli and 550 units in Bocconi. Hines and PGGM noted the designs featured net-zero carbon emissions and the highest-possible energy certifications, with LEED Gold certification for the Lambrate and Bocconi projects and Class A energy certification for the Navigli development. Amenities were designed to improve the well-being of residents and locals, featuring gyms, coworking and communal spaces.

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Project Highlights

The Milano Lambrate is part of a broader urban regeneration program in Milan’s Lambrate district. It is intended to revive more than 430,000 square feet (40,000 square meters) that has been derelict for more than 10 years. The project will offer eight new residential buildings alongside a 215,000-square-foot (20,000-square-meter) public park and facilities. Hines and Milan Living Fund BTR 2, an alternative real estate fund managed by Savills Investment Management SGR S.p.A., invested in the property.

The partners will also create a nearly 32,000-square-foot (3,000-square-meter) cultural hub in public park to promote local craftsmanship and entrepreneurship. The area will have showrooms and workshops, incubators for young workers in the tech sector and medical services for the community.

The Porta Romana development comprises five properties between the Navigli district and Porta Romana, include Via Balduccio da Pisa 7, Via Carlo Bazzi 51, Via Pestalozzi 11, Via Ettore Ponti 8 and Viale Richard 1. The area encompasses mostly residential space, with a small portion dedicated to office.

The first four buildings will be rebuilt from scratch and remain residential, while the Viale Richard skyscraper will undergo a large-scale conversion into a mixed-use building with offices on the lower floors and apartments on the remaining floors. Hines and Milan Living Fund BTR 1, also managed by Savills, invested in the site.

The nine-building Bocconi portfolio is in a historic residential housing area and near many services and transportation to the center of Milan. A majority of the assets will be converted to build-to-rent apartments, although the complex has office space that is partially occupied.

The partners will border the entire Bocconi area with around 150 trees and an extensive running track to reduce noise from the surrounding city. Hines and Milan Living Fund I, managed by Antirion SGR, invested in the project.