Hines to Begin $384M Project in Milan
The global real estate firm intends to build regulated rental apartments in the northern Italian city.
Ex Trotta area in Milan. Image courtesy of Hines
Global real estate heavyweight Hines has acquired a former racing track and sports complex in Milan, Italy, which it plans to redevelop into a large residential-led mixed-use project. The urban regeneration project would cost about €350 million ($384 million) over the next four years.
Hines completed the purchase of the Ex Trotta area and the Ex Training Centre complex in the city’s San Siro district from Italian betting company Snaitech. The investment was made through the Invictus real estate fund managed by Prelios SGR.
An initial proposal, to be submitted to the relevant authorities in the coming months, could include a residential component with a “significant number” of regulated rental units, Hines announced. The overall project would involve reclaiming a total area of 150,000 square meters (1.6 million square feet) in a neglected section of the city. The developer is also mulling the creation of a park of more than 30,000 square meters (322,917 square feet).
KPF oversaw the masterplan for the project with assistance from Starching as local architect. Hines, which has $133.3 billion of assets under management, partnered with real estate investment management firm Blue Nobble to build a serviced apartment community on the site of a former theater in central Florence, Italy, earlier this year.
