The northern Italian city of Milan, which became as well known for its industrial capacity as its famous fashion industry, is slowly transforming itself into a modern city. Many of the old industries and plants have long since moved out of the city, and many of the former plants and old businesses are being turned into retail, residential and commercial centers.
“Most of the heavy industry moved away some time ago, and a services economy has replaced it,” Roberto Talotta, country manager at EC Harris, the international property consultants, said in an interview with the International Herald Tribune while in Milan. “The challenge now is to provide residential property, high quality office space and infrastructure that the new economic circumstances demand.”
Independent research institute Scenari Immobilari recently completed a report on the redevelopment projects in Milan. It estimated that there are currently 150 urban redevelopment projects in the works in Milan. €15 to €20 billion is committed to these projects. One of the largest and most prestigious of these projects is the Porta Nuova, or New Gate.
The Porta Nuova development is actually comprised of three individual projects taking place around the Garibaldi train station, near the heart of Milan’s cultural district. When completed in 2012, Porta Nuova will contain 360,000 square meters of office, residential and retail space. Construction is expected to begin later this year.
With all the development and projects in the works, Milan offers plenty of opportunities for international real estate investors. Luigi Marchesini is vice chairman of Galotti, the Bologna-based property development firm that owns a significant stake in one of the three Porta Nuova projects. “It is an excellent investment opportunity. There is no doubt about it,” he said. That is why quality Italian and international investors queued up to be part of it.
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