For a district of Milan, January 2022 will be a date to remember. We are talking in particular of Milanosesto, an enormous area of one and a half million square meters next to the university and hospital center of the Vita e Salute San Raffaele University, and of the City of Health and Research. It will include homes, senior residences, student residences, offices, shops and hotels. A small town within the city, which has not yet been officially born but which already makes a lot of talk about itself.
From the Middle East to Milan
The start of the works is imminent: January 2022 is in fact the month in which the excavations will begin, thanks to an investment of 500 million euros by the KIA (which in this case is not the car manufacturer, but is the Kuwait Investment Authority), which can boast the title of the first sovereign fund in the world, whose establishment dates back to 1953.
But in addition to the sheikhs, Cale Street, a London-based financial company, also has a hand, which has signed a fund with Hines, which manages Milanosesto; the fund will be managed by a third party, Prelios Sgr.
Hines is assisted during the carrying out of the work by the law firms Chiomenti and Allen & Overy for the regulatory aspects, and by Studio Belvedere Inzaghi & Partners for the administrative aspects.
The Milanosesto project
There is talk of an immense area, part of which was occupied by the Falck steel mills. This is where the works will begin, which will upset the area. 45 thousand square meters of rented residences will be built, a student residence with 700 beds, a hotel (the owner of which is still unknown, but Hines is in advanced negotiations with an international group of primary importance), 48 thousand square meters of offices and several shops.
According to Mario Abbadessa, managing director of Hines, the project will be successful because in a concentrated area there will be “offices, hotels, student residences, homes for families and the elderly, combined with shops, sports activities and spaces for coworking”. A project that spans several generations, in a mixed space that, according to him, will become a sort of standard in the future.
The project was signed by the Foster + Partners architecture studio, but there are other big names alongside them: the ACPV studio, by Antonio Citterio and Patricia Viel, took care of the executive spaces and the hotel; the Barreca & La Varra studio of the affiliated housing, and Park Associati of the student residence.
According to Hines, the turnover that will be generated between now and 2025, the date scheduled for the completion of the works, will be around one billion euros, and over 2000 jobs will be created. By reactivating an area of Milan that has been neglected for several years, Abbadessa is convinced that she can “shape a new concept of sustainable real estate development, favoring a positive impact both in Milan and throughout Italy”.
A look at the sustainable future of Milan
Finally, let’s take a look at the intrinsic characteristics of the neighborhood: Milanosesto will be developed with a view to sustainability for future generations, aiming at inclusiveness and the creation of a social infrastructure never seen before. Abbess is firmly convinced of this when she affirms that “no project is lasting and successful if it is not sustainable for future generations”.
In essence, what is called “ESG vision“, the acronym for Environmental, Social and Governance, is applied, since the residences will be designed for different age groups, from young students to the elderly, passing through families and professionals, each with different needs and goals. There will be spaces dedicated to fitness, smart working, baby sitting. All at a controlled price, given that rents are affordable, with an average cost that is 50% lower than in other similar areas of Milan and its surroundings.