The EXTM area has been vacant since 2012. Credit: Hines.

Real estate company Hines has unveiled the master plan for the Ex Trotto Milano (EXTM) redevelopment project in Milan, Italy.

The project seeks to convert a 130,000m² area, which has been vacant since 2012, into a neighbourhood that features both inclusive and sustainable urban features to serve more than 3,000 residents.

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The EXTM urban district will include various residential options and public services, and a new 50,000m² park.

It will comprise 700 new furnished rent-capped housing units and 300 units designated for older citizens.

Residents will have access to various amenities, including co-working and babysitting spaces, a gym, and a concierge, among multipurpose areas.

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The project is expected to cost approximately €450m ($481.88m) over a four-year period and seeks to achieve Leadership in Energy and Environmental Design (LEED) sustainability certification or its equivalent.

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Bain Capital Special Situations and Borio Mangiarotti invested €250m in this project and purchased 46,000m² of the EXTM development to create 600 apartments for open market sale.

Borio will serve as the general contractor while Hines Italy will be the development manager.

Hines Italy head and senior managing director Mario Abbadessa said: “We are aware of the urgent need to act collaboratively with local institutions to avoid the polarisation of our cities and give dignity back to all those urban areas where no adequate access to public services and social spaces is guaranteed to citizens.

“These areas, usually abandoned for decades, often have a strong heritage, as in the case of the ‘Ex Trotto’. There is significant value in the construction of new, inclusive and sustainable urban districts.”