Real estate investment firm Hines and Dutch pension fund manager PGGM have announced plans for the construction of 1,400 new sustainable rental apartments in the Milano Lambrate, Navigli, and Bocconi areas in Milan, Italy.
The projects include two real estate portfolios in the southern quadrant, between Navigli and Porta Romana, as well as an urban regeneration plan in the heart of Lambrate.
The project in Milano Lambrate involves the regeneration of more than 40,000m² of land, which has been derelict for over ten years.
It will include the construction of eight new buildings that will feature 400 residential units, as well as a public park, along with more than 20,000m² of facilities.
Within the public park, a 3,000m² cultural hub will also be created to promote local entrepreneurship and craftsmanship.
The area will include workshops, showrooms, and incubators for young workers in the medical services and tech sector.
As part of the Bocconi area project, five properties would be constructed between the Navigli area and Porta Romana in Via Balduccio da Pisa 7, Via Carlo Bazzi 51, Via Pestalozzi 11, Via Ettore Ponti 8, and Viale Richard 1.
The investment for this project was secured through the Milan Living Fund BTR 1, which is managed by Savills Investment Management SGR.
With an area of more than 40,000m², this project will have nearly 450 new rental apartments, along with an area that will be used for offices.
The first four buildings will be reconstructed from scratch, and the Viale Richard skyscraper will be converted into a mixed-use building.
The mixed-use building will have offices on the lower floors and apartments on the remaining floors.
The project in the Bocconi area includes the conversion of nine buildings, which are partially occupied by offices, into 550 build-to-rent units.
It also involves plans to create more than 20,000m² of green area, with 150 trees across the perimeter of the nine buildings.
Hines Italy country head and senior managing director Mario Abbadessa said: “The finalisation of these investments represent a step forward on our journey of expansion and diversification into the living sector in Milan.
“Once again, we are demonstrating our ability to stay a step ahead of the market and move into strategic districts to develop Milan, aimed at better management of environmental and social issues.”
The Lambrate and Bocconi projects areas have been designed to achieve the LEED GOLD target.