The final office development at CityLife, Generali Real Estate’s 366,000sqm mixed-use development in Milan has commenced.

Generali Real Estate has announced the start of the construction of CityWave, an office project expected to be completed by 2025.

According to market sources, the CityWave development is expected to be worth more than €500m.

Generali Real Estate’s CityLife project is a residential, commercial and business district in Milan. The project was created from the redevelopment of the historic urban hub of a former exhibition and trade fair centre.

Aldo Mazzocco, CEO of Generali Real Estate and chairman of CityLife, said: “This new-generation building is a further step up in the evolution of properties for offices: a container for managerial activities that brings together objectives of positive impact on the environment and quality of life with new ways of using spaces in the wake of the shock from lockdown. In this way, we are defining a new paradigm for the world.”

Armando Borghi, CEO of CityLife, said CityWave is the culmination of a journey begun more than fifteen years ago that has made CityLife a new urban centre, a unique destination in Milan, where quality of life, innovation and sustainability come together.

“We are already at an advanced stage in talks with leading market operators for the marketing of the building, in confirmation of the project’s value.

“We are also continuing with the construction of CityLife’s last residential lot, which we will hand over in June 2022, while the completion of the public park is expected by the end of this year.”

Giuseppe Sala, the mayor of Milan, said the start of construction works of CityWave at CityLife are a new strong sign of recovery that drives the whole city.

“The pandemic has forced all of us to slow down to get out of the emergency, but now is the time to move forward with determination and confidence in our abilities.

“This new project completes the iconic CityLife district and shows with its original design and its ‘positive impact’ building features the city we are building: we will have the largest urban photovoltaic park, a rainwater reuse system, and a complex that will consume 45% less energy than other buildings. It will be the symbol of the Milan we want: sustainable, international, beautiful.”

To read the digital edition of the latest IPE Real Assets magazine click here. 

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