CDS, Multi close to receiving permit for Rome mixed-use project

Italian retail developer CDS and European shopping centre specialist Multi Corporation have signed a planning agreement with Rome City Council for the construction of the Forum Valle Aurelia mixed-use project.

The agreement is the last step in the process to receive a construction permit for the scheme, which is expected in the near future, CDS said.

Located less than a kilometre away from the Vatican, Forum Valle Aurelia will have roughly 20,000 m² of total area and will be constructed on a site formerly occupied by a brick factory. The factory will be preserved and transformed into a neighbourhood cultural centre.

The project includes a multi-level shopping centre with a Pam Group supermarket of over 4,000 m2, a food court with bars and restaurants and an office building of around 3,000 m².

Forum Valle Aurelia is part of the Rome City Council's Urban Regeneration programme, a major plan to support the development of new and sustainable growth poles. Construction work is expected to start in 2011 with delivery planned for 2013.

CDS and Multi Corporation will invest in the project through Multi Veste Italy 2, a special purpose vehicle in which they have a 25% and 75% interest respectively. CDS Costruzioni, the CDS Group's general contractor, will be responsible for carrying out the urban construction work.

'Inner-city regeneration projects are becoming key for retail developments in Italy, and CDS is determined to be a major player in this sector,' said Enzo Danesi, CDS's Chairman and CEO. That's why we have decided to play simultaneously the role of investor, developer and constructor in the Forum Valle Aurelia's project.'