Turin mayor urges UK investors to back regeneration plans

Turin's mayor Sergio Chiamparino unveiled plans last week in London for a new central business district for the Italian city and urged developers and financiers to get involved.

Taking part in an event organised by the Piemonte Agency for Investment, Exports and Tourism in London, Chiamparino outlined details of a massive post-Olympic regeneration of the Northern Italian city which is being led by major public sector investment and a new railway extension.

The project unveiled covers two densely-populated districts close to the city centre, well connected to the high-speed train line to Milan, and aims to reshape more than 1million m².

The first 7.2 km phase of Metro Line 2 with 12 new stations which is expected to take two to five years to complete at a cost of EUR 650 mln is part of a 14.8 km line with 24 new stations in total. It will link North East to South West through the heart of the city. It will unlock a 125 ha brownfield redevelopment site which will include 6,000 new homes and 395,000 m² of office and retail developments and include new health and educational facilities and a new 300,000 m² park.

A special purpose vehicle Urban Development Company has been set up to drive the project forward and to promote public-private partnerships with developers and funds.

Turin which is home to Fiat, has long been associated with the automotive industry but the municipality is keen to enhance its infrastructure and diversify its industrial base. Chiamparino has played a major role in the urban renaissance of the City which since it hosted the Winter Olympic in 2006 has seen a 20-25% increase in tourist revenue.