US real estate investor Hines, Italian bank Unicredit, and Italian real estate services company Prelios Sgr have won a tender for the redevelopment of the former Scalo Farini railway station in Milan, Italy.
The consortium's €500 mln bid edged out that of a consortium led by Italian players Coima and Generali Real Estate, along with Emaar Properties from Dubai.
The Scalo Farini, encompassing 45 hectares in a central position near the Porta Garibaldi and Porta Nuova stations, is the largest, most accessible, and most strategically located among the seven former railway stations in Milan decommissioned by railway company Ferrovie dello Stato. These stations, totalling one million square meters, are part of a redevelopment process agreed upon in 2017 by the Municipality of Milan, the Lombardy Region, and the FS Italiane Group.
According to the tender launched at the time, the area must include at least 50% public greenery. Additionally, of the 362,947 m2 of gross floor area available at Scalo Farini, at least 30% will be reserved for non-residential functions.
The project, scheduled for completion in 2025, will include the construction of new homes, offices, and public spaces, as well as the creation of a new campus for the Accademia di Brera art academy. The new homes will be built to sustainable standards and will be available at affordable prices.
Prelios is the project manager, Hines is the project developer, and Unicredit is the sole investor.
