The Santa Giulia district in Milan, a new district of the city that originated from an urban redevelopment project in the south-east of the city, has passed through an agreement between Lendlease and PSP Investments, a Canadian pension fund manager. Let's have a look at the details of the project and what this new neighbourhood will look like.
Milano Santa Giulia covers a total area of over 110 hectares south-east of Milan. The project has a gross development value of 2.5 billion euros and envisages the construction of a new urban district for mixed use, divided into two distinct areas to the north and south, with the potential for up to 2,500 residences that will complement new commercial offices, retail and entertainment activities.
The development of this area will be designed according to sustainability principles including the goal of achieving zero carbon emissions and a WELL certification (a scoring system for buildings that measures their impact on people's health and well-being). A park of about 30 hectares (300,000m2) will also be built, which will become the third largest urban park in Milan.
Commitment to the local community will be at the heart of the project, with services for over 1,500 students, new schools and a museum. Milano Santa Giulia will also be home to the largest multifunctional indoor arena in Milan, with a capacity of 16,000 spectators, which will be built north of the area and used as one of the venues for the Winter Olympics in Milan-Cortina in 2026.
The new partnership between Lendlease and PSP Investments foresees an initial investment of around 250 million euros for the acquisition of the two premium level office buildings Spark 1 and Spark 2, which are under construction to the south of the area and have already been pre-located. Lendlease will develop and operate the buildings and the property will be divided equally between the two partners.
The partnership between Lendlease and PSP Investments also includes the development of the northern Santa Giulia area, with residential, commercial and retail functions, through a 50/50 joint venture between the two partners. As for the south area, Lendlease will be responsible for the planning, design and development of the project over the next ten years.
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