Hines Awarded the Public Tender for the Acquisition of the Nodo Bovisa in Milan

MoLeCoLa is an urban regeneration project covering an area of over 90,000 sqm

(MILAN) – Hines, the international real estate firm, has been awarded by the Municipality of Milan the public tender for the acquisition of the urban regeneration project of the Nodo Bovisa area, as part of the international “Reinventing Cities” competition.

This is one of the most significant areas contributing to the urban transformation of Milan 2030. Thanks to its strategic location near the Milano Nord Bovisa railway station and Politecnico di Milano, the area, covering over 90,000 square meters, promises to be a new district to support and integrate the technological hub of excellence belonging to the adjacent university.

It will become a polycentric urban development that reinforces innovation, sustainability and neighborhood connection which has historically been divided by the layout of the railway tracks.

The public tender comprises the sale of two lots, one owned by the Municipality of Milan and the other owned by FerrovieNord. The project’s completion date is set for 2026.

In particular, three areas will be developed with different intended uses. The first will feature over 1,100 beds dedicated to student housing for Italian and international students, researchers and young professionals. The second will be rental accommodation and the third, executive in nature, will potentially host the future FerrovieNord headquarters.

“MoLeCoLa” is the name chosen for the Nodo Bovisa urban regeneration project and reflects the innovative masterplan based on principles of sustainable development and inclusion: Mo like Mobility, Le like Learning, Co like Community and La like Lab, to generate a pilot space to test new technological and behavioural solutions.

The masterplan for the area, produced by Park Associati, is the result of an integrated and multidisciplinary design, that has been developed by pursuing the highest international standards of environmental sustainability and energy efficiency, being the first LEED for Neighborhood Built Project in Italy. The project proposes cutting-edge technologies that facilitate energy efficiency, comfort and flexibility through features that connect it to the wider community. The innovation will involve the choice of materials, with a focus on wood where possible, and construction technologies promoting a responsible and virtuous circular economy to create a district with the aim of recording zero emissions 30 years post development.

The urban design favors a rich variety of public spaces, a system of pedestrianised squares, over 40,000 square meters of green areas and the planting of over 750 new trees. Offering a range of activities and functions, enabling residents and visitors to spend more time outdoors, will promote a social model focused on interaction and inclusiveness.

The operation consolidates Hines’ strategic focus on the living sector, through an investment philosophy focused on rental policies and ancillary services. Coworking spaces, child care facilities, sports areas and other places designed to encourage exchange and synergy within the community will aim to create value for specific targets such as students, young professionals and families.

There are also plans to upgrade the railway station, which connects the city to Milan Malpensa international airport and the suburbs outside of Milan, and to extend two existing tram lines. The new interchange will be characterised by the skillful combination of public transport, electric mobility and micro-mobility, managed in a smart way through a neighbourhood mobility sharing app. Thanks also to a dense network of cycle and pedestrian paths, the neighborhood will be able to count on a 55% reduction in CO2 emissions linked to the movement of residents and employees who will gravitate to the area.

“We are very proud to have the opportunity to “reinvent” the Bovisa area,” adds Mario Abbadessa, Senior Managing Director & Country Head of Italy at Hines. “This project has great historical value and will strengthen and enhance the area with technology, innovation and sustainability at its core. It will develop into an important green lung for Milan with residential space and a university as critical components of this exciting urban regeneration.”

“The Bovisa area represents a further opportunity to work for the city in close collaboration with the Municipality of Milan and Politecnico di Milano, perfectly fitting Hines’ living strategy,” concluded Abbadessa, “a strategy that already includes significant urban regeneration projects under development, such as the former Trotto area and MilanoSesto.”

“The MoLeCoLa masterplan stems first and foremost from the desire to mend the urban fabric of the city, currently divided by the layout of the railway tracks," declared the Park Associati architecture studio. “The area to which the tender relates, in fact, together with the development plans for La Goccia and its surroundings, represents the opportunity to relaunch the entire neighborhood through greater connection with its urban fabric including social relations, mobility and the use of public spaces. MoLeCoLa’s intervention, therefore, aims to be the cornerstone of the urban regeneration of Bovisa by promoting the birth of a new district based on the principles of sustainability and community.”

The project team, led by Hines as investor and developer, and by the Park Associati studio as urban architect, worked alongside selected partners such as Habitech, environmental expert; Mobility in Chain, specialised in mobility, infrastructure and transport; Bollinger + Grohmann, structural engineers; ESA engineering for the definition of energy, plant engineering and sustainability strategies; Greencure, landscape architect; IRS, expert in participatory processes; Schneider Electric, in charge of digital sustainability solutions; A2A - Calore e Servizi, energy strategy consultant; Wood Beton, specialised in prefabricated and wooden constructions and product engineering; Ammlex, legal and administrative consultant.

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. 1. Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.