Milan – Hines, the global real estate investment, development and property manager, has presented the masterplan of the Ex Trotto Milano “EXTM” urban regeneration project in Milan. The project aims to transform a 130,000-square-meter area, abandoned since 2012, into a new, inclusive and sustainable urban district, designed to serve over 3,000 people.
The project aims to create positive social impact with a mix of residential solutions, intergenerational and public services and a new 50,000-square-meter park open to the city with 700 new trees and shrubs. Hines has invested in the area via an Italian alternative investment fund and is the development manager for the project. The project anticipates a total investment of approximately €450 million over four years.
The project’s premise, conceptualized by the international architecture firm Kohn Pedersen Fox Associates (KPF), centers on urban regeneration. It aims to preserve the heritage of Trotto Milano, a former world-class horse racetrack, by redeveloping its historic former stables and barns. The heritage renovation will be led by Studio Freyrie Flores Architettura and the realization of a 1-km ring-shaped linear park running along the historical racetrack will be designed by LAND.
The gateway of the new district will be a 3,600-square-meter urban market designed to host rent-capped stores reserved for local craft workshops and producers selling zero-mileage products. The project will include education services, such as a facility where Portofranco association will offer free after-school assistance to teenagers, a nursery for around 60 children, and a municipal school for 125 children, all of which will be built on a plot owned by the Municipality of Milan.
To honor the sporting tradition of the district, 4,200 square meters are reserved for the creation of a new sports hall for amateur sports associations, a 200-square-meter gym, as well as indoor and outdoor padel courts.
Community services will be combined with an inclusive mix of diversified and multi-generational of housing solutions, including 700 new furnished rent-capped apartments and 300 units reserved for senior housing. New residents will have the opportunity to take advantage of a range of services, such as co-working, babysitting, gym, concierge and access to multi-purpose rooms.
The project aims to achieve the highest international ESG standards, targeting LEED certification or equivalent. The new buildings are targeting NZEB (Net Zero Energy Building) in operations by using design solutions that seek to minimize environmental impacts and CO2 emissions. To further enhance the local surroundings, the scheme will exclude road traffic inside the area.
The project is shared with an area owned by the Invictus Fund – managed by Prelios SGR and where Hines has invested – together with Fondo Bistrot, which is managed by Natissa SGR. Through this latest fund, Bain Capital Special Situations and Borio Mangiarotti invested €250 million and acquired 46,000 square meters of the EXTM project aimed at developing 600 residences for open market sale. Hines Italy will be development manager and Borio Mangiarotti is the general contractor.
Mario Abbadessa, senior managing director & country head at Hines in Italy, commented: “The EXTM project embodies the mission of creating social impact which guides us as a real estate investor and developer. We are aware of the urgent need to act collaboratively with local institutions to avoid the polarization of our cities and give dignity back to all those urban areas where no adequate access to public services and social spaces is guaranteed to citizens. These areas, usually abandoned for decades, often have a strong heritage, as in the case of the “Ex Trotto”. There is significant value in the construction of new, inclusive and sustainable urban districts.”
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $94.6B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling over 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2023.