In February 2020, Hines acquired the historical former municipal theatre of Florence in partnership with Blue Noble, completing a further acquisition in the Italian residential market.
Situated in Corso Italia, an iconic street in Florence, the asset is strategically located a short walk to both the iconic Arno river and Florence’s Santa Maria Novella train station.
The site will be converted into a high-quality residential complex featuring one-, two- and three-bedroom apartments with modern common spaces and a full range of amenities, including retail spaces (leased to a third party), a gym on the ground floor, a rooftop space offering panoramic views over Florence and below ground parking. The investment strategy focuses on repositioning an asset of high historical value to meet future housing requirements for residents.
The project will consist of three new buildings and retain the historical façade of the old theatre, maintaining the urban alignments of the streets and neighboring buildings. Inside, the buildings have been designed to enhance the use of open space and connect the different parts of the complex.
The future asset, which will also include a large public square, will be built according to the highest international standards of sustainability and energy efficiency. Furthermore, the project foresees wider enhancement of the neighboring areas, creating value for the community.