Coima, Covivio and Prada Holding have won the tender for the redevelopment of a 190,000 sq m former rail yard in Milan with a €180 million offer.
The Porta Romana disused railway, close to the centre of the city, has been sold by FS, the Italian State railway company. The area will become the home to the Olympic Village for the athletes of the 2026 Winter Olympics which are to be hosted by Milan.
The acquisition was made through the Porta Romana real estate investment fund, promoted and managed by Coima, the company run by Manfredi Catella. Covivio, the company headed by Leonardo Del Vecchio of Luxottica fame, will participate along with Prada Holding, the fashion house, and the Coima ESG City Impact Fund.
The tender process was highly competitive : around 20 different consortia had been involved over the last nine months and at least seven offers had been presented to FS.
The entire area has been neglected since the railway yard was decommissioned and Coima’s plan is to regenerate and connect it to the city. Operational railway lines will be moved underground and overpasses will be built to connect the neighbourhood to the adjacent historic centre of Milan.
Have of land area will be public park
The green component will be key and will comprise 50% of the available area providing a 100,000 sq m park with paths to connect the new buildings. These buildings, which will cover an area of about 164,000 sq m, will include apartment blocks, offices, social housing, student housing and services.
The Porta Romana project has already been approved by FS and by the authorities of the City of Milan and of the Lombardy region. The Porta Romana Fund will now launch an international competition to select the best masterplan for the area.
The first phases of the scheme are expected to be delivered in 2025-26, in time for the Winter Olympics. Once the Games are over, Coima will transform the athletes’ village into student housing with around 1,000 beds. Covivio will develop offices and services and Prada will look after the park and build a laboratory and office to extend its presence in the area.