Real estate investor Coima, via its investment fund Porta Romana, has acquired a former railway yard in Milan for €180 mln from the Italian railways FS.
The Scalo di Porta Romana regeneration project will host the Olympic Village of the Milan-Cortina 2026 Winter Olympics, with physical spaces and services designed for the athletes.
The building areas will occupy 164,000 m2 of space, while 50% of the Scalo will be dedicated to green areas and public spaces.
Skidmore, Owings & Merrill – SOM will be responsible for the design of the Olympic Village.
The materials used will be selected for their sustainability characteristics (recyclability, reuse, environmental friendliness), all buildings will be LEED certified, building structures will be permanent and temporary ones will be reusable.
Over 30% of the energy will be produced using renewable sources, including solar thermal and photovoltaic systems; rainwater will be collected and reused, with a 40% reduction in CO2 for heating/cooling.
The green spaces will be designed by architect Michel Desvigne, while the landscaping has been entrusted to architect Elizabeth Diller, former designer of New York's Highline.
After the event, the Olympic Village will be transformed into a sustainable urban project, with student housing (around 1,700 beds), residences, co-working, sports facilities, children's areas, urban gardens, public squares, as well as a large central park.
Coima will be responsible for the residential component of the development, while Covivio will develop flexible and sustainable offices in the eastern quadrant of the Scalo area.
For its part, Prada Holding will construct a building for laboratory and office use to extend its existing activities in the area.
The Porta Romana investment fund is underwritten by Covivio, Prada Holding and the Coima ESG City Impact fund and the development will be financed by Intesa Sanpaolo through a 'sustainability-linked loan.'