istorically,
Milan has been the industrial powerhouse behind much of the success
of the Italian economy. Yet, similar to the experience of other traditionally
industrial European cities such as Manchester, Frankfurt or Barcelona,
Milan has been confronted with the process of deindustrialisation and
the need to transform its economy from industry to services. This economic
transformation has created several challenges in urban planning since
many abandoned industrial areas have needed redevelopment.
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One
real estate developer firmly committed to the reshaping of Milan is
EuroMilano,
a company that combines respect for the environment with high technology
and a global vision of transforming the entire city. Two ambitious EuroMilano
initiatives contributing to this urban metamorphosis are the Milan Certosa
project and the Milan Bovisa project. Roberto
Losito, the President and CEO of EuroMilano, states that
the Milan Bovisa area “is going to become the new city centre of
Milan, the new financial and business centre”.
The Milan Bovisa area is home to the enlarged
and modernised Politecnico University of Milan, one of the leading European
universities in engineering and architecture. The Politecnico at Milan
Bovisa was enlarged and modernised in 1997, when the Regional Government
of Lombardy, the Milan City Government, the energy firm AEM S.p.A. and
the Politecnico University of Milan undersigned a joint agreement to
recover a vast run-down area in the northern inner city: the Bovisa
area. The promoting authorities announced an international contest in
1998 to build the new Politecnico, the new AEM head offices, a residential
area, a major library and a vast public park.
Next to the Bovisa zone is the residential
area of Milan Certosa. Milan Certosa is the first residential area in
Europe entirely built using integrated “domotic” systems.
The wired systems create what is widely referred to as “the intelligent
house”, allowing remote control of all domestic elements such as
household appliances, alarms and lights. Houses and apartments, a commercial
centre and a residence for students of the nearby Politecnico will surround
a huge, beautiful park, designed by Armstrong Bell Landscape Design;
there will also be cinemas, a commercial centre and a church. The transformation
from an industrial to a post-industrial economy signifies profound alterations
to residential and urban structures. Milano Certosa is an important
part of the process of transformation since the area was formerly compromised
by pollution and debris.
The positive evolution of the Italian real
estate market started between 1991 and 1992, the beginning of the period
of industrial decline. Although the transition from an industrial economy
presented difficulties, it also opened up investment opportunities.
Americans looking for a European market with the best margins for growth
were the first to arrive, followed by German, Dutch and British investors.
Mr Losito is confident that, more than
a decade on, Milan still has tremendous opportunities in real estate
development and urban transformation. He believes that the city should
try to follow the example of Barcelona, which has been the international
role model for urban planning over the past decade. He also states that
the poor reputation of real estate in Italy as being Byzantine, bureaucratic
and plagued by vested interests has been true in the past, and is partly
true now, but not for everyone. Instead, he reminds potential investors
that, “Milan is the capital city of Northern Italy, a natural seam
between the Mediterranean world and the continent. The last decade has
seen Milan undergoing a process of radical change, with the passage
from an industrial to a post-industrial economy and the development
of the third sector.
“Today, Milan is a leading city economically,
the headquarters of Italy’s stock exchange, publishing industry,
research, fashion and design. The transformation from an industrial
to a post-industrial economy implies deep changes in its residential
and urban structures.
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