Milan calls in Lendlease to build $4bn mixed-use district
Lendlease has signed a $4 billion contract to develop a mixed-use redevelopment on a 100ha brownfield site in Milan, Italy, which would become the city’s new innovation district.
The international property and construction group will redevelop the former Expo Milano 2015 site in partnership with land owners Arexpo, in a deal worth €2.5bn ($4 billion).
The multiphase project will include a mix of commercial, residential, retail buildings alongside public green space, with the 15-year timeline, potentially kicking off as early as 2021.
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In November 2017, Lendlease was engaged to the develop the masterplan design and business plan for the site.
It is the second Milan project the developer is involvement in, with a mixed-use development called Milano Santa Giulia valued in excess of €2bn under way on the opposite side of the city. Milan is the only central European market Lendlease operates in, with several other projects running concurrently in London.
Dan Labbad, chief executive for Lendlease Europe, said the delivery of the new science, knowledge and innovation district had “huge potential”.
This article originally appeared on www.theaustralian.com.au/property.