Florence: ex Military Barracks Vittorio Veneto in Costa San Giorgio
Sale of Full Ownership to Private Investors
Ex Military Health School – Military Barracks Vittorio Veneto
Architectural structure dating back to 1000 AD, expanded by the fusion of two ancient convents of 1300 and 1500 respectively and seat of the Military Health School until 1998. The ex School is constituted by a complex system of open and closed spaces where buildings, cloisters, terraces and courtyards alternate. The property must be renovated and restored.
CDP (Development Investment Fund – Extra Section).
Private Investor that Acquired/Leased the Asset
The Lowensetin family acquired the asset. They also own the Tenuta Medicea of Cafaggiolo, Mugello, and the Lionstone firm, specialised in hospitality and residential real estate sectors.
Sale of Full Ownership.
Centre of Florence, on the left bank of river Arno and about 250 m from Ponte Vecchio.
Main Destination of Use
The main destination of use is residential, together with tertiary activities mostly related to tourism.
The redevelopment project (creation of a hotel with more than 100 rooms on a three-hectares area, with 9,000 sq.m. of covered surface and 21,000 sq.m. of open-air surface) provides for an investment of €160 million and the employment of about 250 workers for the building site of 30 months (estimate) and 300 fixed employers when fully operational. The timing required for the amendment of the urban planning regulation by the Municipality is essential in order to start and finish construction works in 30 months as planned by the owner, who would like to open the structure in 2020.
New Destinations of Use
Due to the complexity and location of the asset, the town planning regulation has envisaged the activation of a preliminary call for the definition of new destinations of use.