ITALY: Hines, the global real estate firm, and Blue Noble, an international real estate investment manager, have confirmed a lease agreement with Starhotels to manage three apartment buildings in Florence.
Joint investors in the “Future Living” fund, managed by Savills Investment Management SGR SpA, the two companies will have Starhotels manage three of the seven buildings, which make up Corso Italia, formerly home to the ‘Teatro del Maggio Fiorentino’, in the heart of Florence.
Cavaliere del Lavoro Elisabetta Fabri, president and CEO of Starhotels said: “This project is full of meaning for us Florentines, which was once the beating heart of music in the city. A few months before the launch of our Duomo Luxury Apartments in Milan, we are enthusiastically taking on this challenge to strengthen our presence in the high end residential market, to meet the needs of modern business and leisure travellers.”
Il Teatro Luxury Apartments Starhotels Collezione will open in 2024 and will offer 150 apartments for short to medium term stays.
Guests will be able to use the concierge, sun terrace, wellness centre and gym, food and drink offerings and coworking space. There will be parking for 170 cars.
A new piazza will also be created around the development and some apartments will be offered as residential units.
In its role as development advisor, Hines has assisted in the selection of materials, construction companies and architects involved, with a strong focus on Italian character, as a symbol of quality. The highest international standards of environmental sustainability and energy efficiency will also be followed, with the goal of obtaining the LEED GOLD target.
Mario Abbadessa, senior managing director and country head of Hines Italy said: “This deal is of great significance to us, as the city’s former theatre will be reimagined as an innovative residential rental product with flexible options to meet the needs of increasing mobile guests. We finalised our first investment in Florence in 2016 with the acquisition of an asset in Via Tornabuoni and we will keep investing in the city as it’s world renowned for cultural and artistic wealth. We believe in Florence and its future potential and our urban projects are designed to give back renewed spaces to the community, creating value for the city.”
Paul Forshaw, founding partner and CEO of Blue Noble added: “Blue Noble welcomes Starhotels to our proposed residential rental offering in the historical city of Florence. As the city’s former theatre, the site has significant cultural heritage and historical importance. Starhotels is an Italian brand with an appreciation of Florentine culture. We believe that they are naturally positioned to reflect this in the operation of exceptional short-medium term housing solutions meeting, and exceeding, the demands of increasingly mobile guests.”
The site was acquired by Hines and Blue Noble in 202o as reported by SAN.
