Milan's Galleria Vittorio Emanuele
15 May. 2012
NEW PROJECT FOR MILAN'S GALLERIA VITTTORIO EMANUELE
Fondazione Altagamma, the association of Italian high-end companies, has developed a new concept for the historical Galleria Vittorio Emanuele, located a few steps away from Duomo Square and La Scala Theatre in the city center of Milan. The project, which intends to transform the arcade from the 1860s into a prestigious shopping mall, has recently been presented to the authorities of the City of Milan.
"Aim of the operation is to give new worth and visibility to this historical and prestigious location that might host the most excellent examples of Italian and international brands and groups involved in fashion, jewelry, culture, art, design, catering and food, while supporting the city's management in restoring this important location," commented Santo Versace, president of Altagamma.
In context of the project, the shopping mall’s sales area might be enlarged from currently 20,000 sqm to the size of 50,000 sqm.
Thanks to a special closed investment fund, which could initially last for 30 years, stakeholders might only acquire a maximum of 49% of the shares, while the majority would remain in the city management’s hands. This arrangement could help the city restore and keep the location at its best, while transforming the area into “the most beautiful shopping mall in the world," as Versace put it.
Prospectively, the renovated gallery could host about 50% Italian and European Union fashion, jewelry and beauty brands, 20% art and culture facilities, bookstores and multimedia services, 15% design and furniture companies, 10% restaurants and bars as well as 5% Italian food and wine stores.
The initial estimated value of the premises are 800 million Euro. By selling 49% of the fund quotas, the City's management would earn around 400 million Euro at once plus benefit from another 35 million Euro yearly evoking from its 51% property.
Maria Cristina Pavarini
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