Hines, the global real estate firm, and Blue Noble, an international real estate investment manager, joint investors in the "Future Living" fund managed by Savills Investment Management SGR SpA, confirm that a lease agreement with Starhotels for the management of part of the asset of Corso Italia in the heart of Florence has been finalised.
The agreement with Starhotels, a leader in the Italian hospitality market, is to manage three of seven buildings at Corso Italia, formerly home to the 'Teatro del Maggio Fiorentino'. The new residential rental offer - Il Teatro Luxury Apartments - Starhotels Collezione - will include over 150 high end apartments of different typologies and dimensions for unique short-medium term stays. As a result, Corso Italia will relaunch while respecting the location's cultural heritage and offering an innovative residential for rent product that is in growing demand.
The rental apartments will come to market in 2024 and will provide over 170 parking spaces, a conciergerie, a terrace with solarium, a wellness centre, a gym, and also areas for the whole community dedicated to children, coworking and food & beverage. A key objective of the regeneration plan is to enhance the surrounding area including a new piazza to be developed, with the aim of becoming a destination of interest for the whole city. Furthermore, the redevelopment will also include a number of apartments for sale.
The agreement with Starhotels is part of a broader vision of the project to source materials from and partner with Italian companies. 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. In line with Hines' and Starhotels' values, the whole operation will be carried out according to the highest international standards of environmental sustainability and energy efficiency, with the goal of obtaining the LEED GOLD target.